Financial Support for Mercer County Seniors: Federal Reverse Mortgage Loan Available
Mercer County homeowners aged 62 and above can now access a new federal program offering Home Equity Conversion Mortgages (HECM), also known as reverse mortgage loans, according to an announcement from County Clerk Paula Sollami Covello.
This government-backed loan program, insured by the Federal Housing Administration (FHA), enables senior homeowners to convert their home equity into cash, thus providing them with financial flexibility. The announcement comes in the wake of the economic downturn caused by the COVID-19 pandemic, which has particularly affected HECM borrowers.
In response to this challenge, the U.S. Department of Housing and Urban Development (HUD), the federal agency supervising the HECM program, has launched a new repayment option. Known as the Homeowner Assistance Fund (HAF), this initiative provides financial aid to eligible homeowners who have endured economic hardships due to the pandemic.
The focus of the County Clerk’s Office, according to Sollami Covello, is to keep residents aware of programs like this which are designed to assist those facing financial difficulties.
This program offers a tailored COVID-19 “HECM Property Charge Repayment Plan” for those impacted by the pandemic and who are currently on a standard repayment plan. The repayment plan provides up to 60 months of financial relief, with this period not being reduced by any time that a borrower spent under a standard HECM repayment plan.
For further information on the variety of services provided by the Office of the Mercer County Clerk, please refer to the Mercer County Clerk’s official website at https://www.mercercounty.org/government/county-clerk or reach out via their main office number at (609) 989-6465.