Wisconsin (WI) Reverse Mortgage Program
A Wisconsin Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Wisconsin property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Requirements
- Age requirement: Wisconsin borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Wisconsin employment: No requirements
- Credit score: No requirements
- Health: No requirements
WI Reverse Mortgage FAQs
Can I lose my home with a Wisconsin Reverse Mortgage?
The Bank can only foreclose on your Wisconsin home if you do not 1) pay your homeowners insurance, WI real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Wisconsin home as your primary residence. You never have to make a mortgage payment.
What if I already have a Wisconsin mortgage?
First, your current mortgage and any other liens against the property in Wisconsin will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Wisconsin Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Wisconsin 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 Wisconsin home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Wisconsin (WI) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Wisconsin, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Wisconsin Reverse Mortgage Lenders
Apply now or contact the Wisconsin Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Milwaukee, Madison, Green Bay, Kenosha and throughout Wisconsin.
