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Home &
Housing Information |
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- Fair
Housing Center
- Home Equity Conversion Mortgage
- Home Repair/Modification
- Michigan State Housing Development Authority
- Michigan Housing Locator
- Housing Commissions
Fair
Housing Center
The Fair Housing Center handles
discrimination complaints regarding the purchase, rental, or
financing housing on the basis of race, color, religion,
national origin, gender, familial status (families with
children), and disability status, as well as age and marital
status (state law only).
The Fair Housing Center of Metropolitan Detroit
220 Bagley, Room 1020
Detroit, MI 48226
(313) 963-1274
www.fairhousinginmichigan.org.
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Home
Equity Conversion Mortgage
(Reverse Mortgage)
The U.S. Department of Housing and Urban
Development (HUD) created one of the first reverse mortgage
loans in the country. HUD's reverse mortgage is a federally
-insured private loan, and it's a safe plan that can give older
Americans greater financial security. Many seniors use it to
supplement Social Security, meet unexpected medical expenses,
make home improvements, and more.
What is a Reverse Mortgage? A reverse mortgage
is a special type of home loan that lets a homeowner convert a
portion of the equity in his or her home into cash. The equity
built up over years of home mortgage payments can be paid to
you. But unlike a traditional home equity loan or a second
mortgage, no repayment is required until the borrower(s) no
longer use the home as their principal residence.
Can I qualify for a HUD reverse mortgage? To be
eligible for a HUD reverse mortgage, HUD's Federal Housing
Administration (FHA) requires that the borrower is a homeowner,
62 years of age or older; own your home outright, or have a low
mortgage balance that can be paid off at the closing with
proceeds from the reverse loan; and must live in the home. You
are further required to receive consumer information from
HUD-approved counseling sources prior to obtaining the loan. You
can contact the Housing Counseling Clearinghouse at (800)
569-4287 to obtain the name and telephone number of a
HUD-approved counseling agency and a list of FHA approved
lenders within your area (also listed below). Counseling
agencies can also provide advice on buying a home, renting,
defaults, foreclosures, and credit issues.
If you receive any federal or state benefits, be sure that this
does not interfere with your eligibility. A reverse mortgage
does not have to be repaid for as long as the homeowner lives in
the home. The mortgage becomes due if the individual has
lived out of the residence (such as a health care facility) for
over a year.
Be sure to explore your options before refinancing or getting a
reverse mortgage on your home. Are you eligible for any
entitlements or benefits that would help to cover some expenses?
It is recommended for you to discuss your personal situation
with an attorney (see "Legal Assistance" in section). Even
though other individuals have benefited from this option, be sure it is right for you!
Department of Housing and Urban Development (HUD)
HUD counseling and referral line: (800) 569-4287
Website section for seniors:
www.hud.gov/groups/seniors.cfm
For additional information about reverse mortgages
AARP | (888) 687-2277 |
www.aarp.org
Fannie Mae | (800) 732-6643 |
www.fanniemae.com
Federal Trade Commission (877) 382-4357 |
www.ftc.gov
National Reverse Mortgage Lenders Association |
www.reversemortgage.org
HUD approved counseling agencies:
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Greenpath: (866) 648-8114 or (888)
776-6735
Allen Park, Ann Arbor, Detroit, Eastpointe, Farmington
Hills, Southfield and Westland
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Bethel Housing Counseling Agency: (313)
833-9912
Detroit
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Detroit Non-Profit Housing Corporation:
(313) 972-1111
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Phoenix Housing & Counseling : (313)
964-4207
Detroit
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ACCEL: (866) 643-8114
Farmington Hills
National HCEM Counseling Network
Approved by HUD to provide counseling
The lender must also be approved by HUD/FHA
to handle a Home Equity Conversion Mortgage. The following are
approved lenders (list may not be exhaustive). A list of lenders
for the state of Michigan can be viewed online at
www.hud.gov/offices/hsg/sfh/hecmhome.cfm. Compare costs and
services before making a decision.
HUD/FHA approved lenders:
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Alliance Mortgage
(800) 350-8718
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Colonial Mortgage
(800) 260-5484
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Financial Freedom Senior Funding Corporation
(888) 739-6555
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First Financial Mortgage
(800) 720-7003
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Funds for Seniors
(800) 685-1917
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Independence Mortgage
(517-349-3963)
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Pillar Financial Corporation
(800) 773-4444
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U.S. Financial Mortgage
(866) 558-7362
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Van Dyke Mortgage
(888) 482-6395
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Vista Mortgage
(888) 304-5691
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Wells Fargo Home Mortgage
(800) 336-7359
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Home
Repair and Modification
Home modifications are changes made to
living spaces which enable people with physical limitations to
live at home and maintain independence. Considerations include
accessibility, adaptability, assistive technology, and universal
design.
Home modification information is available by the following
agencies to help evaluate your current and future needs:
Whether you need to make a few
repairs to your home or have home modifications to complete,
there are low-interest loans available to eligible homeowners.
Many local communities offer low-interest block grants to
eligible residents. Contact the Planning or Community
Development department at your city/township hall (listed under
"Communities" in this directory) for information.
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The Michigan State Housing Development Authority (MSHDA)
(800) 327-9158 | (517) 373-1974
(800) 382-4568 (TTY)
www.michigan.gov/mshda
MSHDA has a loan program to assist home owners with home
repairs. The Property Improvement Program (PIP) is offered
statewide through local participating lending institutions and
community organizations. Potential borrowers must contact a
local agent to receive an application package, which will
include a program brochure. There are over 150 participating
lenders statewide. Loans through this program are available for
primary residences and non-owner occupied properties of 1-4
units. Interest rates range from 1% to 8% depending on the total
gross household income. The term and repayment amount will vary
depending on loan size and ability to repay.
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Michigan Housing Locator
www.MichiganHousingLocator.com
The Michigan Housing Locator is an
online search tool to locate affordable rental housing. The
services provided are free to property owners and renters.
Search for properties by rent cost, location, bedroom size,
accepts Housing Choice Vouchers, has accessible units, or
options that base rent on income.
The Locator was developed in conjunction with RentLinx, by the
Michigan State Housing Development Authority, Michigan Housing
Council, Property Management Association of Michigan, and the
Michigan Disability Rights Coalition.
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Housing Commission
Allen Park Housing Commission
17000 Champaign
Allen Park, MI 48101
(313) 928-5970
Dearborn Housing Commission
13615 Michigan Ave
Dearborn, MI 48126
(313) 943-2390
Ecorse Housing Commission
266 Hyacinth
Ecorse, MI 48141
(313) 561-2355
Lincoln Park Housing Commission
1356 Electric
Lincoln Park, MI 48146
Livonia Housing Commission
19130 Purlingbrook
Livonia, MI 48152
(248) 474-4340 or (248) 477-7086
Melvindale Housing Commission
3501 Oakwood Boulevard
Melvindale, MI 48167
(248) 349-8030
Plymouth Housing Commission
1160 Sherdian
Plymouth, MI 48170
(734) 455-3670
River Rouge Housing Commission
180 Visger Rd
River Rouge, MI 48218
(313) 382-1414
Rockwood Housing Commission
32409 Fort Street
Rockwood, MI 48173
(734) 379-9700
Romulus Housing Commission
34200 Beverly Road
Romulus, MI 48174
(734) 729-5389
Taylor Housing Commission
15270 Plaza South Drive
Taylor, MI 48180
(734) 287-9460
Wayne Housing Commission
4001 South Wayne Road
Wayne, MI 48184
(734) 721-8602
Westland Housing Commission
32715 Dorsey Road
Westland, MI 48185
(734) 595-0288
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