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
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.
All Time
| Lender | Loans | Total Principal Limit |
| WELLS FARGO | 2,004 | 323,093,939 |
| AMERICAN ADVISORS GROUP | 1,125 | 243,297,626 |
| M AND I MARSHALL AND ILSLEY BANK | 1,020 | 177,389,725 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 588 | 135,405,025 |
| ONE REVERSE MORTGAGE LLC | 509 | 89,220,830 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 326 | 48,063,099 |
| TOP FLITE FINANCIAL INC | 296 | 52,147,090 |
| METLIFE BANK NATIONAL ASSOCIATION | 267 | 56,319,050 |
| FINANCE OF AMERICA REVERSE LLC | 265 | 65,812,081 |
| SOUTHPORT BANK | 258 | 45,200,941 |
| ENVOY MORTGAGE LTD | 257 | 48,517,850 |
| UNITY MORTGAGE CORP | 239 | 18,988,456 |
| CSMC | 202 | 26,553,813 |
| AMERICAN DEBT REDUCTION | 161 | 21,462,230 |
| INLANTA MORTGAGE INC. | 161 | 36,926,550 |
| MORTGAGE SERVICES III LLC | 135 | 25,182,250 |
| GENERATION MORTGAGE COMPANY | 130 | 27,503,594 |
| METRO MORTGAGE CO INC | 123 | 17,372,849 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 120 | 21,732,370 |
| MUTUAL OF OMAHA MORTGAGE INC. | 115 | 35,846,314 |
Since 2012
| Lender | Loans | Total Principal Limit |
| AMERICAN ADVISORS GROUP | 1,043 | 229,892,226 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 550 | 128,958,425 |
| ONE REVERSE MORTGAGE LLC | 288 | 49,624,950 |
| TOP FLITE FINANCIAL INC | 269 | 47,607,490 |
| FINANCE OF AMERICA REVERSE LLC | 149 | 45,224,436 |
| MUTUAL OF OMAHA MORTGAGE INC. | 115 | 35,846,314 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 112 | 20,650,170 |
| MORTGAGE SERVICES III LLC | 88 | 14,559,550 |
| THE PRIVATE BANK & TRUST COMPANY | 69 | 14,874,110 |
| LIVE WELL FINANCIAL INC | 68 | 13,245,650 |
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.
Current Rates
| Date | Fixed Rate | Adjustable Rate |
| 2019-01-01 | NA | 4.90% |
| 2019-02-01 | 4.68% | 5.24% |
| 2019-03-01 | 5.18% | 5.11% |
| 2019-04-01 | 5.06% | 4.94% |
| 2019-05-01 | 4.93% | 4.80% |
| 2019-06-01 | NA | 4.58% |
| 2019-07-01 | NA | 4.75% |
| 2019-08-01 | NA | 4.49% |
| 2019-09-01 | NA | 4.66% |
| 2019-10-01 | NA | 4.33% |
| 2019-11-01 | NA | 4.24% |
| 2019-12-01 | NA | 4.42% |
| 2020-01-01 | NA | 4.10% |
| 2020-02-01 | NA | 4.09% |
| 2020-03-01 | NA | 4.11% |
| 2020-04-01 | NA | 4.01% |
| 2020-05-01 | NA | 3.66% |
| 2020-06-01 | NA | 3.11% |
| 2020-07-01 | NA | 3.37% |
| 2020-08-01 | NA | 3.19% |
| 2020-09-01 | NA | 3.20% |
| 2020-10-01 | 3.68% | 3.02% |
| 2020-11-01 | 4.31% | 2.92% |
| 2020-12-01 | NA | 2.80% |
| 2021-01-01 | NA | 2.87% |
| 2021-02-01 | 3.43% | 2.75% |
| 2021-03-01 | NA | 2.67% |
| 2021-04-01 | 3.18% | 2.68% |
| 2021-05-01 | NA | 2.42% |
| 2021-06-01 | NA | 2.34% |
| 2021-07-01 | NA | 2.40% |
| 2021-08-01 | NA | 2.15% |
| 2021-09-01 | NA | 2.54% |
