20
NEW LAW
EXTENDS
PROTECTIONS
FOR REVERSE
MORTGAGES
A lifeline is on the way for delinquent
reverse mortgage borrowers in the D.C. area,
according to the Council of the District of
Columbia's Code.
e "Reverse Mortgage Insurance and Tax
Payment Program Temporary Amendment
Act of 2020" was passed by e Council of the
District of Columbia, the local government's
legislative branch, according to Reverse
Mortgage Daily. e purpose is to extend the
Reverse Mortgage Insurance & Tax Payment
Program (ReMIT) in the area. e District
of Columbia Housing Finance Agency
(DCHFA) launched it last year.
e new law is to extend protections for
reverse mortgage borrowers who have entered
delinquency.
e DCHFA Reverse Mortgage
Insurance and Tax Payment Program has
been extended—on an emergency basis—
by the District of Columbia Housing
Finance Agency Act, called the "Reverse
Mortgage Insurance and Tax Payment
Program Emergency Amendment Act of
2020", according to Code. Condominium
and homeowners' association fees also were
included as greenlighted uses of the financial
assistance by the program.
irty-two percent of Americans did
not make a full, on-time housing payment is
July, according to Apartment List. is is up
slightly from 30% in June.
e report added that missed payments
are concentrated among renters, young and
low-income households, and residents of
dense urban areas.
During the first week of July, 19% of
Americans had made no housing payment,
while an additional 13% paid just a portion of
their monthly bill.
However, of those that missed the
payment in June, 89% said they paid that
month's bill as of the first week of July.
e report added that 43% of households
earning between $25,000 and $75,000 did not
pay their full housing payment in July.
Additionally, homeowners between the
ages of 45-60 were found to miss the most
payments at 22%. An additional 7% made a
partial payment.
Apartment List's survey said the share of
homeowners concerned about foreclosures
rose from 14% to 17%.
Journal
