Sorry, you need to enable javascript to visit this www.knowyouroptions.com.

URGENT NOTICE: Hurricane Relief Available for Affected Homeowners. Learn More ›

Mortgage Assistance in Michigan (Even for Reverse Mortgages)

Michigan's Step Forward Program uses the state's Hardest Hit Fund to provide up to $30,000 in assistance to struggling homeowners in Michigan, including seniors with reverse mortgages who have fallen behind on their property-related expenses.

To be eligible for the Step Forward Program homeowners must:

  • Occupy the home as your primary residence;
  • Have endured an eligible involuntary hardship that caused the reverse mortgage default, such as job loss, reduction of gross income, death, divorce or disability;
  • Be able to sustain payments for future property-related expenses, such as property taxes, homeowners insurance, and condo or homeowners association fees; and
  • Have limited liquid cash reserves. (A counselor will go over this with you.)

Assistance is provided as an interest-free, forgivable loan that requires no monthly payments. The principal amount is forgiven over a five-year term at 20% per year if the homeowner continues to occupy the home.

For more information on Step Forward Michigan, call 866-946-7432 or visit https://www.stepforwardmichigan.org/. You can also contact the servicer of your reverse mortgage for assistance.

Beware of Scams

Learn how to identify and avoid scam artists who promise immediate relief from foreclosure.
 

Find out more »

FAQs

Find the answers to common questions concerning your mortgage and the various options to avoid foreclosure.

Find out more »

Glossary

Visit our glossary of key terms to increase your understanding of the foreclosure options available.
 

Find out more »