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Michigan Reverse Mortgages
A Michigan reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
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How a Reverse Mortgage Works in MI
For qualifying Michigan homeowners, a reverse mortgage (also called a HECM, or home equity conversion mortgage) can offer a great way to increase their financial freedom. How? Reverse mortgages allow eligible homeowners to tap into a portion of their home equity in the form of cash or a line of credit. The funds can be used to cover various expenses:
Make your reverse mortgage decision with confidence. GoodLife’s reverse mortgage guide contains extensive information on how reverse mortgages work, so you and your family can always feel safe and informed every step of the way.
Reverse Mortgage Qualifications & Requirements
HECM loans are regulated by the federal government. Specifically, they’re insured by the Federal Housing Administration (FHA) and lenders are overseen by the Department of Housing and Urban Development (HUD).
According to the federal guidelines, Michigan reverse mortgages adhere to these standards:
Our full guide to reverse mortgage eligibility can walk you through any details that you might be unsure of, and never hesitate to call with any questions you might have.
Michigan Reverse Mortgage Process
GoodLife ensures that clients meet all requirements prior to being approved for a reverse mortgage loan. In order to begin receiving funding, you must complete each of these four steps in our reverse mortgage application process:
Consultation
A Michigan reverse mortgage specialist will walk you through the process and help you feel confident in your decision. You can also get a head start by reading informative reverse mortgage articles on our website.
HUD-approved counseling
All reverse mortgages require applicants to attend a HUD-approved counseling session with an unbiased third party. This will help you determine if this financial product is right for you.
Filing your application
Next, an FHA-approved appraiser will also assess your home’s value and eligibility during this stage.
Receive funding
Once your application is submitted and approved, you will begin to receive funding: lump sums, monthly proceeds, and lines of credit are all available options.
You can use our free reverse mortgage calculator for a quick estimate to see how much you might expect if you are approved for funding.
How are interest rates determined?
Interest rates can vary depending on numerous conditions, and an individual borrower’s rate can also be fixed or variable. During the application process, your reverse mortgage lender will use an index and margin to determine the appropriate rate for your loan.
How are reverse mortgages calculated?
Three factors will play into the value of your HECM loan: 1) the youngest borrower’s age; 2) the property’s appraised value; 3) current interest rates.
Do you make monthly payments on a reverse mortgage?
Borrowers have the option to make payments on a MI reverse mortgage, but they do not require monthly loan payments until a maturation event, like the borrower moving out of the property or passing away. If that occurs, the loan becomes Due and Payable.
Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!
