Reverse Mortgages Michigan

Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment.

Local Companies

Able Mortgage Group
313-340-1090
18984 Livernois Ave
Detroit, MI
Amstar Mortgage Corp
313-420-0223
950 Marston St
Detroit, MI
Bretlin Home Mortgage
313-864-0963
7631 W Mcnichols RD
Detroit, MI
First Mortgage Fund
313-872-6242
2843 E Grand Blvd
Detroit, MI
Sagetips LLC
231 759 1229
2380 Estes Street
Muskegon, MI
Todd Strobel CMPS
616-464-4400
2828 Kraft Ave SE
Grand Rapids, MI
American Mortgage Centers
517-586-4030
5840 Sterling Drive
Howell, MI
American Mortgage Centers
517-586-4030
5840 Sterling Drive
Howell, MI
Infinity Mortgage
313-245-9931
11175 Balfour RD
Detroit, MI
American Nationwide Mortgage Company
231-421-3200
104 South Union Street
Traverse City, MI

Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life.

How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home.

What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first.

How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.

Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.

But, won’t I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income.

Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don’t have to talk to a lawyer or accountant, but it would be advised.

Who owns the title to my house? You still own the title.

What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds.

What if I owe more than the house is worth? You can’t. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties.

What if I move? If you move, then the mortgage becomes due and must be repaid.

Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org

About the Author:

Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at:

http://www.mortgage-refinance-review.com/calculator.php


Article Source:
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Featured Local Company

Able Mortgage Group

313-340-1090
18984 Livernois Ave
Detroit, MI

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