California has introduced a new housing program with $100 million, supporting reverse mortgage borrowers with additional counseling resources. Administered by the California Housing Finance Agency (CalHFA), the initiative aims to assist homeowners impacted by disasters, extending eligibility to properties impacted as far back as January 2023. Income limits apply, and the program will start accepting applications on June 12, 2023. The response from the reverse mortgage industry has been positive, as servicers like Celink prepare to inform clients about these vital assistance provisions, aligning with previous support initiatives.
The new housing assistance program, funded with $100 million, includes eligibility for reverse mortgage borrowers and aims to provide significant relief following disasters.
Eligibility guidelines state that applicants must own one property that was their primary residence for at least a month before the disaster and meet income limits.
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