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Compare Michigan's Best Reverse Mortgages

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The minimum qualifying age for a reverse mortgage is 62. If you are within 6 months from your next birthday, I will automatically calculate you a year older.
Tip! Don’t forget to include your spouse’s age, even if they are not yet 62, as loan proceeds are always based on the age of the youngest spouse.
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From America's #1 Rated Reverse Mortgage Lender

 Top 10 Reverse Mortgage Lenders in Michigan

Lender Name Years in Business Rating Stars (0-5.0) Positive Reviews Complaints BBB Reviews
Longbridge Financial, LLC 6 A+ 3.5 70% 2 Source
American Advisors Group (AAG) 14 A- 4.1 82% 53 Source
Reverse Mortgage Funding LLC 6 A+ 3.0 50% 8 Source
One Reverse Mortgage, LLC (QUICKEN)
11 A+ 3.0 50% 3 Source
Liberty Home Equity Solutions, Inc. (OCWEN) 15 A+ 2.1 42% 2 Source
Retirement Funding Solutions (RFS) 9 A+ (N/A) (N/A) 1 Source
Fairway Independent Mortgage 23 A+ 2.1 42% 21 Source
HighTech Lending Inc. 13 A- 2.0 60% 2 Source
Finance of America Reverse LLC (FAR) 15 A+ 1.0 20% 2 Source
*Source: Lender Ratings as of 04/12/2020

 

Michigan Reverse Mortgage Facts

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in MichiganAvg. Home Value
Michigan37,65421719112$144,600

 

 

Michigan Lending Limits

Michigan facts
Michigan is the tenth-most populous state in the nation and the 11th largest in terms of land size. Overall, an estimated 9,962,311 people live in the state, with about half of the state’s population residing in the Detroit metro area. As of 2017, Michigan was home to 1,687,274 residents aged 62 and older, and 72.9% of the population owned their own home.

After being occupied by native tribes for thousands of years, French explorers settled the area in the late seventeenth century as part of New France. Over the next couple centuries, the area fell under British control, became an incorporated territory of the U.S., and finally was established as the 26th state in 1837. Seventeen years later, the first Republican party meeting was held in Jackson, Mi.

The state’s biggest city is Detroit, with it metropolitan area home to about 4.275 million residents as of 2015. Once an important shipping and fur trading post, “Motor City” went on to become the birthplace of America’s automobile industry and Motown Records. It also ranks first in the country for potato chip consumption per capita.  

The “Great Lakes State” is made up of two peninsulas: the upper peninsula and the mitten-shaped lower peninsula. It’s no surprise that water activities, like boating and fishing, are popular in Michigan. The state touches four out of five great lakes and is home to 11,000 inland lakes and 36,000 miles of rivers and streams.

Outside of the Detroit area, the biggest cities in the state are Grand Rapids, Lansing, and Ann Arbor. The state’s economy has improved steadily over the last ten years, and the state’s manufacturing, tourism, and agriculture industries lead the economy. Not surprisingly, the three largest companies in Michigan are vehicle related: General Motors, Ford, and Enstrom Helicopter.

Michigan enjoys all four seasons and its climate is described as temperate. Its average high temperature in July is 82 degrees Fahrenheit and its average low temperature is 30 degrees Fahrenheit in January. Far northern areas see the most snow in winter and heavy thunderstorms are typical in the southern part of the lower peninsula.

The average home value in the state is $144,600, and prices are expected to rise an additional 9.6% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $765,600 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.

 

Michigan Approved Reverse Mortgage Counseling Agencies

Agency NamePhoneAgency IDAddressLanguagesWebsite
GREENPATH, INC.888-860-41678487136500 Corporate Drive
FARMINGTON HILLS, Michigan 48331-3553
English
Spanish
www.greenpath.org
METRO COMMUNITY DEVELOPMENT, INC.810-767-462280990503 S Saginaw St Ste 804
Flint, Michigan 48502-1807
English
www.metro-community.org
GREENPATH FINANCIAL WELLNESS888-860-4167806073501 Lake Eastbrook Blvd SE
Suite 222
Grand Rapids, Michigan 49546-5938
English
Spanish
www.greenpath.org
HOME REPAIR SERVICES OF KENT COUNTY616-241-2601824561100 Division Ave S
Grand Rapids, Michigan 49507-1024
English
Spanish
www.homerepairservices.org
CENTER FOR FINANCIAL HEALTH517-708-2550836053815 W Saint Joseph St Ste C200
Lansing, Michigan 48917-3671
English
www.centerforfinancialhealth.org
GREENPATH FINANCIAL WELLNESS888-860-416782302250 Elizabeth Lake Rd Ste 1900
Pontiac, Michigan 48341-1035
English
Spanish
www.greenpath.org
OAKLAND COUNTY HOUSING COUNSELING248-858-118980711250 Elizabeth Lake Rd Ste 1900
Pontiac, Michigan 48341-1035
English
www.oakgov.com/chi
GREENPATH FINANCIAL WELLNESS888-860-4167820073210 Racquet Club Dr
Suite A
Traverse City, Michigan 49684-4704
English
Spanish
www.greenpath.org

Did you know? Michigan state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.

Additional Resources:
Reversemortgage.org NRMLA Members in Michigan
HUD.GOV Approved Lenders Search

Michigan Reverse Mortgages
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