Loan Modification Attorney in Miami
Elmore Elderly Mortgage Assistance Program – Florida Hardest Hit Fund
The federal government has allocated funding to assist senior homeowners with a reverse mortgage remain in their homes by providing eligible borrowers up to $50,000 to bring their property taxes, homeowner’s insurance, flood insurance and/or homeowners/condo association dues (property charges) current, to the extent that these property charges have been paid on behalf of the senior homeowner by the servicer of their reverse mortgage. The senior homeowner may also be eligible to have up to 12 months of future property charges paid on their behalf, as well. The program is available in all 67 counties in the State.
Eligibility requirements include, but are not limited to, the following:
- Must be a Florida resident and a legal US resident/legal alien;
- Must occupy property as primary residence;
- Total household income (including all persons living in the home age 18 years and older) must be less than 140% of the area median income (AMI) as provided by the US Department of Housing and Urban Development (HUD);
- If there has been a bankruptcy, it must be discharged or dismissed; and
- Must have suffered a hardship that has resulted in the inability to repay the amounts advanced on their behalf by their mortgage loan servicer to pay property charges (see the FAQs for examples of acceptable hardships).