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

Brochure https://www.cityofmadison.com/dpced/economicdevelopment/documents/Brochure%20for%20'18%20RE%20Taxes(1).pdf

Checklist

Permission to Verify

W-9

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.