Use this menu to find other Eldercare Services in your area
Michigan Reverse Mortgages

 

Ada MI - Michigan reverse mortgage -- Bank of America, Kent County      Click to request assistance
Adrian MI - Michigan home equity loan -- Bank of America, Lenawee County      Click to request assistance
Allen Park MI - Michigan reverse mortgage -- New Vision Investment LLC, Wayne County      Click to request assistance
Alpena MI - Michigan home equity loan -- Century 21 Crow Realty, Alpena County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Ann Arbor Financial Cnsltnts, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Bank of Ann Arbor, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Bretlin Home Mortgage, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Citifinancial, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Gold Star Mortgage, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Gold Star Mortgage Bankin Group, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Huron Valley Financial, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Marflax Construction Loans, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Nations One Mortgage, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Signature Mortgage Services Corp, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Solution Mortgage, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- Summit Mortgage Services, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan reverse mortgage -- Triad Mortgage Corp, Washtenaw County      Click to request assistance
Ann Arbor MI - Michigan home equity loan -- University Mortgage Inc, Washtenaw County      Click to request assistance
Battle Creek MI - Michigan reverse mortgage -- Amerifirst Home Mortgage, Calhoun County      Click to request assistance
Battle Creek MI - Michigan home equity loan -- Greater Michigan Mortgage, Calhoun County      Click to request assistance
Bay City MI - Michigan reverse mortgage -- HFC, Bay County      Click to request assistance
Bay City MI - Michigan home equity loan -- Ross Mortgage Corporation, Bay County      Click to request assistance
Benton Harbor MI - Michigan home equity loan -- Bank of America, Berrien County      Click to request assistance
Benton Harbor MI - Michigan reverse mortgage -- Wells Fargo Financial, Berrien County      Click to request assistance
Berkley MI - Michigan home equity loan -- Reverse Mortgage Advisors, Oakland County      Click to request assistance
Birmingham MI - Michigan reverse mortgage -- Bank of America, Oakland County      Click to request assistance
Birmingham MI - Michigan home equity loan -- Wells Fargo Bank, Oakland County      Click to request assistance
Bloomfield Hills MI - Michigan reverse mortgage -- Bank of America, Oakland County      Click to request assistance
BLOOMFIELD HILLS MI - Michigan home equity loan -- CLEARVIEW FINANCIAL SERVICES, Oakland County      Click to request assistance
Brighton MI - Michigan reverse mortgage -- Livingston Community Bank, Livingston County      Click to request assistance
Bronson MI - Michigan home equity loan -- Century Bank And Trust-Bronson, Branch County      Click to request assistance
Brooklyn MI - Michigan home equity loan -- Bank of America, Jackson County      Click to request assistance
Burton MI - Michigan reverse mortgage -- Bank of America, Genesee County      Click to request assistance
Burton MI - Michigan home equity loan -- Holly Financial, Genesee County      Click to request assistance
Canton MI - Michigan reverse mortgage -- Smart Choice Mortgage, Inc., Wayne County      Click to request assistance
Carleton MI - Michigan home equity loan -- Bank of America, Monroe County      Click to request assistance
Cassopolis MI - Michigan reverse mortgage -- Bank of America, Cass County      Click to request assistance
Center Line MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Charlotte MI - Michigan reverse mortgage -- Bank of America, Eaton County      Click to request assistance
Chesterfield MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Clarkston MI - Michigan home equity loan -- Michigan Mortgage Group, Oakland County      Click to request assistance
Clinton Township MI - Michigan reverse mortgage -- Cranbrook Loans, Macomb County      Click to request assistance
Clinton Township MI - Michigan home equity loan -- M I Financial LLC, Macomb County      Click to request assistance
Coldwater MI - Michigan reverse mortgage -- Century Bank and Trust - Mortgage and Retail Loans, Branch County      Click to request assistance
Commerce Township MI - Michigan home equity loan -- Blue Sky Funding, Oakland County      Click to request assistance
Dearborn MI - Michigan reverse mortgage -- HFC, Wayne County      Click to request assistance
Detroit MI - Michigan home equity loan -- All Fund Mortgage, Wayne County      Click to request assistance
Detroit MI - Michigan reverse mortgage -- Budget One Property, Wayne County      Click to request assistance
Detroit MI - Michigan home equity loan -- Honor Mortgage, Wayne County      Click to request assistance
Detroit MI - Michigan reverse mortgage -- United Mortgage Of America, Wayne County      Click to request assistance
