Top Reverse Mortgage Lenders in Michigan
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| All Reverse Mortgage, Inc. (ARLO) | A+ | 20 | 4.99/5 | 99.8% | 0 | Source |
| Advisors Mortgage Group | A+ | 24 | 1.80/5 | 36.0% | 5 | Source |
| American Advisors Group (AAG) | A | 19 | 4.70/5 | 94.0% | 61 | Source |
| American Pacific Mortgage | F | 28 | 1.75/5 | 35.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 3 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.43/5 | 88.6% | 38 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 20 | 1.00/5 | 20.0% | 21 | Source |
| GoodLife Home Loans | A+ | 12 | 4.43/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 41 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 0 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 3 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.95/5 | 79.0% | 17 | Source |
| Mid America Mortgage Inc. | A+ | 65 | 3.00/5 | 60.0% | 0 | Source |
| Moneyhouse | NR | NA | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 111 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 4.72/5 | 94.4 | 52 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 23 | 2.29/5 | 45.8% | 18 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 2.43/5 | 48.6% | 15 | Source |
Michigan Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Michigan | Avg. Home Value |
|---|---|---|---|---|---|
| Michigan | 37,654 | 392 | 19 | 112 | $235,236 |
Michigan Lending Limits
Michigan is the tenth-most populous state in the nation and the 11th largest in terms of land size. 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 as part of New France in the late seventeenth century. Over the next couple of 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 its 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. Unsurprisingly, 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. The 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 $233,000, below the federal maximum reverse mortgage lending limit of $1,149,825 that applies to all HECM loans. Jumbo reverse mortgage programs are available for more borrowing power above the federal limit.
Michigan Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| GREENPATH FINANCIAL WELLNESS | 83861 | 36500 CORPORATE DR FARMINGTON HILLS, MI 48331-3553 | (888) 860-4167 | http://www.greenpath.org |
| GREENPATH, INC. | 84871 | 36500 CORPORATE DR FARMINGTON HILLS, MI 48331-3553 | (888) 860-4167 | https://www.greenpath.com/housing/ |
| OAKLAND COUNTY HOUSING COUNSELING | 80711 | BUILDING 34 EAST 1200 N TELEGRAPH RD PONTIAC, MI 48341-1032 | (248) 858-5402 | http://OCHousingCounseling.com |
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
