Wisconsin Reverse Mortgage

In Wisconsin, seniors can take advantage of a specialized financial tool to tap into their home equity and withdraw funds for spending purposes.  This tool, the Wisconsin reverse mortgage, has allowed many seniors to establish safe, secure retirement income while living in their homes without sacrificing financial independence.

Reverse Mortgage Wisconsin Information

If you own a home in Wisconsin and you’re over the age of 62, you likely qualify o take out a reverse mortgage.  These loans are easy to acquire, since you don’t have to prove income or show good credit.  You’re simply accessing your own money in a different form.  If you have home equity, you have money that’s locked up in your home.  You can’t spend it when it’s equity.  Reverse mortgages in Wisconsin are designed to fix this problem.

Your lender purchases the full value of your home equity from you and pays you back for it either all at once or over time.  What you’re giving up is simply the investment value of your home.  But you’re gaining something you need, which is income.  Many retirees no longer have jobs to sustain their lifestyles and need to tap into large investments, such as their homes, to gain income.  For more reverse mortgage information, browse other articles on the reverse mortgage pages of this site or get in touch with a lender in our network to discuss your options.

When your lender pays you in exchange for your equity, the payment can be arranged in any number of ways.  Check out the following options.

• A lump sum payment, equal to the full amount of the equity you own.
• A series of monthly payments of a predetermined amount.
• A credit line tied directly to the reservoir of your equity.

You can combine any of these options as well.  If you want to put some of the money into a credit line to cover extraneous expenses and receive the rest as income on a monthly basis, you can do this.  If you want to receive a major lump sum payment at the beginning of the loan and place the rest in a credit line, you can do this as well.  Any combination is possible if your lender agrees to it.

If you continue living in your home until the day you pass away, you won’t ever have to pay back a penny of your reverse mortgage.  If, though, you decide to move or sell your home, you’ll have to pay back the reverse mortgage amount in full.

Most borrowers remain in their homes for the remainder of their lives.  In this event, your heirs will have to pay back the debt.  This is most often done by simply selling the home.  Federal regulations dictate that lenders cannot collect more money than what the home sells for at this time.  In other words, your heirs will never have to pay back any of your debt out of their own pockets.  The value of your home will cover everything.

If you want to learn more about applying for a reverse mortgage loan, contact one of the lenders in our network or read through the HUD’s Frequently Asked Questions list.

Wisconsin Reverse Mortgage Lenders

You won’t have any trouble finding lenders who are willing and ready to provide you with a reverse mortgage.  The trick, though, is determining which of these lenders can close your loan at the lowest cost and with the lowest rate.

If you take the time to compare multiple mortgage lenders, you’ll be able to identify which loan deal best fits with your financial goals.  Read our reverse mortgage checklist or contact a lender to learn more about applying for a reverse mortgage.

About Wisconsin

The economy of Wisconsin is built upon manufacturing, agriculture, and health care, although most people associate Wisconsin with farming.  Other than California, it produces more dairy products than any other state in the country.  The largest employers in Wisconsin are Wal-Mart, Kohl's, Walgreen's, and Target, but health care is a rapidly growing sector.  This makes Wisconsin a great destination for seniors and retirees.

Milwaukee, Madison, Green Bay, Appleton, and Oshkosh are some of the most significant cities in the state of Wisconsin in terms of population and economic impact.  Many retirees live in these areas, and many of them have established retirement income for themselves through reverse mortgages on their homes.

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