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12-15-2022
FHA Announces New Assistance Option to Help Senior Homeowners with Reverse Mortgages Impacted by COVID-19
On December 15, 2022, the Federal Housing Administration (FHA) announced new flexibilities to help senior homeowners with FHA-insured Home Equity Conversion Mortgages (HECMs).
These homeowners who are behind on required property charge payments due to effects of the COVID-19 pandemic.
The new Repayment Plan allows mortgage servicers to offer eligible homeowners up to five years to repay property charges. These charges may include taxes and homeowners insurance that the servicer advances on the homeowner’s behalf when the homeowner is unable to make these payments.