Keep Your Home California, which has provided relief to 700 reverse mortgage borrowers facing foreclosure, will end its Reverse Mortgage Assistance Pilot Program at the end of the month, but will continue accepting applications until 6 p.m. on Thursday, November 301, 2017. The organization said the $10 million in federal “Hardest Hit” funds allocated for the pilot program will run out by the end of the month.
Homeowners who have a reverse mortgage and are at-risk of foreclosure should contact their reverse mortgage servicer to apply or receive more information about the program. A complete list of reverse mortgage servicers who participate in the program and their contact information can be found on the website at the following link: http://keepyourhomecalifornia.org/reverse-mortgage-assistance-program/.
Low- to moderate-income homeowners can receive as much as $25,000 in assistance to help pay for delinquent property taxes or homeowners insurance and bring their loans current.