Michigan

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A Michigan Reverse Mortgage loan is one that you can use when you are 62 years and above as a source of income derived from the equity that you own in your home. There are various pros and cons of taking one of these loans. The advantages far outweigh any disadvantages.

 

The advantages.

You never have to leave the comfort of your home.
There is no need for proof of income in order to qualify. You only need to be the owner of the home.
As long as you are living in the home you do not need to make any payments.
You do not have to live in fear of foreclosure due to the loan.
You only need to maintain the home and pay for insurance and real estate fees.
You can use the money in any way that you see fit.
The amounts that you get are tax-deductible.
Your social security and Medicare benefits will not be affected.

 

The disadvantages:

These loans come with a variable interest rate and are pegged on market rates.
The loan reduces the equity in your home so you will get very little left over should you decide to sell the house.
Some lenders charge origination fees.

How can your home help
you live in comfort?

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About
Reverse Mortgage
Helpdesk

The Reverse Mortgage Helpdesk is a resource, clear and simple. It is also a free service. We want to make sure seniors and/or their loved ones who are making decisions about maintaining their home, have all the facts. Guidelines and procedures change constantly in the mortgage business. We want to make sure people who have worked all their lives are not taken advantage of by

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