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Best Reverse Mortgage Lenders in Detroit, MI

Oct. 18, 2019, 9:19 p.m.

Retirees make up about one-fourth of Michigan’s population, and many of them face rising costs on a fixed income. A reverse mortgage might be the solution. Our partners at ConsumerAffairs researched the best reverse mortgage lenders in Detroit, putting together this guide to help with key considerations.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. WXYZ may receive compensation from our partners. Learn more.

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#1
MOST POPULAR
American Advisors Group (AAG)

Prepare for retirement with us!

VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#1 MOST POPULAR
American Advisors Group (AAG)
American Advisors Group (AAG)
Features
  • BBB accredited company
  • 97% customer satisfaction
  • Available in Detroit
  • Free info kit online
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VISIT WEBSITE
CALL AMERICAN ADVISORS GROUP
(855) 299-1519
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#2
Finance of America Reverse
Finance of America Reverse
Features
  • Jumbo reverse mortgages
  • NRMLA certified
  • Available in Detroit
  • Retirement investment options
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VISIT WEBSITE
CALL FINANCE OF AMERICA REVERSE
(218) 282-4772
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#3
Liberty Home Equity Solutions
Liberty Home Equity Solutions
Features
  • No upfront fees
  • Fixed & variable rates
  • Wholesale lending options
  • Available in Detroit
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VISIT WEBSITE
CALL LIBERTY HOME EQUITY SOLUTIONS
(866) 268-5369
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Riverbank Finance
Riverbank Finance
Features
  • M-F: 9am - 6pm
  • Closed Sat and Sun
  • riverbankfinance.com
Location
Services available in
Detroit, MI
(800) 555-2098
One Reverse Mortgage
One Reverse Mortgage
Features
  • M-Sa: 9am - 9pm
  • Closed Sunday
  • onereversemortgage.com
Location
644 Woodward Ave.
Detroit, MI 48226
(313) 373-8111
Ross Mortgage Corporation
Ross Mortgage Corporation
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • rossmortgage.com
Location
7343 Allen Rd.
Allen Park, MI 48101
(734) 759-0012

How to choose a reverse mortgage lender in Detroit

Detroit Skyline

Instead of borrowing money to purchase a home, with a reverse mortgage you give up equity in your home to a lender, who in return makes a predetermined payment to you each month.

The more your home is worth, the better positioned you are to borrow or receive through a reverse mortgage in Detroit. And with the value of homes on the rise, it’s an ideal time to consider the benefits of a reverse loan.

Throughout the first half of 2018 the metro Detroit area was sizzling, according to the National Association of Realtors Market Hotness Index, which measures supply and demand dynamics of local areas.

Some of that activity is thanks to local boomers downsizing to lofts, condos and cozy one-bedrooms. This year a new trend emerged— retirees moving to downtown Detroit. The classic retirement locales still top the list of preferred retirement living.

Metro Detroit seniors are also flocking to: the Grosse Pointes, the Bloomfield Hills area, the Huntington Woods area, the Birmingham area and cozy thumb towns.

For reverse mortgages in Detroit, the value of your home determines the size of your loan, but it’s the equity you have in your home that will help you qualify. In Michigan, the median amount of home equity wealth is only $11,000. But that number jumps significantly if you narrow the sample to Michigan seniors.

Reverse mortgages are ideal for seniors:

  • Whose homes are paid off or almost paid off
  • Who don’t plan on bequeathing their home to anyone
  • Who can afford basic home care costs
  • Who have no plans to move or be cared for in a nursing facility

All reverse mortgages are non-taxable and generally do not affect Social Security or Medicare benefits. Quality reverse mortgages should keep ownership intact and defer payment until death or relocation. There are two types of reverse mortgages: proprietary and HECMs.

Type Pros Cons
Proprietary Reverse Mortgages Can be used for anything More expensive
HECMs (Home Equity Conversion Mortgages) Federally backed, can be used for anything, available to all seniors More upfront cost, must meet with government-approved housing counselor prior to approval

Keep in mind, most reverse mortgages in Detroit require you to maintain your home and property and remain current on property taxes and homeowners insurance. If you fall behind, the lender can declare your loan due at any time.

Under the right circumstances, reverse mortgages make a lot of sense. If you can afford the monthly and yearly costs of your home, but doing so means cutting back on eating out, entertainment and other outings, a reverse mortgage could be right for you.

Michigan has no specific requirements regarding reverse mortgages but offers online advice to seniors considering this type of loan. For further information on reverse mortgages, check out the AARP Reverse Mortgage Guide.

If you decide a reverse mortgage is right for you, take a look at the best reverse mortgage lenders in Detroit listed below.

American Advisors Group (AAG)

American Advisors Group (AAG)

CALL AMERICAN ADVISORS GROUP

(855) 299-1519 VISIT AMERICAN ADVISORS GROUP

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.

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Finance of America Reverse

Finance of America Reverse

CALL FINANCE OF AMERICA REVERSE

(218) 282-4772 VISIT 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 Detroit, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.

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Liberty Home Equity Solutions

Liberty Home Equity Solutions

CALL LIBERTY HOME EQUITY SOLUTIONS

(866) 268-5369 VISIT LIBERTY HOME EQUITY SOLUTIONS

As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions 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 Home Equity Solutions representatives.

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Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.