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Seniors hoping to make the most of their retirement in the Badger State may be able to use a reverse mortgage in Wisconsin to achieve their goals. Also known as a home equity conversion mortgage (HECM), a reverse mortgage in WI enables eligible homeowners to tap into a portion of the equity in their homes while continuing to live on the property. The equity is converted into loan proceeds, which can benefit seniors by:
For more information on how the HECM program works, refer to our reverse mortgage guide. GoodLife is proud to serve as a reverse mortgage company lending in Wisconsin and remains committed to helping seniors live The GoodLife in Retirement.
The HECM program is overseen by the U.S. Dept. of Housing and Administration (HUD) and insured by the Federal Housing Administration (FHA). As such, the reverse mortgage qualifications in Wisconsin are consistent with the criteria established nationwide.
Additional reverse mortgage requirements in Wisconsin may apply, such as the need to maintain the property up to FHA standards. A Reverse Mortgage Specialist at GoodLife can answer any questions you may have and will explain reverse mortgage eligibility in full detail.
Use our reverse mortgage calculator to receive a free loan estimate.
GoodLife understands the pressure and stress that can arise out of financial uncertainty, so our reverse mortgage application process is designed to provide eligible borrowers with the funds they need as quickly as possible.
A Reverse Mortgage Specialist will walk you through the terms and structure of a HECM while asking about your circumstances and retirement goals. This allows us to establish whether a reverse mortgage in WI is the right fit for your needs.
All reverse mortgage applicants are required to attend a counseling session approved by HUD to receive more information regarding how the HECM program works, and how it may pertain to your situation.
After receiving your application, GoodLife can coordinate a property valuation from an FHA-approved appraiser that will be used when determining the value of the loan.
Once all documents are signed and the loan is approved, a lender will disburse the funds in the method of your choice.
Reach out to a GoodLife Reverse Mortgage Specialist with any questions you may have, or refer to our reverse mortgage FAQs for the answers you’re seeking.
At GoodLife, we believe in the power of choice, and allow borrowers to select their preferred payment structure, whether that may be a line of credit, monthly installment, or lump sum. You can use our reverse mortgage calculator to estimate how much you may qualify to borrow.
No. In some cases, borrowers may need to set aside a portion of proceeds to cover financial obligations such as existing mortgages or property taxes, but so long as these requirements are met, the funds are yours to use as you please.
The interest rate on a reverse mortgage loan may be fixed or variable. Lenders will use an index and margin to determine your rate at the time of application.