Keep Your Home California has launched a pilot program to help low- and moderate-income senior homeowners avoid foreclosure on their reverse mortgage.
Seniors at risk of losing their California home to foreclosure because of delinquent property expenses associated with a Federal Housing Administration insured reverse mortgage could qualify for up to $25,000 in assistance.
The program is aimed at helping California homeowners who are 62 or older and have a FHA Home Equity Conversion Mortgage in distress to get special counseling or financial assistance to manage delinquent property expenses.
For those who qualify, financial help may even take the form of property taxes or homeowner’s insurance.
Keep Your Home California, a program established in 2011 after California received nearly $2 billion from the U.S. Treasury’s Hardest Hit Fund, has reserved $25 million to assist to about 1,400 homeowners with their reverse mortgages.
To learn more, visit: www.KeepYourHomeCalifornia.org A Spanish language version of the website is available at www.ConservaTuCasaCalifornia.org
COLD CALL ALERT
The California Department of Business Oversight has put out a consumer alert to warn of companies which are cold-calling people in Southern California and other areas of the state to tell them they are a victim of investment fraud.
read more: http://www.pe.com/articles/california-762326-reverse-help.html
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