It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Michigan, don't hesitate to contact one of our specialists at any time.The sting of recent economic events has been felt by many across the country, including Michigan. The struggle to deal with economic uncertainty is difficult when you're working, and even more so when you're on a limited income. What's even more frustrating is that, as many seniors fight to make their monthly bills, they're sitting on a substantial investment, the equity they have continued to build up in their homes. Borrowers can access that equity through a reverse mortgage once they hit the age of 62 or older, retired or not. Many Michigan seniors throughout the state are turning to reverse mortgages to help repay medical bills, renovate their homes, or simply for financial security.
Paying Back a Reverse MortgageNo more mortgage payments sounds great, but how do you pay back a reverse mortgage? Michigan residents don't make loan payments on a reverse mortgage until they either sell the home, move, or pass away.* When one of these conditions is met, the loan amount and accrued interest become due. For the borrowers protection however, reverse mortgages are known as nonrecourse loans, meaning you can never owe more than the appraised value of your home. If the loan becomes due, the borrowers' heirs have the option of either selling the home to pay off the mortgage, or if they wish to keep the home, refinancing the loan for the amount owed, which includes any accumulated interest. As the borrower, you maintain ownership of your home. You must keep the home well maintained as well as pay all property taxes and insurance fees. As for the additional money freed up by accessing your home equity, you can use it however you see fit.
Michigan Reverse Mortgage Licensed SpecialistsMichigan residents just like you are reliving the feeling of financial security and capitalizing on the value of their largest investment, their home. One Reverse Mortgage works with many reverse mortgage licensed specialists located in Michigan. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.