Elderly couple applying for a reverse mortgage home loan.

Reverse Mortgage

Michigan Reverse Mortgage

Receive Money from your Home's Equity with a Reverse Mortgage

A Reverse Mortgage can help homeowners 62 years of age and older to plan their financial future. You may be able to stay in your home and receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. While Taxes and Insurances must still be paid, you can elect to have these paid on your behalf from the equity of your home.

More and more Seniors are choosing a Reverse Mortgage home loan to give them financial freedom. Reverse Mortgages are low rate FHA-Insured mortgages that relieve you of any future payments by using the equity in you home. If you would like to stop paying mortgage payments and enjoy retirement then this home loan may be right for you.

For more information on a Michigan Reverse Mortgage, call 800-555-2098 or apply online today!

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Who can qualify for a Reverse Mortgage in Michigan?

  • Seniors 62 years and older
  • You must have some equity in your home
  • There are no credit or income requirements
  • The FHA Reverse Mortgage Loan Limits are up to $729,750

What is a Reverse Mortgage?

A reverse mortgage is a Home Equity Conversion Mortgage (HECM). A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
- Excerpt from HUD.gov Reverse Mortgage FAQ

How do I calculate reverse mortgage payments?

Reverse mortgage payments are calculated based on several factors including your age, zip code, current mortgage amount and home value. Most reverse mortgages allow you to live the rest of your life with no mortgage payments however you may have options to get cash out of your home's equity.

Other reverse mortgage payments may allow you to receive monthly payments from your mortgage to use as you please. For help calculating reverse mortgage payments call Riverbank today at 800-555-2098 and speak with a reverse mortgage loan officer.

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