Home Point Financial’s Michigan Reverse Mortgage Program
What is a Reverse Mortgage?
A Michigan Reverse Mortgage is a home loan which provides the homeowner with cash payments based on home equity. During the course of the loan, the borrower retains the Michigan property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Michigan Reverse Mortgage Requirements
- Age requirement: Michigan borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Michigan employment: No requirements
- Credit score requirements: None
- Health requirements: None
MI Reverse Mortgage FAQs
Can I lose my home with a Michigan Reverse Mortgage?
The Bank can only foreclose on your Michigan home if you do not 1) pay your homeowners insurance, MI real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Michigan home as your primary residence. You never have to make a mortgage payment.
What if I already have a Michigan mortgage?
First, your current mortgage and any other liens against the property in Michigan will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Michigan Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Michigan is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Michigan home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Michigan (MI) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Michigan, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Michigan Reverse Mortgage Company
Apply now or contact the Michigan Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Detroit, Grand Rapids, Warren, Sterling Heights and throughout Michigan.
