Department of Housing policy does not allow cash-out in subordination transactions. The maximum new mortgage loan amount will be the amount of the pay-off letter(s) plus the closing costs shown on a signed good faith estimate.
A list of documents that should be submitted to the Department of Housing to begin processing of a request for review of the sale of the affordable unit in compliance with the City of Chicago Mortgage, Security and Recapture Agreement.
To receive a Reverse Mortgage, homeowners must be aged 62 or older, own their homes free and clear or have significant equity in the property, and they must live in the property as their primary residence.
Technical Assistance-Community (former Housing Resource Center or HRC) agencies provide housing-related information, problem solving, community events, workshops and housing fairs to assist low- and moderate-income homeowners.