Assistance Program in Nevada for Reinstating Mortgages
Nevada Homeowner Reinstatement Assistance Program
Introduction
In response to the economic challenges posed by the COVID-19 pandemic, Nevada has initiated a program aimed at providing crucial support to eligible homeowners facing financial hardships. Here are the key details of the program:
Financial Assistance Details
- Qualified Nevada homeowners experiencing income hardship due to COVID-19 can receive mortgage reinstatement aid of up to $65,000 per household.
- Eligible financial setbacks must have occurred after January 21, 2020, directly attributed to the pandemic.
Eligibility Criteria
- Household mortgage and/or housing-related expenses, including property taxes, insurance, and association dues, must be at least 30 days overdue at the time of application.
- Assistance for delinquent household expenses is available for properties with current or paid-off mortgages, including those under a Home Equity Conversion Mortgage (HECM).
- Applicants must demonstrate the ability to maintain regular monthly mortgage payments following reinstatement.
- Household income must not exceed 150% of the area median income or 100% of the U.S. median income, whichever is greater.
- Eligible properties include single-family homes (1-4 units), condominiums, and manufactured/mobile homes occupied as primary residences.
Additional Program Details
- A 3-year lien will be placed on assisted properties.
- Financial hardship must have arisen after the purchase of the home and within the specified timeframe.
- Properties with primary mortgages secured by Home Equity Lines of Credit (HELOC) are ineligible for assistance.
Conclusion
The Nevada Homeowner Reinstatement Assistance Program offers critical support to homeowners grappling with financial distress due to the COVID-19 pandemic, helping them maintain stability and security in their homes during challenging times.
