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Are you 62 years old or older? A reverse mortgage in Michigan can be an incredible beneficial and help you feel confident about your financial future. You get to remain in your home and receive money from the lender—and, so long as you live in the home, you don’t have to make payments. More and more seniors are opting for a reverse mortgage over other financial opportunities due to the large degree of financial freedom it allows. But, before entering into a reverse mortgage, it is critical that you understand exactly what a reverse mortgage in Michigan entails. Premier Reverse Mortgage is here for you—we enjoy getting to know our clients and look forward to offering guidance for your financial future.
We Provide the Resources You Need to Make an Informed Decision
It can be difficult to find the right reverse mortgage lender in Michigan, as every situation is different. HECMs make finding a qualified lender a bit easier, and they are the most popular type of reverse mortgage in the country. HECMs are federally insured by the Federal Housing Administration (FHA), which guarantees that lenders will follow strict regulatory guidelines and ultimately meet their obligations. Nearly all counties in Michigan are limited to the FHA national loan limit average, which as of 2018 is $679,650. When homeowners have high-value homes, a HECM might not be the best option. Reverse mortgages that offer higher limits, or none at all, for borrowers with high equity might be worth considering. These are only offered by private companies, which are not federally guaranteed.
With various advantages and disadvantages on the table, picking the right reverse mortgage lender in Michigan can be a complicated affair. Premier Reverse Mortgage is here to help you clear the fog and give you the resources you need to make the best decision possible for your financial future.