Disaster Relief Available For Reverse Mortgage Holders
Project Porchlight is reaching out to the reverse mortgage industry with this message: We’re here and we want to help reverse mortgage holders affected by natural or manmade disasters.
An initiative of non-profit counseling organization Money Management International (MMI), Project Porchlight helps reverse mortgage borrowers that may have been affected by the onslaught of a natural disaster, up to and including recent incidents involving Hurricane Dorian. It will also probably assist reverse mortgage holders impacted by Hurricane Humberto. While it’s not on a direct path to hit the United States, its rain and winds could still impact some Southern states.
“For some people, it’s a cumbersome, difficult and emotionally painful process to go through their recovery in the wake of a natural disaster,” Jackie Boies, senior director of housing and bankruptcy services at Money Management International, told Reverse Mortgage Daily. “Project Porchlight is designed to be that single point of contact so that the person going through recovery has a solid action plan for making claims, repairs and doing what needs to be done to either return home or move to a safe place.”
While the estimate for assisted reverse mortgage borrowers is estimated at only 1 percent of the affected clients that the project currently assists, Boies makes plain that MMI seeks to build on its solid foundation of ties with reverse mortgage lenders and originators so that more affected borrowers can avail themselves of Project Porchlight’s assistance, particularly in the aftermath of recent natural disasters.
Click on the image above to learn more about Project Porchlight.
