Keep Your Home California recently announced a new pilot program to help low- and moderate-income senior homeowners avoid foreclosure on their reverse mortgages.

Senior homeowners who are at risk of losing their home to foreclosure due to delinquent property expenses associated with their Federal Housing Administration insured reverse mortgages could qualify for as much as $25,000 in assistance.

The Reverse Mortgage Assistance Pilot Program is intended to help financially distressed California homeowners age 62 or older who have an FHA Home Equity Conversion Mortgage.

Used in conjunction with special counseling that provides services to enable senior homeowners to assess their overall budgetary health, this program is designed to help qualifying seniors manage their delinquent property expenses. These expenses include property taxes, homeowners insurance, homeowners association dues or assessments, and other approved property-related expenses that were paid on their behalf by their mortgage loan servicer. Those who qualify for the program will also receive an advance of their approved property expenses for up to an additional 12 months to ensure homeowners get back on their feet.

In order to qualify for the Reverse Mortgage Assistance Pilot Program, your HECM servicer must participate in the program. Below is the list of servicers participating in the Reverse Mortgage Assistance Pilot Program.

» Champion — 855.683.3095

» Financial Freedom — 866.727.4303

» James B. Nutter — 800.943.7334 x1877

» Reverse Mortgage Funding — 866.466.0026

» Reverse Mortgage Solutions — 866.503.5559

» SunWest — 800.453.7884 x7881

» Wells Fargo — 877.623.8439

Click here for additional information.

* Taken from California Association of Realtors California Real Estate May 2015 and Keep Your Home California

— Reyne Stapelmann is a broker associate with Berkshire Hathaway Home Services, California Properties and the 2015 president of the Santa Barbara Association of Realtors. Contact her at reynestapelmann@cox.net or 805.705.4353. The opinions expressed are her own.