Michigan Reverse Mortgage Information

With increasing awareness and industry education about these unique loans, reverse mortgages have grown tremendously in a short amount of time.  Seniors are recognizing the significance of the equity in their homes as a way to fund their retirement years.  Most of all, they simply want to say in the home they’ve made for themselves.

Many seniors are confronted by rising healthcare costs coupled with the shrinking retirement reserves.  In addition, they have watched their home values climb over the past few years making the home the largest asset.  Industry experts attribute these factors behind reverse mortgage awareness.

In fact, the number of people using reverse mortgages to unlock the equity in their homes has soared over the last five years, climbing from fewer the 6,000 loans annually, prior to fiscal year 2000, 48,000 in 2005 and to date more than 200,000 HECM loans been originated in the United States according to the U.S. Department for Housing and Urban Development (HUD).  This year, the industry is looking forward to helping more seniors live more comfortably or pursue what they’ve always wanted. 

In order to apply for a reverse mortgage you must be 62 years of age or older.  All owners who are on the title deed must meet this age requirement, as well as apply for and sign the loan agreements.  Lastly, the home must remain the applicant’s principle place of residence.

One of the most attractive benefits of a reverse mortgage is there are no income or medical requirements to meet in order to qualify.  Because you end up receiving money instead of paying monthly payments, income plays no part in your eligibility for Michigan reverse mortgages. 

Single family residences are most commonly eligible for reverse mortgages, although some programs do accept other types of property, such as manufactured houses and condominiums.  The only exception would be mobile homes and co-ops, which generally do not qualify for reverse mortgages.

You can never be too educated.  Kaye Financial encourages you to understand reverse mortgage before taking the next step.   Discuss your unique situation with your advisors.  Your advisors can be anyone from your accountant, financial planner, lawyer, or adult children.  There are advantages and disadvantages with a HECM Michigan reverse mortgages.  Make sure that you include them in this important decision to review the pro’s and con’s of a reverse mortgage.  This will assist you in your decision if a reverse mortgage is right for you and your family.

The government has built a safeguard into the program that requires you to receive free, government-approved independent counseling.  This is to make sure that all of your questions, concerns, potential risks and dangers of a reverse mortgage have been properly addressed and answered.

Next, is the application process – appraisal, inspection and all other processes typically found in a conventional mortgage.  Once your loan as been approved, the loan closes and funds.  Remember that you can use your newfound money from your home’s equity for whatever you choose.

We hope that is information has shed some light on any questions that you may have had on the benefits of a reverse mortgage.  We also commend you for educating yourself!

Kaye Financial, one of the top reverse mortgage lenders in Michigan,  specializes in developing loan programs for mature borrowers.  Our staff is dedicated to helping you obtain the reverse mortgage plan that will be most valuable for your golden years.  Give us a call now to get started.

Toll Free 1-866-894-5829

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