Illinois HUD announces reverse mortgage assistance program

by Anna Sobrevinas06 Apr 2017
The Illinois state housing development agency has announced a new assistance program for seniors with reverse mortgages.

According to Illinois-based news outlet The Telegraph, the Illinois Housing Development Authority’s (IHDA) Reverse Mortgage Assistance Program will assist older homeowners with a reverse mortgage in paying back their taxes to avoid foreclosure.

Qualified borrowers can get up to $35,000 in federal assistance to pay overdue taxes and future property taxes, according to The Telegraph.

“There is a real need for this kind of assistance in Illinois,” said Audra Hamernik, IHDA executive director. “Many of these seniors are on fixed incomes and took out a reverse mortgage to help with healthcare or everyday living costs.
They don’t have the resources to weather an unexpected home repair, medical event or loss of household income. This program offers the help they need to get back on track with their payments before they lose their home.”

Qualified borrowers must have an FHA reverse mortgage on an Illinois property and must have experienced a qualifying hardship. The property must be their primary residence and their household income must be 120% lower than the median income of their county.