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 569 102395499
ONE REVERSE MORTGAGE LLC 452 76851180
FINANCIAL FREEDOM SENIOR FUNDING CORP 326 48063099
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 301 56594200
TOP FLITE FINANCIAL INC 296 52147090
METLIFE BANK NATIONAL ASSOCIATION 267 56319050
SOUTHPORT BANK 258 45200941
ENVOY MORTGAGE LTD 257 48517850
UNITY MORTGAGE CORP 239 18988456
CSMC 202 26553813
AMERICAN DEBT REDUCTION 161 21462230
FINANCE OF AMERICA REVERSE LLC 160 29530981
INLANTA MORTGAGE INC. 152 34339900
MORTGAGE SERVICES III LLC 135 25182250
GENERATION MORTGAGE COMPANY 130 27503594
METRO MORTGAGE CO INC 123 17372849
LIBERTY HOME EQUITY SOLUTIONS INC 101 17196320
FIRST CHOICE MORTGAGE INC 95 14448784

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 487 88990099
TOP FLITE FINANCIAL INC 269 47607490
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 263 50147600
ONE REVERSE MORTGAGE LLC 231 37255300
LIBERTY HOME EQUITY SOLUTIONS INC 93 16114120
MORTGAGE SERVICES III LLC 88 14559550
PROFICIO MORTGAGE VENTURES LLC 55 10786000
INLANTA MORTGAGE INC. 45 11507900
REVERSE MORTGAGE SOLUTIONS INC 44 7603100
FINANCE OF AMERICA REVERSE LLC 44 8943336

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%
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%

Top Cities in WI by Total HECM Loans Originated

Rank City Zip Total
1 MILWAUKEE 53220 1032
2 GREEN BAY 54303 303
3 MADISON 53703 235
4 RACINE 53405 233
5 WAUKESHA 53186 146
6 KENOSHA 53142 141
7 APPLETON 54915 139
8 EAU CLAIRE 54701 122
9 WAUSAU 54403 120
10 SHEBOYGAN 53081 110
11 WEST ALLIS 53214 110
12 OSHKOSH 54901 110
13 BELOIT 53511 93
14 BROOKFIELD 53005 83
15 WAUWATOSA 53226 81
16 WEST BEND 53095 80
17 LA CROSSE 54603 78
18 NEW BERLIN 53151 76
19 MARSHFIELD 54449 75
20 GREENFIELD 53228 73
21 JANESVILLE 53545 73
22 MANITOWOC 54220 69
23 OCONOMOWOC 53066 64
24 FRANKLIN 53132 63
25 MENOMONEE FALLS 53051 62
26 FOND DU LAC 54935 60
27 NEENAH 54956 54
28 WATERTOWN 53094 53
29 STURGEON BAY 54235 52
30 WISCONSIN RAPIDS 54494 50

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