The District of Columbia implemented a new law that extends and slightly expands the existing DC reverse mortgage tax and insurance payment assistance program.
The “Reverse Mortgage Insurance and Tax Payment Program Temporary Amendment Act of 2020” extends the District of Columbia Housing Finance Agency’s Reverse Mortgage Insurance and Tax Payment Programso that it runs for 24 months, subject to available funds.
Additionally, the new law amends the Program so that it provides financial assistance for payment of condominium fees and homeowners association fees to qualified homeowners, in addition to property taxes and property insurance debts. The law expires on January 28, 2021.
DC Passes Law to Help Delinquent Reverse Mortgage Borrowers
