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Wisconsin Reverse Mortgages

 

Abbotsford WI - Wisconsin reverse mortgage -- Stark Co Realtors, Clark County      Click to request assistance
Appleton WI - Wisconsin home equity loan -- Fairway Independent Mortgage, Outagamie County      Click to request assistance
Appleton WI - Wisconsin reverse mortgage -- Abbybank, Outagamie County      Click to request assistance
Appleton WI - Wisconsin home equity loan -- Wells Fargo Financial, Outagamie County      Click to request assistance
Appleton WI - Wisconsin reverse mortgage -- Aaa Mortgage, Outagamie County      Click to request assistance
Appleton WI - Wisconsin home equity loan -- First Choice Mortgage Inc, Outagamie County      Click to request assistance
Beloit WI - Wisconsin reverse mortgage -- Neighborhood Housing Services Of Beloit, Inc., Rock County      Click to request assistance
Beloit WI - Wisconsin home equity loan -- Janan Mortgage, Rock County      Click to request assistance
Brookfield WI - Wisconsin reverse mortgage -- Commodore Capital Mortgage Llc, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin home equity loan -- American Equity Mortgage, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin reverse mortgage -- Wisconsinreversemortgages.Net, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin home equity loan -- American Mortgage Market Ll Llc, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin reverse mortgage -- Countrywide Home Loans, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin home equity loan -- Financial One Llc, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin reverse mortgage -- Priority Mortgage Corp, Waukesha County      Click to request assistance
Brookfield WI - Wisconsin home equity loan -- Ameritree National Mortgage, Waukesha County      Click to request assistance
Burlington WI - Wisconsin reverse mortgage -- Bank Of Elmwood Mortgage Service, Racine County      Click to request assistance
Cross Plains WI - Wisconsin home equity loan -- Countrywide Home Loans, Dane County      Click to request assistance
De Pere WI - Wisconsin reverse mortgage -- Family First Mortgage, Brown County      Click to request assistance
Eagle River WI - Wisconsin home equity loan -- First National Bank Of Eagle River, Vilas County      Click to request assistance
Eau Claire WI - Wisconsin reverse mortgage -- Diversified Mortgage, Eau Claire County      Click to request assistance
Eau Claire WI - Wisconsin home equity loan -- Tri Star Lending Solutions, Eau Claire County      Click to request assistance
Edgerton WI - Wisconsin home equity loan -- Badger Mortgage Solutions, Llc, Rock County      Click to request assistance
Elm Grove WI - Wisconsin reverse mortgage -- Majesty Mortgage Inc, Waukesha County      Click to request assistance
Glendale WI - Wisconsin home equity loan -- I Bbridge Mortgage, Milwaukee County      Click to request assistance
Grafton WI - Wisconsin reverse mortgage -- Patriot Mortgage, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- Mortgage Headquarters Inc, Brown County      Click to request assistance
Green Bay WI - Wisconsin reverse mortgage -- Landmark Mortgage Lending, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- First Financial Mortgage Inc, Brown County      Click to request assistance
Green Bay WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- Tri Star Mortgage Llc, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- Five Star Mortgage, Brown County      Click to request assistance
Green Bay WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- Central States Mortgage, Brown County      Click to request assistance
Green Bay WI - Wisconsin reverse mortgage -- Lending Hand Mortgage, Brown County      Click to request assistance
Green Bay WI - Wisconsin home equity loan -- Neighborworks Green Bay, Brown County      Click to request assistance
Green Bay WI - Wisconsin reverse mortgage -- Greenpath, Inc., Brown County      Click to request assistance
Hales Corners WI - Wisconsin home equity loan -- Mcgill Enterprise, Milwaukee County      Click to request assistance
Hudson WI - Wisconsin reverse mortgage -- Ellefson Mortgage Solutions, Llc, St. Croix County      Click to request assistance
Janesville WI - Wisconsin home equity loan -- Excel Lending Inc, Rock County      Click to request assistance
Janesville WI - Wisconsin home equity loan -- First Choice Mortgage, Rock County      Click to request assistance
Jefferson WI - Wisconsin reverse mortgage -- Hbc Services, Inc., Jefferson County      Click to request assistance
Kenosha WI - Wisconsin home equity loan -- Mortgage Inc, Kenosha County      Click to request assistance
Kenosha WI - Wisconsin reverse mortgage -- Bank Of Elmwood - Mortgage, Kenosha County      Click to request assistance
La Crosse WI - Wisconsin home equity loan -- Mortgage Professionals, Llc, La Crosse County      Click to request assistance
Lacrosse WI - Wisconsin reverse mortgage -- Catholic Charities - La Crosse, Inc., La Crosse County      Click to request assistance
Lodi WI - Wisconsin home equity loan -- One Source Mortgage Llc, Columbia County      Click to request assistance
Lodi WI - Wisconsin reverse mortgage -- Rasmussen Mortgage Specialists, Columbia County      Click to request assistance
Madison WI - Wisconsin home equity loan -- First National Community Bank, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- Dane County Credit Union, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- Wisconsin Mortgage Guys, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- Coalition Of Wisconsin Aging Groups, Incorpor, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- First Reverse Financial Service, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- Vip Financial Llc, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- American Equity Mortgage, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- First Class Mortgage, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- Ideal Home Lending Corporation, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- Investors Group, Llc, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- Stark Co Real Estate, Dane County      Click to request assistance
