Do You Need Help Paying Your Taxes and Insurance?
The U.S. Treasury allocated $9.9 billion for aid to homeowners who were adversely impacted by COVID to be distributed through state administrators for the purpose of preventing homeowner mortgage delinquencies, defaults, foreclosures, and displacement of homeowners experiencing financial hardship after January 2020. Click Here: Treasury HAF Program.
For Reverse Mortgage borrowers, the HAF program can help borrowers who had a COVID impact (reduced income or increased expenses) minimize or cure their property charge (tax, insurance, HOA, etc.) defaults. Borrowers must review their state’s plan and requirements and apply for assistance on their state’s website. The National Council of State Housing Agencies has created a national map so that you can view your state’s HAF program requirements. Click Here for the NCSHA State Map.
Important Points:
- All but about 8 state HAF portals are open online now and accepting applications.
- If you are delinquent on paying your property taxes, homeowners insurance or HOA dues, please apply for HAF funds immediately.
- Each state’s program is run by a different program administrator, has different requirements and guidelines and varying amounts of funds available to each household. Please review state requirements on the state’s website. Click Here for the NCSHA State Map.
- Borrowers must apply online. The company servicing your reverse mortgage account cannot apply for you. If you need assistance, you may request a housing counselor to help you through the application process. To be put in touch with a housing counselor, please contact your reverse mortgage servicer.
If you have any questions about the HAF program, please contact your servicer. The servicer’s phone number can be found on the account statements you’re receiving in the mail.
To learn more about reverse mortgages, visit my website below.
