For RevMAP, typical involuntary hardships that impact a homeowner’s ability to pay their Property Taxes include:
Exhausted HECM or Proprietary Reverse Mortgage Funds
- If a homeowner chose the HECM or proprietary reverse mortgage direct annuity payout option, and their annuity is exhausted, then, yes, this is considered a hardship as a loss of income.
- If a homeowner took a lump sum payout from the HECM or proprietary reverse mortgage and those funds are exhausted, then, the homeowner must have another qualifying hardship to demonstrate why the HECM payout was exhausted or they otherwise have a financial hardship.
Income Reduction due to:
- Reduction in base pay
- Reduction in regular working hours
- Elimination of Overtime
- State/govt. employee receiving furlough days
- Employees medical benefits are reduced or eliminated
Death – Within Household
- Death of a homeowner or death of either the primary or secondary wage earner in the household
Death – Out of Household
- Death of a family member out of the household.
Medical (Long-term or Permanent disability)
- Serious illness of a homeowner/co-homeowner or dependent family member
- Medical Benefits reduced or eliminated