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Any senior citizen living in Wisconsin, who is 62 years or older and owns his or her own home, is eligible to receive a Wisconsin reverse mortgage. Reverse mortgages are equity loans that only senior citizens are allowed to receive. This type of loan makes around 50% to 65% of a person's home equity available for him or her to use in whatever way he or she thinks is best.
A Wisconsin reverse mortgage makes it so that a senior citizen’s home cannot enter default or be foreclosed on. It will also take away the mortgage someone may have; thereby, making it easier for him or her to live comfortably. In addition, a person does not need to be in good health, or have good credit to qualify for this type of loan.
Once a senior citizen has decided to obtain a Wisconsin reverse mortgage, he or she must attend a meeting with a financial counselor that specializes in reverse mortgages. The meeting is mandatory; however, it can take place either in person or over the phone. When the meeting is over the senior citizen will receive a Home Equity Conversion Mortgage (HECM) certificate. Once he or she receives this certificate a request for an application can be made to a reverse mortgage lender.
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- Industry News
- Interest Rates and Fees
- Can I qualify for a Reverse Mortgage
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- HUD Program
- What is a Reverse Mortgage Loan
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- R.M. Calculator
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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