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  • Writer's pictureNichole Fox

PACE / HERO Loan? No problem!

If you are one of many seniors, struggling to pay your tax bill due to a recent PACE or HERO loan, Freedomstar Financial can help, even if you have been turned down in the past!

Many seniors now face a Voluntary Tax Lien stemming from their participation in programs that are part of the Property Assessment Clean Energy (PACE) Program. The most common of which is known as the Home Energy Repair Opportunity (HERO) Loan program.

Example HERO / PACE Loan Statement
Example HERO / PACE Loan Statement

"Many seniors are struggling to make ends meet and were not expecting a new assessment as well as the large voluntary assessment on their tax bills. We just want them to know there are options out there, and we can help," said Ivan Hendren, President and CEO of Freedomstar Financial.

Seniors over the age of 62, if you have a voluntary tax lien for the county PACE program or HERO program, and are facing a big tax lien, you are encouraged to contact Freedomstar Financial right away to discuss your options for a reverse mortgage. If you have enough equity in your home, we may be able to offer some relief.

A reverse mortgage loan is a non-recourse loan which requires no monthly payments as long as the homeowner lives in the home at least 6 months out of the year. The full amount of the loan becomes due when the last borrower sells or moves out of the home.

Eligibility is based primarily on the age(s) of the borrower(s) and how much equity is available in their home. Borrowers must be over the age of 62 and have at least 50% equity in their home to qualify. The borrower does not have to make any payments on the loan until they either sell or move out of the home. The borrower is still responsible for property taxes, insurance, and keeping up with the maintenance of the home.

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