Wisconsin Housing Information for Seniors

This page is designed to help seniors in Wisconsin locate and utilize online housing resources. We’ve included:

  • Relevant resource mortgage data
  • Local housing counselors
  • Local HUD offices

Interested in learning more about a reverse mortgage? Click here for more information, absolutely free.

Reverse Mortgage Basics in WI

If you’re a Wisconsin resident aged 62 or older – and looking for money to supplement your retirement income, finance a home improvement, pay off your current mortgage, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s designed to help you tap into the equity in your home, and the proceeds will be used to eliminate your monthly mortgage if you still have one. If you have substantial equity in your home, this loan might be a good option for you.

In a conventional, forward mortgage, you make monthly payments to the lender. In a reverse mortgage, you receive money from the lender, and you don’t have to pay it back for as long as you live in your home and maintain your obligations such as paying taxes and insurance.

You can use the equity in your home for almost any reason, such as:

  • Supplementing retirement income
  • Paying medical or other bills
  • Taking a vacation
  • Improving or modifying your home, particularly to help you age in place

You must, however, use the proceeds to pay off any remaining mortgage balance that you have first.

Typically, the loan becomes due when the borrower moves out of the house or passes away. If one of these were to occur the borrower or the estate has around six months to repay the balance on the loan or sell the home to do so. Any equity that’s left over belongs to the borrower or the estate. You will not be held liable if selling the home yields less than the loan balance.

The main benefits are:

  • Don’t have to repay the loan during your lifetime, or until you move from your home
  • Easy qualifications – good credit not a requirement
  • Money can be used for almost any reason you like
  • A new regular income stream can be created easily without work
  • Your family has the option to pay back the loan once you are gone so they can keep the property

Reverse Mortgage Lenders of Wisconsin

Finding a lender is not something that you should take lightly. Although we will not make a direct recommendation, here are the largest Home Equity Conversion Mortgage (HECM) originators in WI.

Interested in learning more about a reverse mortgage? Click here for more information, absolutely free.

All Time

Lender Loans Total Principal Limit
WELLS FARGO 2004 323093939
M AND I MARSHALL AND ILSLEY BANK 1020 177389725
AMERICAN ADVISORS GROUP 505 89905149
ONE REVERSE MORTGAGE LLC 436 74081680
FINANCIAL FREEDOM SENIOR FUNDING CORP 326 48063099
TOP FLITE FINANCIAL INC 296 52147090
METLIFE BANK NATIONAL ASSOCIATION 267 56319050
SOUTHPORT BANK 258 45200941
ENVOY MORTGAGE LTD 257 48517850
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 239 44566200
UNITY MORTGAGE CORP 239 18988456
CSMC 202 26553813
AMERICAN DEBT REDUCTION 161 21462230
FINANCE OF AMERICA REVERSE LLC 154 28135981
INLANTA MORTGAGE INC. 151 33993900
MORTGAGE SERVICES III LLC 135 25182250
GENERATION MORTGAGE COMPANY 130 27503594
METRO MORTGAGE CO INC 123 17372849
LIBERTY HOME EQUITY SOLUTIONS INC 95 16259320
FIRST CHOICE MORTGAGE INC 95 14448784

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 423 76499749
TOP FLITE FINANCIAL INC 269 47607490
ONE REVERSE MORTGAGE LLC 215 34485800
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 201 38119600
MORTGAGE SERVICES III LLC 88 14559550
LIBERTY HOME EQUITY SOLUTIONS INC 87 15177120
PROFICIO MORTGAGE VENTURES LLC 55 10786000
INLANTA MORTGAGE INC. 44 11161900
REVERSE MORTGAGE SOLUTIONS INC 43 7444100
FINANCE OF AMERICA REVERSE LLC 38 7548336

Wisconsin Reverse Mortgage Rates

Here are recent average monthly rates for Wisconsin. We calculated these rates using information published each month by the US Department of Housing and Urban Development about HECM originations. In some months, there have been no fixed rate HECM loans in WI, and we’ve used “NA” in those cases.

Date Fixed Rate Adjustable Rate
2016-01-01 5.04% 3.47%
2016-02-01 5.06% 3.72%
2016-03-01 4.99% 3.88%
2016-04-01 4.85% 3.98%
2016-05-01 NA 4.24%
2016-06-01 5.04% 4.21%
2016-07-01 4.52% 4.25%
2016-08-01 5.06% 4.38%
2016-09-01 5.06% 4.51%
2016-10-01 5.06% 4.55%
2016-11-01 NA 4.82%
2016-12-01 5.06% 4.85%
2017-01-01 5.06% 4.79%
2017-02-01 5.06% 4.73%

Wisconsin HECM Counselors

HOUSING RESOURCES, INCORPORATED
7830 W BURLEIGH ST, MILWAUKEE, WI 53222-4915
(414) 461-6330

NEIGHBORHOOD HOUSING SERVICES OF SW WISCONSIN
125 E SEMINARY ST, RICHLAND CENTER, WI 53581-2354
(608) 647-4949
http://www.nhsrcwi.org

NEIGHBORWORKS BLACKHAWK REGION – NHS OF BELOIT, INC.
520 W GRAND AVE, BELOIT, WI 53511-5311
(608) 362-9051

NEIGHBORWORKS GREEN BAY
437 S JACKSON ST, GREEN BAY, WI 54301-3909
(920) 448-3075
http://www.nwgreenbay.org

HUD Offices

Milwaukee Field Office

310 West Wisconsin Avenue, Suite 950
Milwaukee, WI 53203-2289

Hours: 8am-4:30pm

Phone: (414) 297-3214
Fax: (414) 935-6775