Applications for Federal Reverse Mortgage Assistance Program Ends This Month
TALLAHASSEE, FL —The deadline to accept applications for Florida’s federal Elderly Mortgage Assistance Program (ELMORE) is June 30, 2019. Under the leadership of Executive Director Trey Price, Florida Housing Finance Corporation (Florida Housing) has disbursed 100 percent of the funds for Florida’s Hardest-Hit Fund (HHF) ahead of schedule. Originally scheduled to end in 2020, qualified homeowners who are seniors in Florida may continue to apply for assistance through ELMORE until June 30, 2019.
As of May 31, 2019, 2,725 seniors in Florida have received assistance through ELMORE, and Florida Housing has disbursed 100 percent of the $1.135 billion received from the US Department of Treasury.
“HHF programs were originally scheduled to end in 2020 and Florida Housing was able to distribute these funds well ahead of schedule,” said Trey Price, Executive Director for Florida Housing. “I highly encourage seniors in Florida who are struggling with their reverse mortgage to apply before the June 30 deadline.”
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.
Homeowners who qualify may apply for assistance with ELMORE until the June 30, 2019, deadline. Applications received on or before the deadline will be processed.
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.