Florida Announces New Program for Seniors with Reverse Mortgages

In November 2013, Florida announced a new program that is aimed to assist reverse mortgage borrowers who may be having a difficult time keeping up with their taxes and insurance as part of their requirements for their loan. This new plan will be called the Elderly Mortgage Assistance Program (ELMORE), which will used to prevent foreclosure on senior homeowners with reverse mortgages. ELMORE will be a segment of the state’s $1 billion dollar Hardest Hit Funds program, which is Florida’s foreclosure prevention program.

While the reverse mortgage loan does not become due if the homeowner is still living on the property, it is still possible for the home to go into foreclosure when the borrower is no longer paying their taxes, home insurance and homeowner’s association fees. ELMORE would help senior homeowners who are no longer able to keep up with the payments, in order to keep their home from being foreclosed on.  The Florida Housing Finance Corp. would put aside $25 million of their Hardest Hit Fund to help senior homeowners who are facing foreclosure.

Florida Housing will work with reverse mortgage servicers, the Department of Elder Affairs and other agencies to those who may be facing foreclosure due to their inability to keep up with payments on their taxes and insurance.

The Hardest Hit Fund is not specific only to seniors with reverse mortgages, but many individuals who may be facing foreclosure on their property in the state of Florida.

If you are a homeowner in Florida and looking for help, you can visit the Hardest Hit Fund program at https://www.flhardesthithelp.org/.

About the Author:

I have been working in the reverse mortgage industry for 20-plus years. My goal is to provide consumers the most up-to-date and relevant information about the reverse mortgage industry and how it can affect them.

Thanks for reading!

-Alan F.