Florida Housing Finance Corporation (Florida Housing), Fannie Mae and the Florida Department of Elder Affairs (DOEA), are partnering together on the Elderly Mortgage Assistance Program (ELMORE) to assist owners who have reverse mortgages with tax and insurance payments.
Homeowners who meet specific qualifications may be eligible for a two-year forgivable loan of up to $50,000. The funds will be distributed to the mortgage servicer, on the homeowner’s behalf, in a lump sum to repay property-related expenses paid by the servicer (e.g., property taxes, homeowner’s insurance, flood insurance and association fees) plus upcoming property-related expenses for up to 12 months.
Administered by Florida Housing, the corporation has spent more than $47 million in federal funding from the Hardest-Hit Fund (HHF) towards the program. ELMORE assists elder homeowners with home equity conversion mortgages (HECMs)—better known as “reverse mortgages”—who, because of a hardship, are having difficulty making property tax and homeowner’s insurance payments. As a result, these homeowners are facing foreclosure for non-payment of these required costs.
“Our goal with this program is to provide seniors in Florida the assistance needed to remain in their homes and avoid foreclosure,” said Trey Price executive director for Florida Housing. “We are pleased to have the Florida Department of Elder Affairs and Secretary Jeffrey Bragg join us again with the Elderly Mortgage Assistance Program.”
“In accordance with the Older Americans Act, it is the mission of the Department of Elder Affairs to address the needs of Florida seniors and help them remain in their own homes and communities as they age,” said Florida DOEA Secretary Jeffrey Bragg. “We are proud to partner with Florida Housing to promote the ELMORE Program in support of this important goal.”
Launched in 2013, the ELMORE program has assisted more than 2,300 seniors who were struggling with their reverse mortgages and disbursed over $47 million in assistance statewide. The program will close in 2019.
Florida homeowners with reverse mortgages who want to see if they qualify for the ELMORE program should contact the toll-free ELMORE Application and Information Line at 1 (800) 601-3534 to apply and/or receive more information on the program. Additionally, you may visit the ELMORE program website at for more information. Florida Housing will also be hosting ELMORE events throughout the state. For more information on the event dates and to set an appointment, call the toll-free number. There is no cost to apply for this program.