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Find the Best Reverse Mortgage Lenders in Milwaukee, WI

If you’re a Milwaukeean over the age of 62 with equity in your home, a reverse mortgage may help you pay for retirement expenses. A reverse mortgage can help eliminate remaining mortgage payments, pay off medical expenses, buy a new home or simply supplement retirement savings. We researched the best reverse mortgage lenders in Milwaukee to help you find financial freedom in retirement.

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Compare Top Reverse Mortgage Lenders

Finance of America Reverse
Overall satisfaction rating
  • 15 years lending experience
  • Price-match guarantee
  • Available in Milwaukee
  • Fixed-rate option

Prepare for retirement with us!

Learn More (218) 282-4772 Read More
Liberty Reverse Mortgage
Overall satisfaction rating
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Milwaukee

Provides HECM and HECM for Purchase loans. Properties must meet FHA’s requirements to be eligible. Offers a promise for competitive rates. Loan closings within 60 days and financing for processing and loan fees available.

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American Advisors Group (AAG)
  • BBB accredited company
  • 97% customer satisfaction
  • Available in Milwaukee
  • Free info kit online

Prepare for retirement with us!

Read More
A Better Mortgage Co.
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • abettermortgageco.com
4379 S. Howell Ave., Ste. 22
Milwaukee, WI 53207
(414) 486-7929
Inlanta Mortgage
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • inlanta.com
W239 N3490 Pewaukee Rd., Ste. 200
Pewaukee, WI 53072
(262) 797-7111

How to choose a reverse mortgage lender in Milwaukee

Milwaukee Skyline

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.

Myths about reverse mortgages The truth
“There are restrictions on how I can spend the loan.” The proceeds from a reverse mortgage can be used for anything.
“The bank will hold the title to my house.” A bank will never hold your home title for a reverse mortgage loan.
“I’ll end up owing more money than my house is worth.” A homeowner can never owe more than the loan balance or the value of the property.
“I could be kicked out of my house.” Foreclosure proceedings will not begin if you meet requirements like paying taxes and insurance and maintaining the home.
“I owe taxes on the loan.” The reverse income loan proceeds are not considered income and are not taxable.

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

Reverse Mortgages Reviews

Finance of America Reverse

This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Milwaukee, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.

Finance of America Reverse Learn More (218) 282-4772

Liberty Reverse Mortgage

As one of the country’s largest reverse mortgage providers, Liberty Reverse Mortgage has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Reverse Mortgage representatives.

Liberty Reverse Mortgage

American Advisors Group (AAG)

This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.

American Advisors Group (AAG)