Program helps seniors at risk of foreclosure manage overdue taxes and insurance bills
The District of Columbia Housing Finance Agency (DCHFA) has relaunched a program aimed at helping senior homeowners avoid foreclosure due to unpaid property taxes and insurance bills.
The DCHFA brought back its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which provides financial assistance to elderly residents who are facing foreclosure because of unpaid property taxes, homeowners’ insurance, or HOA/condo fees.
“Many senior citizens are at risk of foreclosure as a result of overdue property taxes or insurance bills,” said Christopher Donald, DCHFA executive director and CEO. “We know that remaining a homeowner is just as important as purchasing a home, hence the relaunching of ReMIT.”
Under the new guidelines, eligible applicants can receive up to $40,000 in assistance to cover delinquent property taxes, homeowners’ insurance, and HOA/condo fees. This financial aid will be provided as a zero-interest deferred loan.
To further support participants, ReMIT will work closely with reverse mortgage lenders and Housing Counseling Services to set up escrow accounts and other payment mechanisms to ensure that seniors can stay current on their tax and insurance payments in the future.
ReMIT was originally launched as a pilot program in 2019 to address the foreclosure risks faced by senior homeowners with reverse mortgages. During its initial run from 2019 to 2021, the program provided nearly $200,000 in assistance, helping seniors keep their homes.
The program’s eligibility requirements include being a District resident, having a reverse mortgage in the homeowner’s or deceased spouse’s name, using the property as the primary residence, having an annual income not exceeding $77,450, and being at risk of foreclosure due to unpaid property taxes, homeowner’s insurance, or HOA/condo fees. Applicants must also demonstrate their ability to sustain future tax and insurance payments.
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“I have no doubt that the return of ReMIT will continue to be a supportive foreclosure prevention tool for DC residents,” Donald said in the announcement. “It’s imperative to take action and provide financial assistance to retain and preserve homeownership in the District, especially for our long-term residents.”
Seniors in need of assistance can apply by contacting Housing Counseling Services at (202) 265-2255 or by visiting DCHFA.org for more information.
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