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Compare Michigan's Best Reverse Mortgages
Compare Michigan's Best Reverse Mortgages
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Michigan's #1 Reverse Mortgage

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In your current area 100 homeowners are currently utilizing reverse mortgages to better enhance their retirement years, with 500,000 nationwide!

The amount you receive is based on your home’s value, your age, and current interest rates. Let’s start with your address so I can estimate your home value…
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If you feel this estimate is not correct you can manually change it below. If you have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!

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If you presently have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!
(Our calculations use estimated property values provided by Estated.com. An independent HUD-approved appraiser must complete an appraisal to finalize your loan)
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The minimum qualifying age for a reverse mortgage is 55

Don’t forget to include your spouse’s age, even if they are not yet 55, as loan proceeds are always based on the age of the youngest spouse.
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Your personalized results include the best of 2024's reverse mortgages
  • Side-by-side loan comparisons
  • Real-time interest rates
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2021 BBB Torch Award Finalist
Best Reverse Mortgage Lender
Best Reverse Mortgage Website
Best Reverse Mortgage Website

Top Reverse Mortgage Lenders in Michigan

LenderRatingYears in BusinessStars (0-5)Good Review %ComplaintsBBB Review
All Reverse Mortgage, Inc. (ARLO)A+204.99/599.8%0Source
Advisors Mortgage GroupA+252.00/540.0%5Source
American Advisors Group (AAG)A194.69/593.8%56Source
American Pacific MortgageF281.75/535.0%13Source
Ennkar Inc.A+144.00/580.0%3Source
Fairway Independent MortgageA+284.41/588.2%37Source
Finance of America Reverse LLC (FAR)A+211.00/520.0%22Source
GoodLife Home LoansA+124.43/588.6%0Source
Guild Mortgage Company (Formerly Cherry Creek LLC)A+641.36/527.2%39Source
HighTechLending IncA+184.93/598.6%0Source
Liberty Home Equity Solutions Inc.A+211.00/520.0%3Source
Longbridge Financial LLCA+123.94/578.8%18Source
Mid America Mortgage Inc.A+653.00/560.0%0Source
MoneyhouseNR27NANA0Source
Movement Mortgage, LLCA+174.80/595.6%109Source
Mutual of Omaha MortgageA+114.61/592.2%45Source
Open Mortgage LLCA+212.60/552.0%1Source
Plaza Home Mortgage IncA+232.38/547.6%17Source
Smartfi Home LoansA+5NANA0Source
South River Mortgage, LLCA+52.62/552.4%15Source
This chart compares the top 20 reverse mortgage lenders in the U.S. based on national rankings, displaying key metrics such as their BBB (Better Business Bureau) rating, years in business, average star rating, percentage of positive reviews, number of complaints, and sources of reviews. Top 20 HECM lenders reported by https://www.rminsight.net/wp-content/uploads/2024/06/Lenders_202405.pdf. (Reviews Updated: October 22, 2024).

Michigan Reverse Mortgage Facts

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in MichiganAvg. Home Value
Michigan37,65439219112$235,236

Michigan Reverse Mortgage Lending Limits

Michigan, the tenth-most populous state in the U.S., has an estimated population of 9.87 million as of 2024. About half of the state’s residents live in the Detroit metropolitan area. Approximately 1.8 million residents are aged 62 and older, and 72.9% of Michigan’s population are homeowners, making reverse mortgages a viable option for many in the state.

Historical and Economic Overview

Michigan’s rich history includes native tribes occupying the region for thousands of years before French explorers settled in the late 1600s. The area eventually fell under British control before becoming part of the U.S., and Michigan was officially established as the 26th state in 1837.

Detroit, Michigan’s largest city, is a key hub for American industry and culture. Known as “Motor City,” Detroit is the birthplace of the U.S. automobile industry, with companies like Ford and General Motors headquartered here. It’s also the home of Motown Records, making Detroit a pivotal location for American music history.

Geography and Climate

Michigan is known as the “Great Lakes State,” comprising two peninsulas: the upper peninsula and the mitten-shaped lower peninsula. Michigan is surrounded by four of the five Great Lakes, with a rich array of outdoor water activities like boating and fishing. The state features 11,000 inland lakes and 36,000 miles of rivers and streams.

Michigan experiences all four seasons with distinct weather patterns. The northern areas receive significant snowfall in the winter, while southern regions of the lower peninsula often experience heavy thunderstorms. Average high temperatures in July reach around 82°F, while January lows can dip to 30°F.

Michigan’s Economic Landscape

Michigan’s largest cities outside of Detroit include Grand Rapids, Lansing, and Ann Arbor. The state’s economy is driven by manufacturing, tourism, and agriculture. Michigan is home to several Fortune 500 companies, including General Motors, Ford, and Dow Chemical Company.

Home Values and Reverse Mortgage Options

As of January 2024, the average home value in Michigan is $233,000. Many homes in the state fall below the federal reverse mortgage lending limit of $1,149,825, meaning that most homeowners can fully benefit from a HECM (Home Equity Conversion Mortgage) loan. For those with homes valued above the federal limit, jumbo reverse mortgage programs allow greater home equity access.

Michigan Approved Reverse Mortgage Counseling Agencies

NameAgency IDAddressPhoneWeb Site
GREENPATH FINANCIAL WELLNESS8386136500 CORPORATE DR
FARMINGTON HILLS, MI 48331-3553
(888) 860-4167http://www.greenpath.org
GREENPATH, INC.8487136500 CORPORATE DR
FARMINGTON HILLS, MI 48331-3553
(888) 860-4167https://www.greenpath.com/housing/
OAKLAND COUNTY HOUSING COUNSELING80711BUILDING 34 EAST
1200 N TELEGRAPH RD
PONTIAC, MI 48341-1032
(248) 858-5402http://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

Author Michael Branson
About the Author, Michael G. Branson | Mike@allreverse.com
Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO™ has 45 years of experience in the mortgage banking industry. He has devoted the past 19 years to reverse mortgages exclusively.
Michigan Reverse Mortgages
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