| 2021-10-01 | 3.31% | 2.39% |
| 2021-11-01 | NA | 2.14% |
| 2021-12-01 | NA | 2.27% |
| 2022-01-01 | NA | 2.53% |
| 2022-02-01 | NA | 2.74% |
| 2022-03-01 | NA | 3.14% |
| 2022-05-01 | NA | 3.76% |
| 2022-04-01 | NA | 3.29% |
| 2022-06-01 | NA | 4.43% |
| 2022-07-01 | NA | 4.41% |
| 2022-08-01 | 5.56% | 5.08% |
| 2022-09-01 | NA | 5.65% |
| 2022-10-01 | 5.93% | 5.75% |
| 2022-11-01 | 5.93% | 6.79% |
| 2022-12-01 | NA | 7.04% |
| 2023-01-01 | NA | 7.17% |
| 2023-02-01 | NA | 7.19% |
| 2023-03-01 | NA | 7.60% |
| 2023-04-01 | NA | 7.01% |
| 2023-05-01 | NA | 7.02% |
| 2023-06-01 | NA | 7.24% |
| 2023-08-01 | NA | 7.72% |
| 2023-09-01 | NA | 7.76% |
| 2023-10-01 | NA | 7.72% |
| 2023-11-01 | NA | 7.81% |
| 2023-12-01 | NA | 7.70% |
| 2024-01-01 | NA | 7.71% |
| 2024-02-01 | NA | 7.17% |
| 2024-03-01 | NA | 7.25% |
| 2024-04-01 | NA | 7.56% |
| 2024-05-01 | NA | 7.54% |
| 2024-06-01 | NA | 7.52% |
| 2024-07-01 | NA | 7.38% |
| 2024-08-01 | NA | 7.40% |
| 2024-09-01 | NA | 6.72% |
Historic Rates
| 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% |
| 2017-03-01 | 4.79% | 4.56% |
| 2017-04-01 | 4.75% | 4.56% |
| 2017-05-01 | 5.06% | 4.46% |
| 2017-06-01 | 5.06% | 4.37% |
| 2017-07-01 | 5.06% | 4.46% |
| 2017-08-01 | NA | 4.42% |
| 2017-09-01 | 4.82% | 4.53% |
| 2017-10-01 | NA | 4.51% |
| 2017-11-01 | 4.96% | 4.52% |
| 2017-12-01 | NA | 4.65% |
| 2018-01-01 | NA | 4.73% |
| 2018-02-01 | 4.93% | 4.64% |
| 2018-03-01 | NA | 4.62% |
| 2018-04-01 | 5.06% | 4.84% |
| 2018-05-01 | 4.75% | 4.68% |
| 2018-06-01 | 4.99% | 4.74% |
| 2018-07-01 | 4.75% | 4.75% |
| 2018-08-01 | 4.56% | 4.77% |
| 2018-09-01 | 4.99% | 4.74% |
| 2018-10-01 | 4.77% | 4.80% |
| 2018-11-01 | 4.43% | 5.09% |
| 2018-12-01 | 4.68% | 5.22% |
Top Cities in WI by Total HECM Loans Originated
| Rank | City | Zip | Total |
| 1 | BELOIT | 53511 | 121 |
| 2 | MILWAUKEE | 53207 | 117 |
| 3 | MILWAUKEE | 53206 | 91 |
| 4 | MARSHFIELD | 54449 | 89 |
| 5 | OCONOMOWOC | 53066 | 89 |
| 6 | GREEN BAY | 54304 | 87 |
| 7 | WAUSAU | 54401 | 86 |
| 8 | SHEBOYGAN | 53081 | 83 |
| 9 | MADISON | 53704 | 82 |
| 10 | MANITOWOC | 54220 | 80 |
| 11 | MILWAUKEE | 53216 | 76 |
| 12 | MILWAUKEE | 53209 | 76 |
| 13 | EAU CLAIRE | 54703 | 76 |
| 14 | RACINE | 53402 | 76 |
| 15 | MENOMONEE FALLS | 53051 | 71 |
| 16 | FRANKLIN | 53132 | 71 |
| 17 | MILWAUKEE | 53218 | 71 |
| 18 | NEENAH | 54956 | 70 |
| 19 | LA CROSSE | 54601 | 70 |
| 20 | EAU CLAIRE | 54701 | 67 |
| 21 | MILWAUKEE | 53212 | 67 |
| 22 | MILWAUKEE | 53221 | 66 |
| 23 | GREEN BAY | 54303 | 64 |
| 24 | RACINE | 53405 | 63 |
| 25 | EAGLE RIVER | 54521 | 62 |
| 26 | STURGEON BAY | 54235 | 61 |
| 27 | NEW BERLIN | 53151 | 60 |
| 28 | GREEN BAY | 54313 | 60 |
| 29 | WEST BEND | 53095 | 60 |
| 30 | BURLINGTON | 53105 | 59 |
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
