Reverse Mortgage Loan

 

What is a reverse mortgage?

A reverse mortgage is one in which a lender makes a monthly payment to the homeowner. These amounts, plus accumulated interest, are backed by a mortgage on the property. The lender is repaid in full when the property is sold or exchanges hands.
 

What is the City's program?

The City's program is a modified reverse mortgage because the City makes the program available only to pay all or a portion of a homeowner's property taxes. No monthly payments for living expenses are allowed.
 
 
 
 
 
Last Updated: 12/12/2018

Contact Office of Community Development

(608) 266-4223
homeloans@cityofmadison.com

 

Mailing Address
Office of Community Development
P.O. Box 2627
Madison, WI 53701-2627

 

Location
215 Martin Luther King Jr Blvd, Suite 300
Madison WI 53703

 

Hours of Operation
The Office of Community Development is open during regular business hours, however, appointments are strongly encouraged.