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About Reverse Mortgages
For seniors older than 62 year of age who have equity in their Michigan homes, a reverse mortgage provides tax-free income. During the term of the loan the Michigan homeowner never gives up their title and is never forced to sell the home. The lender makes payments to the homeowner and not the other way around. Even if the lender pays out more money than the amount of equity left in the home, it is at the lenders expense and the homeowner always maintains their rights.
Consumer Safeguards
The federal government has mandated by law protections for seniors who decide a reverse mortgage loan is right for them. The main goal of these safeguards is to guarantee that Michigan seniors maintain their homeowner rights and that they will not lose their home. These protections are part of the FHA HECM reverse mortgage loan products. For proprietary products the government has put together a set of best practices.
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