Dewitt MI - Michigan home equity loan -- Bank of America, Clinton County      Click to request assistance
Dewitt MI - Michigan reverse mortgage -- Wells Fargo Financial, Clinton County      Click to request assistance
Dimondale MI - Michigan home equity loan -- Kinne Mortgage and Financial, LLC., Eaton County      Click to request assistance
Dowagiac MI - Michigan reverse mortgage -- Bank of America, Cass County      Click to request assistance
Dundee MI - Michigan home equity loan -- Bank of America, Monroe County      Click to request assistance
Durand MI - Michigan home equity loan -- Centurio Mortgage, Shiawassee County      Click to request assistance
East China MI - Michigan reverse mortgage -- Bank of America, St. Clair County      Click to request assistance
East Lansing MI - Michigan home equity loan -- Bank of America, Ingham County      Click to request assistance
East Lansing MI - Michigan reverse mortgage -- Bank of America, Ingham County      Click to request assistance
Eastpointe MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Eastpointe MI - Michigan reverse mortgage -- Beneficial, Macomb County      Click to request assistance
Fair Haven MI - Michigan home equity loan -- Allied Home Mortgage Capital, St. Clair County      Click to request assistance
Farmington MI - Michigan reverse mortgage -- Atlantis Mortgage, Oakland County      Click to request assistance
Farmington MI - Michigan home equity loan -- Bloomfield Financial Service, Oakland County      Click to request assistance
Farmington Hills MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Fenton MI - Michigan reverse mortgage -- State Bank, Genesee County      Click to request assistance
Flint MI - Michigan home equity loan -- Bank of America, Genesee County      Click to request assistance
Flushing MI - Michigan reverse mortgage -- American Mortgage Corporation, Genesee County      Click to request assistance
Fort Gratiot MI - Michigan home equity loan -- HFC, St. Clair County      Click to request assistance
Franklin MI - Michigan reverse mortgage -- Bank of America, Oakland County      Click to request assistance
Fraser MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Garden City MI - Michigan reverse mortgage -- Wolverine Finance.com, Wayne County      Click to request assistance
Grand Blanc MI - Michigan home equity loan -- Grand Oak Mortgage CO, Genesee County      Click to request assistance
Grand Blanc MI - Michigan reverse mortgage -- Van DYK Mortgage Corporation, Genesee County      Click to request assistance
Grand Ledge MI - Michigan home equity loan -- Towne Mortgage Company, Eaton County      Click to request assistance
Grand Rapids MI - Michigan reverse mortgage -- Fifth Third Mortgage, Kent County      Click to request assistance
Grandville MI - Michigan home equity loan -- Community Home Mortgage - Samhar Amer, Kent County      Click to request assistance
Grandville MI - Michigan reverse mortgage -- Countywide Home Loans, Kent County      Click to request assistance
Grosse Pointe MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Grosse Pointe Park MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Grosse Pointe Woods MI - Michigan reverse mortgage -- Bank of America, Wayne County      Click to request assistance
Hesperia MI - Michigan home equity loan -- Reverse Mortgage Center, Oceana County      Click to request assistance
Holland MI - Michigan reverse mortgage -- Diversified Lending, Ottawa County      Click to request assistance
Holland MI - Michigan home equity loan -- Franklin Mortgage, Ottawa County      Click to request assistance
Holland MI - Michigan reverse mortgage -- Mortgage House Inc, Ottawa County      Click to request assistance
Holly MI - Michigan home equity loan -- State Bank, Oakland County      Click to request assistance
Howell MI - Michigan reverse mortgage -- Bank of America, Livingston County      Click to request assistance
Hudson MI - Michigan home equity loan -- Premier Mortgage Funding Inc, Lenawee County      Click to request assistance
Iron Mountain MI - Michigan home equity loan -- Affinity Mortgage Service, Dickinson County      Click to request assistance
Iron River MI - Michigan reverse mortgage -- Wells Fargo Bank, Iron County      Click to request assistance
Jackson MI - Michigan home equity loan -- Bank of America, Jackson County      Click to request assistance
Jackson MI - Michigan reverse mortgage -- First Financial Solutions, Jackson County      Click to request assistance
Kalamazoo MI - Michigan home equity loan -- Credit Union Business Service, Kalamazoo County      Click to request assistance
Lake Orion MI - Michigan reverse mortgage -- Bank of America, Oakland County      Click to request assistance
Lambertville MI - Michigan home equity loan -- Bank of America, Monroe County      Click to request assistance
Lansing MI - Michigan reverse mortgage -- Allied Home Mortgage, Eaton County      Click to request assistance
Lansing MI - Michigan home equity loan -- Atlas Home Mortgage, Eaton County      Click to request assistance
