What Is A Reverse Mortgage?

A reverse mortgage allows homeowners who are 62 years or older to convert a portion of the equity in their homes into cash.

No repayment is required as long as the borrower owns and lives in the home.
There are limited income, asset, and credit requirements.
The homeowner retains title and ownership of the home.
Cash advances can be used for any purpose.

What can I use the money for?

  1. Every day living expenses
  2. Pay off debts or mortgage
  3. Property / Home Insurance
  4. Medical expenses or in-home care
  5. Home repairs
  6. Financial Planning

How can I qualify?

Any homeowner who is 62 years or older.
Homeowner must be living in the home and it must be your primary residence. Vacation homes and rental properties are not eligible for the HECM (Home Equity Conversion Mortgage)

How much money can I get?

The amount you can get depends on:

  1. Your age
  2. The value of your home
  3. Current Interest Rates
  4. The HUD loan limit in your area

How is it paid to me?

You can choose how to recieve your money.
It can be taken:

  1. As a Lump Sum at the closing of the loan
  2. As a Monthly Cash Advance
  3. As a Line of Credit-OR-
    Any combination of the above three options

When do I pay it back?

When the last surviving spouse dies, sells the home or permanently moves away for 12 months in a row.

Are Reverse Mortgages Safe?

Reverse Mortgages are insured by the U.S. Dept. of HUD.
Payments to borrowers are guaranteed by the U.S. government.
They are available through HUD Approved lenders.
Independent HUD counseling is required prior to application. There is an MIP (Mortgage Insurance Protection) available from the FHA (Federal Housing Administration) to protect your investment.
Does not affect Social Security or Medicare benefits*.

How do I apply for a Reverse Mortgage?

First you must obtain a counseling certificate from a HUD-Approved Counseling Agency. We can supply you with a phone number of a local counselor here in Michigan so you can start the counseling process.

After receiving your counseling certificate, you can make an application with a 1st Financial Reverse Mortgage Specialist. We can help you start using your home to stay at home.

Under normal circumstances, the entire process should take approximately 30 – 45 days.

Who do I contact first?

If you would like more information about Reverse Mortgages, or if you would like an appointment to make an application call: (231) 720-7003.

Who is 1st Financial Reverse Mortgage?

Michigan Reverse Mortgage is affiliated with 1st Financial Reverse Mortgage to provide reverse mortgage information to Michigan residents. We bring national service to the local level so you can still get the hometown customer service you deserve with the benefits of a national lender.

1st Financial Reverse Mortgage has been specializing in reverse mortgages since 1991 — that is all that they do. They are one of the nation’s leading reverse mortgage specialists. 1st Financial Reverse Mortgage and Michigan Reverse Mortgage are dedicated to providing our clients with honest, valuable advice on reverse mortgages.

1st Financial Reverse Mortgage is a HUD-approved reverse mortgage lender. In addition, they are a member of the National Reverse Mortgage Lenders Association.


* SSI and Medicaid benefits may be affected. Get professional advice before proceeding with the reverse mortgage process.