Grants homeowners relief on repaying reverse mortgage property charges.
The Federal Housing Administration (FHA) has announced the implementation of the COVID-19 HECM Property Charge Repayment Plan. This plan allows senior homeowners with Home Equity Conversion Mortgages (HECMs) up to five extra years to repay property charges that they were unable to cover during the COVID-19 pandemic, including taxes and homeowners insurance.
“For senior homeowners, recovering from the financial effects of the pandemic may be especially challenging,” said Federal Housing Commissioner Julia Gordon. “The new repayment plan option announced today will give more seniors behind on their property charges the opportunity to fulfill the obligations of their HECM and remain in their homes.”
As the Lord Leads, Pray with Us…
- For HUD officials as they implement the repayment program.
- For Commissioner Julia Gordon as she oversees the Federal Housing Authority.
- For the president and his administration as they focus on easing the financial burden of housing.
Sources: Department of Housing and Urban Development
