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.
Application https://www.cityofmadison.com/dpced/economicdevelopment/documents/Application18-2Signers(3).pdf
Last Updated: 04/09/2018
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
30 W. Mifflin St, 8th Floor
Madison WI 53703
Hours of Operation
The Office of Community Development is open during regular business hours, however, appointments are strongly encouraged.