DC Housing Launches Reverse Mortgage Assistance Program

DC Housing Launches Reverse Mortgage Assistance Program

The District of Columbia Housing Finance Agency launched the ReMIT, or Reverse Mortgage Insurance and Taxes, to provide financial assistance to qualified District homeowners who are delinquent on paying their property taxes and homeowner’s insurance.

Qualified homeowners can apply for zero-interest deferred loans up to $25,000.

Qualifications include:

  • Must be a District resident/homeowner
  • Residence must be secured by a Reverse Mortgage in borrower’s name
  • Subject property must be the primary residence and located in the District
  • An annual income not to exceed $77,540 (subject to change)
  • Subject property must be “at risk” of foreclosure due to unpaid property taxes/homeowner’s insurance; and
  • Must demonstrate ability to sustain future tax and insurance payments, as required

If you have clients in need of assistance have them contact Housing Counseling Services to set up an appointment at (202) 265-2255. For additional information or questions about the program, homeowners may visit DCHFA.org or email remit@dchfa.org.