Lansing MI - Michigan reverse mortgage -- Home Mortgage Source LLC, Ingham County      Click to request assistance
Lansing MI - Michigan home equity loan -- Lifeline Financial LLC, Eaton County      Click to request assistance
Lapeer MI - Michigan reverse mortgage -- 1st Metropolitan Mortgage, Lapeer County      Click to request assistance
Lincoln Park MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Linden MI - Michigan reverse mortgage -- Senior's Equity Income, Inc, Genesee County      Click to request assistance
Livonia MI - Michigan home equity loan -- National Home Lending A DIV, Wayne County      Click to request assistance
Livonia MI - Michigan home equity loan -- Premium Mortgage Group, LLc, Wayne County      Click to request assistance
Livonia MI - Michigan reverse mortgage -- Scheelmortgage.com, Wayne County      Click to request assistance
Ludington MI - Michigan home equity loan -- Allied Home Mortgage Capital, Mason County      Click to request assistance
Macomb MI - Michigan reverse mortgage -- Homesite Mortgage, Macomb County      Click to request assistance
Madison Heights MI - Michigan home equity loan -- Hanson Home Finance, Oakland County      Click to request assistance
Marine City MI - Michigan reverse mortgage -- Bank of America, St. Clair County      Click to request assistance
Marlette MI - Michigan home equity loan -- Tri-County Bank - Marlette, Sanilac County      Click to request assistance
Marshall MI - Michigan reverse mortgage -- Bank of America, Calhoun County      Click to request assistance
Melvindale MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Midland MI - Michigan home equity loan -- Bank of America, Midland County      Click to request assistance
Midland MI - Michigan reverse mortgage -- Bank of America, Midland County      Click to request assistance
Monroe MI - Michigan home equity loan -- Bank of America, Monroe County      Click to request assistance
Monroe MI - Michigan reverse mortgage -- Bank of America, Monroe County      Click to request assistance
Mount Clemens MI - Michigan home equity loan -- Independence Reverse Mortgage, Macomb County      Click to request assistance
Muskegon MI - Michigan reverse mortgage -- Bank of America, Muskegon County      Click to request assistance
Muskegon MI - Michigan home equity loan -- Indigo Financial, Muskegon County      Click to request assistance
Muskegon MI - Michigan reverse mortgage -- Mortgage House Incorporated The, Muskegon County      Click to request assistance
Northville MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Northville MI - Michigan reverse mortgage -- Cloud Mortgage LLC, Wayne County      Click to request assistance
Northville MI - Michigan home equity loan -- First Financial Mortgage Inc, Wayne County      Click to request assistance
Northville MI - Michigan reverse mortgage -- First Financial Reverse Mortgages, Wayne County      Click to request assistance
Novi MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Novi MI - Michigan reverse mortgage -- Wells Fargo Financial, Oakland County      Click to request assistance
Oak Park MI - Michigan home equity loan -- Loan Experts, LLC, Oakland County      Click to request assistance
Okemos MI - Michigan home equity loan -- Advanced Financial Home Loans, Ingham County      Click to request assistance
Okemos MI - Michigan reverse mortgage -- Bank of America, Ingham County      Click to request assistance
Okemos MI - Michigan home equity loan -- Reverse Mortgage, Ingham County      Click to request assistance
Ortonville MI - Michigan reverse mortgage -- Carteret Mortgage, Oakland County      Click to request assistance
Owosso MI - Michigan home equity loan -- Centel Credit Union, Shiawassee County      Click to request assistance
Owosso MI - Michigan reverse mortgage -- Centurion Mortgage Corporation, Shiawassee County      Click to request assistance
Owosso MI - Michigan home equity loan -- Metro Mortgage of Owosso, Shiawassee County      Click to request assistance
Plymouth MI - Michigan reverse mortgage -- Bank of America, Wayne County      Click to request assistance
Plymouth MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Plymouth MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Pontiac MI - Michigan reverse mortgage -- Ilene Mortgage, Oakland County      Click to request assistance
Port Huron MI - Michigan home equity loan -- Brookview Mortgage, St. Clair County      Click to request assistance
Port Huron MI - Michigan reverse mortgage -- Envoy Mortgage, St. Clair County      Click to request assistance
Portage MI - Michigan home equity loan -- Amerifirst Home Mortgage, Kalamazoo County      Click to request assistance
Portage MI - Michigan reverse mortgage -- Bank of America, Kalamazoo County      Click to request assistance
Redford MI - Michigan home equity loan -- Bank of America, Wayne County      Click to request assistance
Richmond MI - Michigan reverse mortgage -- Bank of America, Macomb County      Click to request assistance
Rochester Hills MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Roseville MI - Michigan reverse mortgage -- Bank of America, Macomb County      Click to request assistance
