Receive Money from Your Home's Equity with a Reverse Mortgage
A Michigan reverse mortgage can help homeowners 62 years of age and older plan their financial future. You may be able to stay in your home and receive money from the lender, and generally do not have to pay it back for as long as you live in your home. While taxes and insurance must still be paid, you can elect to have these paid on your behalf from the equity of your home.
Reverse mortgages are FHA-insured HECM loans that eliminate the requirement to make monthly principal and interest payments by drawing on the equity in your home. You remain the owner of your home and keep the title, and you're still responsible for property taxes, homeowners insurance, and maintaining the home.
For more information on a Michigan reverse mortgage, call 800-555-2098.
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Who Can Qualify for a Reverse Mortgage in Michigan?
- Homeowners age 62 and older
- Home must be your primary residence, and you must have sufficient equity in it
- There is no minimum credit score, but lenders complete a financial assessment of your income, assets, and credit history to confirm you can keep up with property taxes, homeowners insurance, and home maintenance
- The FHA Reverse Mortgage Loan Limits are up to $1,249,125 max claim amount.
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 payment plans may allow you to receive monthly disbursements or a line of credit 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.
Do I still own my home with a reverse mortgage?
Yes. You keep the title to your home and remain the owner. You're still responsible for paying property taxes, homeowners insurance, and maintaining the home — failing to do so can put the loan in default.
Can I lose my home with a reverse mortgage?
A reverse mortgage is designed to let you stay in your home, but it is still a loan secured by your property. If you fail to pay property taxes or insurance, don't maintain the home, or move out of it as your primary residence, the loan can become due, which could put your home at risk. Talk with a HUD-approved counselor and your loan officer to fully understand your obligations.
What happens to a reverse mortgage when the borrower passes away?
The loan balance becomes due. Heirs typically have the option to repay the loan and keep the home, sell the home to pay off the loan, or let the lender sell the home — borrowers and their heirs are not personally liable for any amount beyond the home's value with an FHA-insured HECM.
Still have questions? See all frequently asked mortgage questions or call a mortgage expert at 1-800-555-2098.
What Michigan reverse mortgage clients say
Rated 4.9 out of 5 from 1004 Google reviews of Riverbank Finance LLC.
“Sonya was exceptional wonderful. Timing was great, everything kept moving smoothly right along. The others that helped out extremely respectful and helpful also. I have to say they are the best when you are refinancing or need a mortgage. Communication was above and beyond my expectations. Thank you all so very much. Definitely will use them again and reference them to everyone!!”
“As a first-time homebuyer, I really appreciated how informative and patient Anthony was throughout the entire process. He took the time to explain each step clearly and made sure I felt comfortable and confident in my decisions. Communication was always prompt and helpful, and I consistently felt like I was in good hands. I’d highly recommend Anthony to anyone looking for a knowledgeable and reliable mortgage broker.”
“Anthony Bird was fantastic through our home purchase experience. He was always available for our questions and made sure the process was as smooth as possible and that we knew all our options. This was our second time using him and would recommend!”
“Sonya was AMAZING to work with! I had a challenging situation and she found me a great option for my mortgage, whereas other companies flat out said, “nope, can’t help you.” I closed this week and the entire process was smooth and Sonya was very accessible/responsive to my questions along the way. I am extremely pleased, and thankful, for having found Sonya at Riverbank, for my mortgage.”
“We can’t say enough great things about Michaele! Buying a new home is a huge decision, and throughout the entire process, she made us feel confident, informed, and genuinely cared for. As a family of five preparing to move into our new home, there were plenty of questions and moving pieces along the way. Michaele was always quick to respond, patient with our questions, and willing to go the extra mile to make sure we understood every step. We never felt like just another transaction—she truly had our family's best interests at heart Her professionalism, knowledge, and attention to detail helped make what could have been a stressful experience feel smooth and manageable. Thanks to her guidance, we were able to focus on the excitement of finding the right home for our family. We are incredibly grateful for all of her hard work and would highly recommend her to anyone looking for a mortgage professional who is not only excellent at what she does, but also genuinely cares about her clie”
“Tomas F. is absolutely amazing, and I’m so thankful he was my loan officer. As a first-time homebuyer, I had a lot to learn, and he walked me through every step of the process, taking the time to educate and guide me along the way. There were definitely some stressful moments, but Tomas was always there as my advocate. He prepared my file so thoroughly before underwriting that the processor and underwriter already had everything they needed, making the underwriting phase smooth and surprisingly quick. If rates drop, I already plan to refinance with Tomas. I trust him completely and am confident that he will handle my file with the same care, diligence, and professionalism. He’s not only effective at what he does, but also kind, patient, and genuinely invested in helping his clients succeed. I would recommend Tomas to any homebuyer, but especially to first-time homebuyers. If you’re looking for someone who is trustworthy, patient, diligent, and highly effective, give Tomas a call.”
“Josh was amazing to work with. He went well above and beyond with every aspect of our mortgage approval. He personally cares about his clients. His interactions with us were nothing but professional, helpful, informative, and timely. For our next house, we will definitely choose Josh!”
“I’ve had the pleasure of partnering with Michaele Daugin on several client transactions, and she consistently goes above and beyond for her clients. Michaele is knowledgeable, responsive, and dedicated to making the mortgage process as smooth as possible. Her professionalism, attention to detail, and commitment to exceptional service make her a trusted resource for homebuyers. I highly recommend Michaele to anyone looking for a reliable and experienced mortgage professional.”
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