Michigan Reverse Mortgage Information

Michigan Reverse Mortgage Information

Welcome to the Michigan Reverse Mortgage Information Center

Welcome to the Michigan Reverse Mortgage Information page by Mutual of Omaha Reverse Mortgage. If you're a homeowner aged 62 or older in the Great Lakes State, whether you live in Ann Arbor, Grand Rapids, Detroit, Marquette, or anywhere else, discover how you can leverage your home equity to achieve financial security and peace of mind in retirement.

Why Choose a Reverse Mortgage in Michigan?

Michigan offers a unique blend of urban excitement, natural beauty, and a strong sense of community, making it an ideal place to retire. With a reverse mortgage, Michigan homeowners can access their home equity without the burden of monthly mortgage payments, providing flexibility to enjoy retirement in the Wolverine State.

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

Empowering Michigan Homeowners

At Mutual of Omaha Reverse Mortgage, we're committed to empowering Michigan homeowners to make informed decisions about their financial future. Larry McAnarney is an industry veteran since 1999 and is dedicated to providing personalized guidance and support tailored to your unique needs and goals.

As a Certified Senior Advisor (CSA), Larry is passionate about educating Michigan homeowners about the benefits of reverse mortgages and helping them achieve financial security in retirement.

Your Path to Financial Freedom Starts Here

Whether you're looking to supplement your retirement income, cover medical expenses, or fund home renovations, a reverse mortgage could be the solution you've been searching for. Explore our comprehensive resources on reverse mortgages in Michigan, including informative guides, articles, and tools designed to help you make informed decisions about your home equity.

Get Started Today

Ready to take the next step towards financial freedom? Contact Larry today at 815-703-4745 to schedule a consultation. Your path to financial security starts here.

Contact me today to get started!

Verified Reviews

(197)

Easy Process and Friendly Service Larry was great to work with. He guided me through the process and was very specific about the information I needed to provide so that I was prepared each time we met. He came to my home for all of our meetings and that was very convenient for me. Larry was aware that I needed to get my loan closed as soon as possible and he made sure the underwriters were aware of that. When it was time for me to close, I asked Larry to be there since I trusted him and wanted his support. He was there as promised. Closing was easy and straighforward and everything went the way I expected. I am very pleased with Larry and would recommend them highly.

Rhonda T — Oct 19, 2015

Great Communication, Kind, & Patient Larry was great at communicating and explaining every step involved in the process of getting the reverse mortgage done for us. His demeanor is very kind and patient. So thankful for all that of his help      

Jan T — Dec 6, 2023

Excellent customer service Wonderful service. Know edge w Very helpful

Judy E — Jul 30, 2014

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Reverse Mortgage Frequently Asked Questions

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

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A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

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You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

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Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

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Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

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The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

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A reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…

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You have a number of choices for how you receive your funds:

  • Lump sum
  • Monthly…
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A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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The specific amount depends on several factors, including:

  • Your…
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With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

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Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…

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Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

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The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

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The loan must be paid in full when one of the following occurs:

  •  A “maturity event” —…
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To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

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Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

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Below are just a few of the Michigan cities and counties where you can obtain a reverse mortgage.