Keep Your Home California Provides Financial Relief For Seniors In Default On Property Expenses
Reverse Mortgage Assistance Pilot Program
The Reverse Mortgage Assistance Pilot Program was developed to provide assistance to low-to-moderate income senior homeowners who are in danger of losing their home to foreclosure due to their inability to pay the required property expenses associated with their Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) loan.
The Reverse Mortgage Assistance Pilot Program will provide an up-front, forgivable loan to eligible homeowners to be used to reinstate past due amounts (property taxes, homeowner’s insurance, homeowner’s association dues or assessments, and other approved property-related expenses) that were paid on their behalf by their mortgage loan servicer. Those who qualify for the program will also receive an advance of their approved property expenses for up to an additional twelve (12) months to enable the homeowner to recover from their hardship. The maximum amount of assistance is $25,000 per household.
In order to qualify for the Reverse Mortgage Assistance Pilot Program, your HECM servicer must participate in the program. Below is the list of servicers participating in the Reverse Mortgage Assistance Pilot Program.