Royal Oak MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Royal Oak MI - Michigan reverse mortgage -- First Mortgage Corporation, Oakland County      Click to request assistance
Saginaw MI - Michigan home equity loan -- Acceptance Capital, Saginaw County      Click to request assistance
Saginaw MI - Michigan reverse mortgage -- Glacier Financial, Saginaw County      Click to request assistance
Saint Clair Shores MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Saline MI - Michigan reverse mortgage -- Interactive Financial Corporation, Washtenaw County      Click to request assistance
Six Lakes MI - Michigan home equity loan -- Reverse Mortgages, Montcalm County      Click to request assistance
Southfield MI - Michigan reverse mortgage -- American Equity Mortgage, Oakland County      Click to request assistance
Southfield MI - Michigan home equity loan -- Eileen Mortgage Funding, Oakland County      Click to request assistance
Southfield MI - Michigan home equity loan -- My 1 Stop Mortgage, Oakland County      Click to request assistance
Southfield MI - Michigan reverse mortgage -- Reverse Mortgage Advisors, Oakland County      Click to request assistance
Southfield MI - Michigan home equity loan -- Security Mortgage Corporation, Oakland County      Click to request assistance
Southfield MI - Michigan reverse mortgage -- SIT Mortgage Services, Oakland County      Click to request assistance
Sterling Heights MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Sturgis MI - Michigan reverse mortgage -- Century Bank and Trust - Sturgis Main Office, St. Joseph County      Click to request assistance
Taylor MI - Michigan home equity loan -- North Star Home Lending, Wayne County      Click to request assistance
Temperance MI - Michigan reverse mortgage -- Bank of America, Monroe County      Click to request assistance
Traverse City MI - Michigan home equity loan -- Traverse City State Bank, Grand Traverse County      Click to request assistance
Troy MI - Michigan reverse mortgage -- First Security Mortgage Ent, Oakland County      Click to request assistance
Troy MI - Michigan home equity loan -- Michigan Reverse Mortgage, Oakland County      Click to request assistance
Troy MI - Michigan reverse mortgage -- Michigan X-Press Mortgage,LLC, Oakland County      Click to request assistance
Vicksburg MI - Michigan home equity loan -- Bank of America, Kalamazoo County      Click to request assistance
Walled Lake MI - Michigan reverse mortgage -- Bank of America, Oakland County      Click to request assistance
Warren MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Washington MI - Michigan home equity loan -- Bank of America, Macomb County      Click to request assistance
Waterford MI - Michigan reverse mortgage -- BFG Boardwalk Mortgage, Oakland County      Click to request assistance
Waterford MI - Michigan home equity loan -- Modern Mortgage Funding, Incorporated, Oakland County      Click to request assistance
Waterford MI - Michigan reverse mortgage -- Reverse Mortgage Planning, Oakland County      Click to request assistance
West Bloomfield MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Westland MI - Michigan reverse mortgage -- Bank of America, Wayne County      Click to request assistance
White Lake MI - Michigan home equity loan -- Bank of America, Oakland County      Click to request assistance
Wyandotte MI - Michigan reverse mortgage -- Bank of America, Wayne County      Click to request assistance
Wyoming MI - Michigan home equity loan -- Bank of America, Kent County      Click to request assistance

 

Contact Michigan Reverse Mortgage Services

For the convenience of the public, care providers are listed on this page to show services available in a particular area. We cannot verify the business practice or the background of providers listed on this page. As a result, we do not provide contact information. Members of the Michigan Care Planning Council, listed on this site, have agreed to abide by a code of ethics. If you wish to contact a member of the Michigan Care Planning Council regarding any of the eldercare services listed on this page, please fill out the form below and a council member will contact you. Please be aware that your information may be shared with other members of the Care Planning Council who might be able to help you as well. Read Our Disclaimer.

 

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.

 
    Request Assistance by filling out this Form
  This form will go directly to the National Care Planning Council and not to a specific person or company. The Council will reply with any information they have available to help with your request.
Name*:  
Mailing Address:
City*:     
State:
Zip:
Email*:
Phone*:
    Requests

Please enter your questions, requests or comments:

Please do not submit financial, legal, or sensitive medical information to us. Thank you.

  We strive to prevent spam. Please answer the question below to show that this is a legitimate request.
What is 2 + 2?*:
Required = * 
 
  We respect your privacy. Your information will not be given / sold to any other entity.
 
 

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.