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:

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Adding a buffer to fixed income sources like Social Security or retirement savings
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Maintaining the quality of life and cost of living
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Paying for groceries, utilities, and other necessities
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Covering the cost of medical expenses
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Financing home repairs, expansions, and renovations
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Funding travel, hobbies, and retirement leisure time

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.

To learn more about the structure of a reverse mortgage in Michigan, download GoodLife’s reverse mortgage guide for additional information.

REVERSE MORTGAGE GUIDE

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:

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HECM loan applicants must be at least 62 years old.
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The property must serve as your primary residence.
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You must own substantial equity in your home, or use the reverse mortgage to pay off an existing mortgage balance.
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You may not be delinquent on any outstanding debts that you owe.
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The HUD requires that applicants attend an approved counseling session prior to taking on the loan.
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The home must be kept up to FHA standards and pass inspection by an FHA appraiser.

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.

Do you qualify for a Michigan reverse mortgage?

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Michigan Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.

Reverse Mortgage Calculator
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you may qualify for
Qualification is based on the age of the youngest borrower, appraised property value, and current interest rates. Outstanding financial obligations and closing costs may impact the amount of your available loan proceeds.
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PAYOUT OPTION
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Lump Sum At Fixed Rate
This option allows you to receive a fixed interest rate on loan proceeds by taking a large, one-time payout at the time of close.
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Lump Sum At Variable Rate
By taking a portion of loan proceeds in a lump sum at the time of close, you can later withdraw additional funds at a variable interest rate.
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Line of Credit
A HECM credit line offers greater flexibility by allowing you to access loan proceeds as-needed. You only pay interest on the money you use, and the line of available credit grows over time.
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Contact our licensed reverse mortgage experts for an exact quote
Learn more with a free guide

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.

Reverse Mortgages in MI: FAQs

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.

Check out our reverse mortgage FAQ for more information, or feel free to reach out to a GoodLife Specialist who can walk you through everything you need to know.

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Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

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