Reverse Mortgage Insurance & Tax Payment Program (ReMIT)
Reverse Mortgage Insurance & Tax Payment Program (ReMIT) allows qualified homeowners to receive financial assistance for delinquent property taxes, homeowner’s insurance, condominium fees/homeowners association fees and certain property related expenses paid by your Servicer that have put the homeowner at risk of foreclosure. Qualified homeowners can receive up to $25,000 in assistance in the form of a zero-interest, non-recourse loan.
You may apply for ReMIT assistance by contacting Housing Counseling Services at (202) 265-2255. For additional information or questions about the program, email firstname.lastname@example.org.
Qualified homeowners are persons who are at risk of foreclosure, meaning:
- The reverse mortgage lender has issued a legal notice that the homeowner is in default due to failure to pay property taxes or insurance premiums
- The homeowners and reverse mortgage lenders entered an agreement to pay past due balances, but the homeowner has demonstrated difficulty in doing so
- Must be a District resident/homeowner
- Residence must be secured by a Reverse Mortgage in borrower’s name
- Subject property must be primary residence located in the District
- Have an annual income to not exceed $77,540 (subject to change)
- Be “at risk” of foreclosure due to unpaid property taxes/homeowner’s insurance/condominium/HOA fees
- Must demonstrate ability to sustain future taxes, insurance payments, and condominium/HOA fees, as required