Reverse mortgage detroit

Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. These factors are similar to those you might use to determine which business to select from a local Yellow Pages directory, including proximity to where you are searching, expertise in the specific services or products you need, and comprehensive business information to help evaluate a business's suitability for you.

YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page. The borrower s must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications.

Program rates, fees, terms and conditions are not available in all states and subject to change. All rights reserved. Site Map. Please provide either your phone number or email address above so we can reply. Shop for the best reverse mortgage deals in Detroit, Michigan. What's the zip code for your property? What's the street address for your property? Estimated Home Value. Estimated Loan Balance.

Tell us a little about yourself Contact us if you would like to know how much money is available to you or request a reverse mortgage quote and fill out the appropriate information. I have been educating and answering questions for homeowners and their families about reverse mortgage programs since For so many homeowners age 62 and older, a Home Equity Conversion Mortgage HECM — also known as a reverse mortgage loan — could be a flexible and effective way to turn the equity you have in your home into funds you can use.

My experience is broad and deep in financial services dedicated to senior households. Today, as a Reverse Mortgage Specialist, my focus is on helping homeowners 62 and older, and their families, understand the reverse mortgage loan process from end to end. Please Contact Us to receive reverse mortgage information from a company that's experienced and licensed in Michigan. The loan is insured by the Federal Housing Administration FHA so that borrowers will not owe more than the value of the home at maturity.

With a HECM, also known as a reverse mortgage, you can convert some of the equity in your home into cash to meet financial goals, such as supplementing retirement income, buying a new home, maintaining a quality lifestyle, or preparing for a more secure and rewarding financial future. All that happens all without giving up ownership or control of your home and without having to make monthly mortgage payments.

Instead of repaying the loan in monthly installments, you or your estate repay the principal, accrued fees and interest when you no longer live in the home. For example:. Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

Homeowners or their heirs usually…. Use the proceeds for the things you need and want. For example: refinancing your existing mortgage s to improve cash flow; consolidating…. The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid….

Reverse mortgages are available with either fixed or variable rates.