DCHFA Relaunches Reverse Mortgage Insurance & Tax Payment Program
The District of Columbia Housing Finance Agency (DCHFA) has officially relaunched the Reverse Mortgage Insurance & Tax Payment Program (ReMIT). This initiative is designed to provide critical financial assistance to qualified senior homeowners in the District who face challenges such as delinquent property taxes and homeowner’s insurance. The relaunch addresses a significant need for support among senior citizens who are at risk of foreclosure due to financial hardships.
Importance of the ReMIT Program
As stated by Christopher E. Donald, the Executive Director and CEO of DCHFA, many seniors are vulnerable to foreclosure linked to overdue property taxes and insurance bills. He emphasized the importance of homeownership and the program's goal to help residents retain their homes. The return of ReMIT serves as a vital foreclosure prevention tool for community members, particularly for older individuals who have owned their homes for a long time.
Eligibility and Financial Assistance
Under the new guidelines of ReMIT, eligible applicants can now secure financial assistance of up to $40,000. This funding can be utilized to cover delinquent property taxes, homeowner’s insurance, and homeowners association (HOA) or condo fees. Initially developed in a pilot phase from 2019 to 2021, the program has already provided nearly $200,000 in assistance to help senior homeowners stave off foreclosure, thus preserving their homeownership status.
Details of Financial Aid
The assistance from DCHFA comes in the form of a zero-interest deferred loan, with the maximum assistance limit set at $40,000. Moreover, to enhance the efficacy of the program, reverse mortgage lenders and Housing Counseling Services will collaborate with ReMIT participants. This partnership aims to facilitate the establishment of proper escrow accounts and payment mechanisms to guarantee that seniors remain current on their tax and insurance obligations moving forward.
Eligibility Requirements for ReMIT
To qualify for the ReMIT program, applicants must meet several important criteria:
- Must be a District resident and homeowner
- The residence must be secured by a Reverse Mortgage in the name of the borrower or the deceased spouse
- The subject property should be the primary residence located in the District
- Annual income must not exceed $77,450
- Applicants must demonstrate being 'at risk' of foreclosure due to unpaid property taxes or insurance
- Demonstration of the ability to handle future tax and insurance payments is required
How to Apply for Assistance
District homeowners who are seeking assistance through the ReMIT program may start by contacting Housing Counseling Services to schedule an appointment at (202) 265-2255. For more information or inquiries regarding the program, homeowners can also reach out via email.
About the District of Columbia Housing Finance Agency
The District of Columbia Housing Finance Agency has been a cornerstone for affordable housing solutions in Washington, D.C., for over 45 years. It serves as an S&P AA- rated issuer focused on addressing the housing needs of the community. The Agency is dedicated to advancing housing priorities in the District, investing in affordable housing and neighborhood development, which ultimately helps residents transform their lives. The mission of DCHFA rests on delivering the most efficient and effective sources of capital available to finance rental housing and create homeownership opportunities.
Core Values of DCHFA
The values of the Agency are centered around Leadership, Excellence, Community Focus, Integrity, Collaboration, and Innovation, reflecting its commitment to serving the needs of D.C. residents.
Frequently Asked Questions
What is the ReMIT program?
The ReMIT program provides financial assistance to senior homeowners for delinquent property taxes, homeowner’s insurance, and HOA/condo fees to prevent foreclosure.
Who is eligible for the ReMIT program?
Eligible applicants must be District residents who own a primary residence secured by a Reverse Mortgage and have an annual income not exceeding $77,450.
How much financial assistance can seniors receive?
Seniors can receive up to $40,000 to cover unpaid property taxes, insurance, and HOA fees under the ReMIT program.
How can homeowners apply for the ReMIT program?
Homeowners should contact Housing Counseling Services at (202) 265-2255 to set up an appointment to apply for assistance.
What are the core values of the DCHFA?
The DCHFA core values are Leadership, Excellence, Community Focus, Integrity, Collaboration, and Innovation, which guide their mission to serve D.C. residents.
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