News Flash

Home

Posted on: April 30, 2019

Federal Reverse Mortgage Assistance Program for Florida Seniors

Public Announcement

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.

###


Facebook Twitter Email

Other News in Home

Academic Scholarship 2019

Apply for Academic Scholarship Today

Posted on: April 12, 2019
Memorial Day Ceremony on May 27th

Memorial Day Ceremony on May 27th

Posted on: May 2, 2019
Summer Boom Health Expo 2019

Summer Boom Health Expo on June 19th

Posted on: April 19, 2019
Water Quality Report

Water Quality Report Now Available

Posted on: March 15, 2019
Margate Comprehensive Plan Logo

Margate 2.0 - Your Vision. Our Future.

Posted on: January 29, 2019
Margate Catharine Young Library Event Information

What's Happening at the Library

Posted on: December 7, 2018
Home of the Month

Home of the Month

Posted on: November 15, 2017
Sunset at Lake Sunflower

Digital Photography Contest

Posted on: November 14, 2016
Newly Approved Ordinances

See Newly Approved Ordinances Here

Posted on: July 19, 2018
Smartphone App News Flash

Our Margate Smartphone App

Posted on: March 5, 2018