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New program helps Florida residents with reverse mortgages

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A partnership involving Fannie Mae and statewide housing agencies rolled out in Florida last week, designed to help seniors in the state with reverse mortgages that may be having trouble paying taxes and insurance. Per the GSE's industry blog:

Florida seniors in default on their reverse mortgages because of unpaid property-related expenses can now get relief from the newly announced Elderly Mortgage Assistance Program (ELMORE).

Florida Housing Finance Corp. (Florida Housing), Florida Department of Elder Affairs, Fannie Mae, and other agencies announced the program on Nov. 12. ELMORE will make $25 million from the state’s Hardest-Hit Fund (HHF) available to help eligible homeowners catch up on past-due property-related expenses, such as property taxes, homeowners insurance, and homeowners and/or condo association fees.

The GSE is working now to get the word out to reverse mortgage servicers operating in the state about the new program, it said.

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