The District of Columbia Housing Finance Agency has relaunched its Reverse Mortgage Insurance & Tax Payment (ReMIT) program, which aims to provides financial assistance to qualified senior homeowners for delinquent property taxes, insurance, and HOA/condo fees that put the homeowner at risk of foreclosure.
ReMIT was developed as a pilot program in 2019 to address the need for foreclosure prevention among senior District homeowners who have reverse mortgages. During the program’s initial tenure from 2019-2021, senior homeowners received nearly $200,000 in assistance to save their homes from foreclosure, preserving their homeownership status.
“Many senior citizens are at risk of foreclosure as a result of overdue property taxes or insurance bills,” said Christopher E. Donald, the agency’s executive director and CEO. “At DCHFA, we know that remaining a homeowner is just as important as purchasing a home, hence the relaunching of ReMIT. I have no doubt that the return of ReMIT will continue to be a supportive foreclosure prevention tool for D.C. residents. It’s imperative to take action and provide financial assistance to retain and preserve homeownership in the District, especially for out long-term residents as many seniors are.”
Under ReMIT’s new guidelines, eligible applicants can now receive up to $40,000 to pay delinquent property taxes, homeowner’s insurance, and HOA/condo fees.
The financial assistance the agency will provide to qualified senior citizens will be a zero-interest deferred loan with a maximum assistance limit of $40,000. Reverse mortgage lenders and Housing Counseling Services will also work more closely with ReMIT participants to set up the proper escrow and other payment mechanisms to ensure that seniors are not delinquent on tax and insurance payments going forward.
ReMIT eligibility requirements:
• Must be a District resident/homeowner.
• Residence must be secured by a reverse mortgage in borrower’s or deceased spouse’s name.
• Subject property must be primary residence located in the District.
• Have an annual income to not exceed $77,450.
• Be “at risk” of foreclosure due to unpaid property taxes/homeowner’s insurance/HOA/Condo Fees.
• Must demonstrate ability to sustain future tax and insurance payments, as required.
D.C. homeowners seeking assistance may apply by contacting Housing Counseling Services to set up an appointment at (202) 265-2255. For additional information or questions about the program, go to DCHFA.org or email remit@dchfa.org.