California launched the CalAssist Mortgage Fund to offer financial aid to homeowners whose properties were destroyed or left uninhabitable by recent fires and floods.
Why it matters: The state set aside $105 million to provide grants up to $20,000 for impacted homeowners. Households with a regular mortgage or a reverse mortgage may apply for assistance.
What’s next: Applications are being taken and will be processed on a first-come, first-served basis until funds are exhausted.
- Homeowners with a property charge default on their reverse mortgage may be eligible.
- The combined income of all persons named on the mortgage or deed must not exceed program limits for the county where the property is located.
- Funds will be sent to the homeowner’s servicer to be used as needed.
