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A wealth of information about reverse mortgages in Bergland Michigan

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan in Bergland Michigan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence.

Reverse Mortgage Loan Types in Bergland Michigan

An HECM is a reverse mortgage loan product insured by the Federal Housing Authority (FHA). While other reverse mortgage loan products exist, the HECM is the most well-known and widely available in Bergland Michigan. It enables eligible homeowners to access the equity in their homes by providing funds (in many instances in a lump sum payment) without incurring a monthly payment burden during their lifetime in the home. To be eligible for an HECM, a borrower must be 62 years or older, own their own property (or have a small mortgage balance), occupy their property as their primary residence, and participate in HECM counseling.