Now seniors can Live Rent Free for the rest of their life, pay off debt and live in their own home. Seniors in Michigan in Foreclosure may find themselves owning a home with negative net worth one minute, and then owning a home with no payment and 48% equity the next. The market is ripe for this kind of home buying.

Now you can Pre-Qualified for a HECM reverse mortgage. With this mortgage you are the owner and title holder of your home.

Now there is an excellent way to pay-off your existing mortgage and make yourself more financially secure. Although still not widely known to the general public, reverse mortgages are one of the fastest growing financial products in the U.S. Guaranteed by the Federal Housing Administration and funded by Fannie May, they are a safe solution for your needs.

 There is a group of investors in the Detroit area that buy houses in bulk. Then they restore the homes to FHA standards or better and resell the homes for 52% of the HUD appraisal. The seniors who are 62 years and older are easily approved for a reverse mortgage. A reverse mortgage lets an owner convert home equity into cash. No repayment is required with a reverse mortgage as long as the senior lives in the home. Credit is not an issue because the Mortgage Company is not looking to get payments on the home. The Home loan is based on the equity in the home. This is a HUD Reverse Mortgage Loan Program.

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1. Benefits-You retrieve the equity you have in your home as a lump sum of cash, monthly payments, or a line of credit. To have a senior analyst determine exactly how much. You never need to repay the reverse mortgage as long as you live in the home.
The disbursements are tax-free and can be spent however you like with no impact on Social Security or Medicare benefits.

2. Eligibility -In order to qualify, all homeowners must be age 62 or older. Furthermore, we recommend that you have paid off 40% or more of your mortgage. Finally, you should be planning to stay in your home for at least several years. There are no income or credit requirements.

3. Cost -The cost of an FHA HUD reverse mortgage (HECM) is considerably lower than buying and moving to a new home. Interest rates are usually lower than the best rates on a traditional mortgage. All costs are packaged into the reverse mortgage so you never have out-of-pocket expenses.

4. Liability of estate-Your heirs are never personally liable for the reverse mortgage since it is secured solely by the equity in your home. Your heirs inherit the property and have the option to sell it or refinance with a traditional mortgage.

5. Repayment -You owe nothing as long as one homeowner lives in your home. Also, the FHA mortgage insurance ensures that you can never owe more than the sale-price of your home, even if the home depreciates.
When you move out of the home, your estate has up to 12 months to repay the loan (usually by selling). If the home sells for more than the loan balance, the remaining equity passes to your heirs.

These Programs are also referred under the following.

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  Owner and his partners may have properties in the following Cites in Michigan:

Oakland County
--Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom

Wayne County
--Belleville, Brownstown Township, Canton Township, Dearborn, Dearborn Heights, Grosse Ile Township, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Inkster, Livonia, Northville Township, Plymouth, Redford Township, Riverview, Romulus, Taylor, Trenton, Wayne, Westland, Wyandotte.