Detroit Reverse Mortgages

Detroit, Michigan Reverse Mortgage Lender

With over 30 years of experience in residential lending, David J. Blatt and Reverse Mortgages of Michigan are experts in helping you unlock the value of your home. David’s dedication to the industry is evident through his time on the board of directors of the Michigan Brokers Association, which even earned him the Excellence Award from Financial Freedom Senior Funding Corporation. He holds both federal and state licenses, and brings additional expertise as an experienced real estate broker.

When it comes to reverse mortgages, David understands the unique needs of homeowners across Michigan, from Detroit and Lansing to Ann Arbor and Dearborn. He’s here to guide you through the process, answer your questions openly, and help you determine if a reverse mortgage can create a more secure and comfortable retirement by leveraging your home equity into additional cash flow.

Reverse Mortgage Stats in Detroit

Considering a reverse mortgage in Detroit? You’re not alone! Over 2,403 Detroit residents and those living within 10 miles have already utilized this program. In fact, 55 homeowners obtained federally insured reverse mortgages in the last year alone.

Detroit’s housing market makes it a prime candidate for reverse mortgages. With a median home value of $63,449 in 2021, and the current FHA lending limit reaching a substantial $1,149,825, most Detroit homes can qualify for the full benefit of a reverse mortgage. For homes exceeding this limit, private jumbo reverse mortgages are also an option.

The amount you can access through a reverse mortgage depends on three key factors: the appraised value of your home, the age of the youngest borrower (or non-borrowing spouse), and the current interest rate.

While exploring reverse mortgages, let’s delve into Detroit’s rich history! Founded in 1701 by French fur traders, Detroit played a pivotal role in the settlement of North America. The 19th century saw a population surge, fueled by the rise of the auto industry and mass immigration. Detroit became synonymous with American industrial might, a reputation that carried through most of the 20th century.

For music lovers, a visit to the Motown Museum is a must. This legendary recording studio birthed the careers of musical icons like Smokey Robinson, Diana Ross, and The Supremes. Beyond music, Detroit boasts historical landmarks like Old Saint Mary’s Church, Ford Field, and the scenic Detroit RiverFront. The city is also home to some of the nation’s leading corporations, including Ford Motor Company, General Motors, Quicken Loans, and Little Caesars Enterprises.

Reverse Mortgage Specialist

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.