Ann Arbor Reverse Mortgages
You’ve spent decades building equity in your Ann Arbor home — near the University of Michigan campus, out in the Burns Park neighborhood, or somewhere along the Huron River corridor. A reverse mortgage lets you turn that equity into tax-free cash without selling the home or making a monthly mortgage payment.
I’m David Blatt, NMLS #114358, and I’ve spent 35 years helping Michigan seniors understand exactly how this works — no pressure, no jargon.
Reverse Mortgages Ann Arbor
Reverse Mortgages in Ann Arbor, MI
A Home Equity Conversion Mortgage (HECM) is an FHA-insured, government-backed reverse mortgage available to homeowners age 62 and older. Some proprietary reverse mortgage programs may be available beginning at age 55. Both options let eligible homeowners borrow against their home equity. A HECM generally becomes due after the last borrower dies or the home is no longer a principal residence. Eligible non-borrowing spouses may qualify for protections. Failure to meet loan obligations can also make the loan due. You remain on the title and must keep up with taxes, insurance, and maintenance.
Ann Arbor homeowners are well-positioned for this. Property values in Washtenaw County have remained strong, which means many seniors here have significant equity available to them.
Key Takeaway
You do not have to make monthly principal-and-interest mortgage payments on a reverse mortgage. Those payments are optional, not mandatory. You must still pay property taxes, homeowner’s insurance, and maintain the home. The loan balance grows over time and is repaid when the home is sold — typically by your estate or by you if you choose to sell and move.
Who Qualifies for a Reverse Mortgage in Ann Arbor
For a standard HECM, at least one borrower must generally be age 62 or older. Some proprietary reverse mortgage programs may be available beginning at age 55. You must also own your home outright or have significant equity and live in the home as your primary residence. Credit score requirements are more flexible than a traditional mortgage — the lender looks more at your ability to pay property taxes and homeowner’s insurance than your credit history.
- Age 62 or older for a standard HECM (at least one borrower)
- Some proprietary reverse mortgage programs may be available beginning at age 55
- Home must be your primary residence
- Sufficient home equity
- Ability to maintain property taxes, insurance, and basic upkeep
If you’re unsure whether you qualify, I walk through every factor with you before you ever fill out a single form.
Michigan Reverse Mortgage
How a Michigan Reverse Mortgage Works
A Home Equity Conversion Mortgage (HECM) is an FHA-insured, government-backed reverse mortgage that follows federal guidelines set by HUD. The HECM is the most common type, and it’s the one I specialize in. Once approved, you can receive your funds as a lump sum, a line of credit, monthly payments, or some combination of all three.
The amount you can access depends on your age, your home’s appraised value, and current interest rates. Older borrowers with higher-value homes typically qualify for more.
| Payout Option | Best For |
|---|---|
| Lump Sum | Paying off an existing mortgage or large expense |
| Line of Credit | Flexible access — draw only what you need |
| Monthly Payments | Supplementing a fixed retirement income |
| Combination | Mix of the above based on your situation |
HECM for Purchase in Ann Arbor
There’s a lesser-known option called HECM for Purchase. It lets you buy a new home using a reverse mortgage — so you can right-size into a different Ann Arbor property, move closer to family, or find a home that’s easier to maintain, without a required monthly principal-and-interest mortgage payment. Optional payments can still be made. This is a specialty of mine, and I can help you compare the down payment, costs, and ongoing responsibilities.
What Ann Arbor Seniors Ask Before Getting Started
Do I Lose Ownership of My Home?
No. You remain on the title. The lender does not own your home. You are still responsible for property taxes, homeowner’s insurance, and basic maintenance — but the home is yours.
What Happens When I Pass Away?
Your heirs have options. They can sell the home, repay the loan balance, and keep any remaining equity. Or they can refinance into a traditional mortgage to keep the property. The loan is non-recourse, meaning the lender can never collect more than the home is worth — your estate is protected.
Is a Reverse Mortgage Safe?
HECM reverse mortgages are federally insured through FHA. HUD requires every borrower to complete independent counseling with a HUD-approved counselor before closing — so you get a third-party expert review before you commit to anything.
“If you or someone you love is exploring a reverse mortgage, David Blatt at Reverse Mortgages of Michigan is the person to call.” — Emboss, The Notary Group, 5-star ★★★★★, Google review
Why Work With David Blatt for Ann Arbor Reverse Mortgages
35 Years of Residential-Lending Experience
Most mortgage lenders offer reverse mortgages as one product among dozens. I do only this. For 35 years, I’ve helped seniors across the entire state of Michigan — including Detroit, Birmingham, and Ann Arbor — understand their options and make confident decisions. I hold a 5.0 average rating and earned the Excellence Award from the Financial Freedom Senior Funding Corporation.
My NMLS license number is #114358. You can verify it any time through the Nationwide Multistate Licensing System.
Why Work With David Blatt
In addition to 35 years of residential-lending experience, I’ve served on the board of directors for the Michigan Brokers Association — a role that keeps me connected to the regulatory and industry developments that affect Michigan seniors directly.
A Conversation, Not a Sales Pitch
Some seniors come to me after a confusing call with a national call center. My approach is different. I sit down with you — or talk by phone — and explain everything in plain language. If a reverse mortgage isn’t the right fit for your situation, I’ll tell you that too.
I serve homeowners across the entire state of Michigan while giving each location the local attention it deserves. Whether you live near downtown Ann Arbor, in the Kerrytown district, elsewhere in Washtenaw County, or anywhere else in Michigan, I’m available to help.
What Clients Say
“David was incredibly knowledgeable and patient throughout the entire process.” — Jerry Welc, 5-star Google review
“David made the whole experience straightforward and stress-free. I felt informed every step of the way.” — Jason Rosen, 5-star Google review
Key Takeaway
A reverse mortgage is not right for everyone. The best way to find out if it works for your situation is a free, no-obligation conversation with a specialist who will give you a straight answer.
Frequently Asked Questions About Ann Arbor Reverse Mortgages
How much can I get from a reverse mortgage in Ann Arbor?
The amount depends on your age, your home’s appraised value, and current interest rates. There is no single number that applies to everyone. The best way to get a real estimate is to use a reverse mortgage calculator or speak directly with a specialist.
Does my credit score affect my reverse mortgage eligibility?
Credit score is not the primary factor. Lenders focus on your ability to keep up with property taxes, insurance, and home maintenance. Many seniors who don’t qualify for traditional loans do qualify for a reverse mortgage.
Can I get a reverse mortgage if I still have a balance on my current mortgage?
Yes. If you have enough equity, the reverse mortgage proceeds can pay off your existing mortgage first. Many Ann Arbor homeowners use a reverse mortgage specifically to eliminate their required monthly principal-and-interest mortgage payment in retirement. Optional payments may still be made.
What if I want to move out of my Ann Arbor home later?
The loan becomes due when the home is no longer your primary residence. You or your estate can sell the home, repay the loan, and keep whatever equity remains. You are never trapped in the home.
Ready to find out what your Ann Arbor home’s equity could do for your retirement? Call me directly at (800) 318-8000 — I’ll give you a clear, honest picture of your options with no obligation. You can also send a message online and I’ll get back to you promptly.