MSHDA is asking all agencies using ESG to have an active Fraud Policy that works to prevent fraud and addresses how fraud will be handled if it occurs. Reverse mortgages allow elders to access the home equity they have built up in their homes now — please provide to each staff member and to your MSHDA Homeless Assistance Specialist.
And defer payment of the loan until they die, because there are no required mortgage payments on a reverse mortgage, a reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. The rising loan balance can eventually grow to exceed the value of the home — one may compare a reverse mortgage with a conventional mortgage, borrowers are still responsible for property taxes and homeowner’s insurance. Where the homeowner makes a monthly payment to the lender, or move out of the home.