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Florida Housing Announces Wind Down of Federal Reverse Mortgage Assistance Program for Florida Seniors
TALLAHASSEE— Florida Housing Finance Corporation (Florida Housing) is announcing that the Elderly Mortgage Assistance Program (ELMORE), which assists seniors who are in default of their reverse mortgage, will close the program to new applications on June 30, 2019.
Launched in 2013, ELMORE has spent more than $52million 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 will be distributed to the mortgage servicer, on the homeowner’s behalf, in a lump sum to repay property-related expenses paid by the servicer (e.g., property taxes, homeowner’s insurance, flood insurance and association fees) plus upcoming property-related expenses for up to 12 months.
ELMORE assists elder homeowners with reverse mortgages—who, because of a hardship, are having difficulty making property tax and homeowner’s insurance payments. As a result, these homeowners are facing foreclosure for non-payment of these required costs.
“Florida Housing implemented this program to help seniors in Florida sustain their homes,” said Trey Price executive director for Florida Housing. “We are pleased to have met the needs of so many seniors who were struggling to avoid foreclosure.”
Florida homeowners with reverse mortgages who want to see if they qualify for the ELMORE program should contact the toll-free ELMORE Application and Information Line at 1 (800) 601-3534 to apply and/or receive more information on the program. Additionally, you may visit the ELMORE program website at www.FloridaELMORE.org for more information. 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.
Florida Housing is the state’s housing finance agency (HFA) that administers state and federal resources to help provide affordable homeownership and rental housing options for our hardworking and vulnerable Floridians across the State. For more information, please visit www.floridahousing.org.