New California wildfire homeowner assistance program includes reverse mortgages

In response to the Los Angeles-area wildfires, California is introducing a new program to aid reverse mortgage borrowers affected by the disasters. Governor Gavin Newsom announced the CalAssist Mortgage Fund will start on June 12, offering grants of up to $20,000 to homeowners whose properties were damaged or destroyed. The program has $100 million in funding and will be administered by the California Housing Finance Agency (CalHFA), along with $25 million for housing counseling. Eligibility criteria cover reverse mortgage borrowers who meet certain conditions, including owning one property and having it as their primary residence for at least a month before the disaster. The program has received positive feedback from industry professionals, with companies like Celink planning to inform their impacted customers about the relief options. The initiative aims to provide critical aid to homeowners affected by recent disasters in California.