Florida Ending Federal Reverse Mortgage Assistance Program

Florida Ending Federal Reverse Mortgage Assistance Program

Florida Housing Finance Corporation said this week that its Elderly Mortgage Assistance Program (ELMORE), which assists seniors who are in default of their reverse mortgage, will stop taking applications beginning on June 30, 2019.
 
If you have clients in need of assistance, they can call (800) 601-3534 to apply and/or receive more information. Or, they can visit the ELMORE program website at www.FloridaELMORE.org. Florida Housing will also be hosting ELMORE events throughout the state. For more information on the event dates and to set an appointment, call the toll-free number. There is no cost to apply for this program.
 
Launched in 2013, ELMORE has spent more than $52 million in federal funding and has assisted more than 2,600 Florida seniors with keeping their homes. Homeowners who meet specific qualifications may be eligible for a two-year forgivable loan of up to $50,000. The funds are distributed to the reverse mortgage servicer, on the homeowner’s behalf, in a lump sum to repay property-related expenses paid by the servicer, such as property taxes, homeowner’s insurance, flood insurance and association fees, plus upcoming property-related expenses for up to 12 months.