Michigan is under a great financial challenge and it’s important for seniors to be aware of their options There has been a lot of talk lately about Reverse Mortgages in Michigan

Aging in place is the dream of 92 percent of our Michigan senior population Home repair and improvement financed with a reverse mortgage makes this a reality

It is estimated that approximately 50% of the monthly income seniors receive from social Security will be consumed by monthly Medicare premiums by the year 2021 In the past few years Medicare premiums have risen over 30% and Medicare recipients are spending over 20% of their own money for health related expenses

Senior adults all across the country are enjoying greater financial security and independence provided by the government-insured reverse mortgage program This innovative program enables homeowners 62 years of age and older to convert a portion of their home’s equity into tax free funds with no repayment for as long as they live in their home

For senior adults living on a fixed income, escalating debt can lead to financial ruin More and more of the elderly are in outright financial distress

There is good news for Michigan seniors who are currently facing financial problems The time has never been more right to apply for a reverse mortgage

With a reverse mortgage, seniors are able to stay in their homes for as long as they wish without having to sell their home or take on new monthly mortgage payment Seniors will never under any circumstances resulting from reverse mortgages, be forced to leave their homes providing they make their real estate property tax and insurance payments and keep the home in reasonable condition

1 Awareness Homeowner learns about reverse mortgages from a news article, advertisement, word of mouth etc