The Housing Finance Agency of the District of Columbia (DCHFA) ​​​​announced on Wednesday that it has relaunched its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020.

Eligible senior homeowners living in Washington, DC may receive financial assistance to cover delinquent property taxes, homeowner’s insurance, or HOA fees that put the homeowner at risk of foreclosure.

Taxes, insurance, and HOA fees (if applicable) are important fees that reverse mortgage borrowers must pay to keep their loans in good standing. ReMIT was originally introduced in 2019 and extended through the end of 2021, but has been inactive since then. Reviving the program will help more seniors stay in their homes, according to Christopher E. Donald, executive director and CEO of DCHFA.

“Many seniors are at risk of foreclosure due to delinquent property taxes or insurance bills. At DCHFA, we know that owning a home is just as important as buying a house. That’s why we relaunched ReMIT,” Donald said in a statement.

“I have no doubt that the return of ReMIT will continue to be a supportive foreclosure prevention tool for DC residents. It is imperative to take action and provide financial assistance to maintain and preserve homeownership in the District, especially for our long-term residents, many of whom are seniors.”

Under the revived program’s guidelines, eligible beneficiaries can receive up to $40,000 in assistance to pay delinquent property taxes, homeowner’s insurance, or HOA/condominium fees. The assistance will be provided in the form of an interest-free deferred loan.

The agency said that as the program expands, DCHFA will also work more directly with participants in the reverse mortgage industry.

“In addition, mortgage lenders and housing advisory services will work more closely with ReMIT participants to set up the right escrow accounts and other payment mechanisms to ensure that seniors do not fall behind on their tax and insurance payments in the future,” the announcement said.

To qualify, an eligible beneficiary must be a DC resident and own a home secured by a reverse mortgage either as a named borrower or as the spouse of a deceased borrower; they must have an annual income of no more than $77,450; they must be at risk of foreclosure due to delinquent taxes or insurance; and they must demonstrate the ability to make future tax and insurance payments.

During the 2019-2021 period, the original ReMIT program “disbursed nearly $200,000 in assistance to save (beneficiaries’) homes from foreclosure and preserve their ownership status,” according to the DCHFA.

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