Find the Best Reverse Mortgage Lenders in Milwaukee, WI

How to choose a reverse mortgage lender in Milwaukee

In Wisconsin, residents are rapidly gaining home equity as the market continues to grow. Of all the Wisconsin cities, Milwaukee residents have the highest number of Home Equity Conversion Mortgages, a type of reverse mortgage insured by the federal government. Many Milwaukeeans have owned their historic homes in areas like Riverwest or Brewer’s Hill for decades. Reverse mortgages are a great way for older residents to cash in on the increased worth of those homes in order to pay for expenses.

Unlike a mortgage in which you pay your lender to gain equity on your home, a reverse mortgage allows you to use your home equity to receive payments from a lender. To qualify for a reverse mortgage in Milwaukee, you’ll need to meet these initial criteria:

• Be 62 or older.
• The home should be your primary residence.
• Own (or be close to owning) your home and meet minimum financial requirements.

The amount of equity you have access to will vary based on your age, your property value and interest rate. Although you can use your reverse mortgage income for most expenses, you must use it to pay off any remaining mortgage balance first.

All payments from a reverse mortgage are tax-free and can be used for almost any legal purpose. This ranges from paying for daily living expenses, buying a new home and paying off other debts. There are two main types of reverse mortgages: HECMs, insured by the U.S. government, and proprietary reverse mortgages, backed by private lending companies and banks.

There are many false assumptions about mortgages, including those listed below.

If you decide a reverse mortgage is right for you, consider these companies accepting applications for reverse mortgages in Milwaukee.