Reverse Mortgages . . . answers to your questions.

We are proud to be a part of the limited field of Reverse Mortgage lenders in Michigan. We have a strong interest in assisting seniors in meeting their financial needs, and are proud of the honest and valuable advice we provide our clients.

We are a U S Dept of HUD Approved and Michigan State Licensed mortgage lender. Reverse Mortgages provide valuable financial assistance to many seniors, and our goal is to educate people completely, accurately and honestly about the pros and cons of Reverse Mortgages.

What Is a Reverse Mortgage?
A reverse mortgage allows homeowners who are 62 years old or older to convert a portion of the equity in their homes into cash. No repayment is required as long as the borrower owns and lives in the home. There are no income, asset, employment or credit requirements.

The homeowner retains the title and ownership of the home, and there is no restriction on the use of the money.

What Can I Use the Money For?
It can be used for anything: daily living expenses, debts, pay off your mortgage, property taxes, insurance, medical expenses, in-home care, home repairs, college for the grandkids.

How Can I Qualify?
Any homeowner that is 62 or older will qualify as long as they are living in the home.

How Is It Paid To Me?
There are many choices: A lump sum payment at the closing, monthly cash advance, as a line of credit, or any combination of these.

When Do I Pay It Back?
When the last surviving spouse dies, sells the house, or permanently moves away for 12 months in a row.

Are Reverse Mortgages Safe?
The Dept. of HUD (FHA) and Fannie Mae insure reverse Mortgages. Payments are guaranteed by the U S Government, and are only available through HUD Approved Lenders. Independent HUD counseling is required prior to application, and it doesn’t affect Social Security or Medicare benefits.

How Do I Apply for a Reverse Mortgage?
First you must obtain a counseling certificate from a HUD approved counseling agency, and we can provide that list for you. After you receive you counseling certificate, you can make application with a Hilton Mortgage Reverse Mortgage specialist. The entire process should take 30 to 45 days.

Who Do I Contact First?
For more information, or if you’d like an appointment for an application, you can contact us at Hilton Mortgage