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.
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