Madison WI - Wisconsin home equity loan -- Dane County Credit Union, Dane County      Click to request assistance
Madison WI - Wisconsin reverse mortgage -- 1st Midwest Mortgage Corporation, Dane County      Click to request assistance
Marshfield WI - Wisconsin home equity loan -- Moneywise Mortgage, Wood County      Click to request assistance
Menomonee Falls WI - Wisconsin home equity loan -- Consumer Mortgage Loan Cnsltnt, Waukesha County      Click to request assistance
Menomonie WI - Wisconsin reverse mortgage -- Diversified Mortgage Service, Dunn County      Click to request assistance
Middleton WI - Wisconsin home equity loan -- Stark Realtors, Dane County      Click to request assistance
Middleton WI - Wisconsin reverse mortgage -- American Mortgage Market, Dane County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Wells Fargo Financial, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Reverse Mortgage Co, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Mayfair Mortgage, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Acorn Housing, Milwaukee, Wi, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Aurora Family Services, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Five-Hawk, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Milwaukee Mortgage Pros, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Not Rated Not Rated | Write A Review, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Ts Financial Services, Llc, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Beneficial, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin home equity loan -- Wells Fargo Financial, Milwaukee County      Click to request assistance
Milwaukee WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Milwaukee County      Click to request assistance
Minocqua WI - Wisconsin home equity loan -- First Choice Mortgage, Oneida County      Click to request assistance
Mukwonago WI - Wisconsin reverse mortgage -- Eve Mortgage Services, Llc, Waukesha County      Click to request assistance
New Richmond WI - Wisconsin home equity loan -- Puschnig & Associates, St. Croix County      Click to request assistance
Onalaska WI - Wisconsin reverse mortgage -- Beneficial, La Crosse County      Click to request assistance
Onalaska WI - Wisconsin home equity loan -- Diversified Mortgages Service Inc, La Crosse County      Click to request assistance
Onalaska WI - Wisconsin reverse mortgage -- Innovative Mortgage Services, La Crosse County      Click to request assistance
Onalaska WI - Wisconsin home equity loan -- Wells Fargo Financial, La Crosse County      Click to request assistance
Oneida WI - Wisconsin home equity loan -- Custom Mortgage Solutions Inc, Brown County      Click to request assistance
Oshkosh WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Winnebago County      Click to request assistance
Oshkosh WI - Wisconsin home equity loan -- Wells Fargo Reverse Mortgage, Winnebago County      Click to request assistance
Prairie Du Sac WI - Wisconsin reverse mortgage -- Bank Of Prairie Du Sac, Sauk County      Click to request assistance
Racine WI - Wisconsin home equity loan -- Neighborhood Housing Services Of Southeast Wisconsin, Inc., Racine County      Click to request assistance
Racine WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Racine County      Click to request assistance
Racine WI - Wisconsin home equity loan -- Central States Mortgage, Racine County      Click to request assistance
Racine WI - Wisconsin reverse mortgage -- Bank Of Elmwood - Departments, Loan Information, New Mortgage, Racine County      Click to request assistance
Rice Lake WI - Wisconsin home equity loan -- Countrywide Home Loans, Barron County      Click to request assistance
Richland Center WI - Wisconsin reverse mortgage -- At Home Mortage, Llc, Richland County      Click to request assistance
River Falls WI - Wisconsin home equity loan -- Smrt Mortgages, Pierce County      Click to request assistance
Sheboygan WI - Wisconsin reverse mortgage -- Prime Financial Credit Union, Sheboygan County      Click to request assistance
Siren WI - Wisconsin home equity loan -- Diversified Mortgage Service Inc, Burnett County      Click to request assistance
Spooner WI - Wisconsin reverse mortgage -- Retirement & Mortgage, Washburn County      Click to request assistance
Stoughton WI - Wisconsin home equity loan -- Lakeside Mortgage, Washburn County      Click to request assistance
Sun Prairie WI - Wisconsin home equity loan -- Stark Co Realtors, Dane County      Click to request assistance
Sun Prairie WI - Wisconsin reverse mortgage -- Umb Of Wisconsin, Dane County      Click to request assistance
Superior WI - Wisconsin home equity loan -- Catholic Community Services - Catholic Charities Bureau Inc.,, Douglas County      Click to request assistance
Two Rivers WI - Wisconsin reverse mortgage -- Veteran Home Loans, Manitowoc County      Click to request assistance
Waukesha WI - Wisconsin home equity loan -- American Home Mortgage-Wi Llc, Waukesha County      Click to request assistance
Waukesha WI - Wisconsin reverse mortgage -- Wisconsin Home Lending Llc, Waukesha County      Click to request assistance
Waukesha WI - Wisconsin home equity loan -- Countrywide Home Loans, Waukesha County      Click to request assistance
Wausau WI - Wisconsin reverse mortgage -- Wells Fargo Financial, Marathon County      Click to request assistance
Wausau WI - Wisconsin home equity loan -- Diversified Mortgage Service, Marathon County      Click to request assistance
Wausau WI - Wisconsin home equity loan -- Time Federal Savings Bank, Marathon County      Click to request assistance
West Allis WI - Wisconsin reverse mortgage -- Hbc Services, Inc., Milwaukee County      Click to request assistance
Woodruff WI - Wisconsin home equity loan -- 1st Preferred Mortgage, Oneida County      Click to request assistance

 

Contact Wisconsin Reverse Mortgage Services

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About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.