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FHA Reveals New COVID Forbearance Relief Options

The Federal Housing Administration (FHA) has announced new and extended COVID-19 relief options for borrowers recently or newly struggling to make their mortgage payments because of the pandemic. Senior homeowners with Home Equity Conversion Mortgages (HECMs) who need assistance to remain in their homes will be offered relief options as well. These measures were taken as a response to the continued impact of the pandemic, and are part of the FHA’s continuing evolution of its COVID-19 policies so that the right tools are in place to help the nation's borrowers.

“Our top priority is to help as many individuals and families as possible to recover from the COVID-19 pandemic and keep their homes,” said Principal Deputy Assistant Secretary for Housing Lopa Kolluri [1]. “For FHA, this means that we will continue to work through all of our channels–mortgage servicers, housing counselors, and our other federal partners–to ensure we get the positive outcomes struggling homeowners need.”

Changes announced by the FHA include:

FHA Forbearance and Home Equity Conversion Mortgage Extensions Effective as of September 27, 2021

COVID-19 Extensions for HECMs