Help for Florida Seniors Struggling With Reverse Mortgages
Earlier this month, officials with the Florida Housing Finance Corporation and the Florida Department of Elder Affairs announced a new program aimed at helping seniors struggling with reverse mortgages, acquired before the collapse of the housing market, stay in their homes.
The Florida Hardest-Hit Fund Elderly Mortgage Assistance program or ELMORE, is funded through federal dollars allocated through the Emergency Economic Stabilization Act of 2008. It’s estimated the program will help about 2,500 elder homeowners around the state. We’ll explore how the program works, how it could help seniors avoid foreclosure and who’s eligible.