Michigan's #1 Reverse Mortgage

Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040)

All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041)

By Michael G. Branson   Edited by Cliff Auerswald

Reverse Mortgages in Michigan: A Comprehensive Guide

If you’re a Michigan homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Michigan, including key facts, the latest statistics, top lenders, and essential protections.

Top Reverse Mortgage Lenders in Michigan

Latest Michigan Reverse Mortgage Statistics

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 2025, the average home value in Michigan is $241,165. Many homes in the state fall below the federal reverse mortgage lending limit of $1,209,750, 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.

HUD-Approved Reverse Mortgage Counseling Agencies in Michigan

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