Federal program offers $35,000 to assist seniors struggling with reverse mortgages
CHICAGO The Illinois Housing Development Authority today launched the Reverse Mortgage Assistance Program to help senior homeowners with a reverse mortgage pay back taxes and avoid foreclosure. Starting April 3, IHDA will provide up to $ 35,000 in federal assistance to qualifying borrowers with reverse mortgages to pay overdue property taxes, eligible property expenses and future property taxes so they can avoid foreclosure and remain in their homes.