The D.C. council recently passed the Fairness and Stability in Housing Amendment Act of 2024, aimed at safeguarding older residents with reverse mortgages. Approved by Mayor Muriel Bowser, this act introduces a permanent foreclosure prevention program, extends financial assistance for HOA fees, and includes spouses of primary borrowers. It also improves appeal timelines, allows virtual meetings for condominiums, and updates procedures for renters. This effort builds on the prior ReMIT program, enhancing support amidst economic challenges and addressing the needs of senior citizens in the district.
The D.C. council has enacted a new housing act to provide ongoing protections and financial assistance for older residents utilizing reverse mortgages.
The Fairness and Stability in Housing Amendment Act of 2024 aims to prevent reverse mortgage foreclosures and expand benefits to spouses of borrowers.
With the new law, residents are also granted updated timelines for appeals and virtual meeting options for shared living arrangements, enhancing accessibility and support.
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