Detroit, Michigan Reverse Mortgage Lender
David Blatt
Principal
NMLS #114358
(800) 318-8000
Michigan Reverse Mortgage Lender
David J. Blatt and Reverse Mortgages of Michigan specialize in residential lending services. David has been a mortgage lender for over 30 years and has served on the board of directors of the Michigan Brokers Association. This achievement led him to receive the Excellence Award from Financial Freedom Senior Funding Corporation. On top of that, he has a federal and state license and is an experienced real estate broker. When you are looking to acquire a reverse mortgage, David will help place you in a situation that secures your future and well being.
David is familiar with the specific needs of homeowners in Detroit, Lansing, Ann Arbor, and Dearborn. He can walk you through the questions you’re certain to have and the process should you decide to utilize your home’s value to create more cash flow in retirement.
Reverse Mortgage Stats in Detroit
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in the greater Detroit area.
There are already 2,403 people in or within 10 miles of Detroit who have a reverse mortgage today. In just the last 12 months 55 homeowners got a federally-insured reverse mortgage loan.
In 2021 the median home value in Detroit was $63,449. The current maximum lending limit for FHA-insured reverse mortgages in 2022 is $1,149,825 which means nearly all homes in Detroit and in the surrounding area should see most if not all of their full home value considered in the calculation of the potential maximum reverse mortgage loan benefit. Homes above $1,149,825 may choose to apply for a private jumbo reverse mortgage for higher-valued properties.
Reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers based on the home’s appraised value, the age of the youngest borrower, or named non-borrowing spouse, and the current/starting effective interest rate.
The settlement of the eastern seaboard and Great Lakes regions was in large part spurred by the fur trade. Detroit was first founded in 1701 by French colonists as the New France fur trading post. Today it’s the largest city in the state of Michigan. The city’s population grew during the 19th century and then boomed with the advent of the early American auto industry and mass immigration. Detroit was synonymous with the strength of industrialism and mass manufacturing throughout most of the 20th century.
Music enthusiasts can explore the roots of Motor City or Motown’s R&B and soul sounds at the Motown Museum- home to the recording studio of musical stardom including Smokey Robinson, Diana Ross, The Supremes, and the Jackson Five. Other notable landmarks include Old Saint Mary’s Church, Ford Field, and the Detroit RiverFront. Some of the nation’s largest corporations call Detroit home including Ford Motor Company, General Motors, Quicken Loans, and Little Caesar Enterprises.
Contact your Michigan Reverse Mortgage Lender Today
David and the team at Reverse Mortgages of Michigan are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage.
Please provide your info below to request your no-obligation reverse mortgage quote.
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