Top 10 Reverse Mortgage Lenders in Michigan

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 $233,000, below the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.