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 2,004 323,093,939
M AND I MARSHALL AND ILSLEY BANK 1,020 177,389,725
AMERICAN ADVISORS GROUP 1,005 208,480,866
ONE REVERSE MORTGAGE LLC 509 89,220,830
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 476 95,035,120
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
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
FINANCE OF AMERICA REVERSE LLC 195 40,332,781
INLANTA MORTGAGE INC. 161 36,926,550
AMERICAN DEBT REDUCTION 161 21,462,230
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
FIRST CHOICE MORTGAGE INC 95 14,448,784

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 923 195,075,466
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 438 88,588,520
ONE REVERSE MORTGAGE LLC 288 49,624,950
TOP FLITE FINANCIAL INC 269 47,607,490
LIBERTY HOME EQUITY SOLUTIONS INC 112 20,650,170
MORTGAGE SERVICES III LLC 88 14,559,550
FINANCE OF AMERICA REVERSE LLC 79 19,745,136
THE PRIVATE BANK & TRUST COMPANY 69 14,874,110
LIVE WELL FINANCIAL INC 68 13,245,650
PROFICIO MORTGAGE VENTURES LLC 55 10,786,000

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%

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 MILWAUKEE 53220 1,075
2 GREEN BAY 54303 335
3 MADISON 53703 258
4 RACINE 53405 257
5 WAUKESHA 53186 168
6 APPLETON 54915 157
7 KENOSHA 53142 156
8 EAU CLAIRE 54701 136
9 WAUSAU 54403 136
10 SHEBOYGAN 53081 123
11 OSHKOSH 54901 122
12 WEST ALLIS 53214 114
13 BELOIT 53511 113
14 BROOKFIELD 53005 91
15 WAUWATOSA 53226 90
16 JANESVILLE 53545 86
17 WEST BEND 53095 86
18 NEW BERLIN 53151 85
19 LA CROSSE 54603 84
20 OCONOMOWOC 53066 84
21 MARSHFIELD 54449 83
22 GREENFIELD 53228 77
23 MANITOWOC 54220 76
24 FRANKLIN 53132 71
25 MENOMONEE FALLS 53051 68
26 NEENAH 54956 67
27 FOND DU LAC 54935 64
28 WATERTOWN 53094 59
29 LAKE GENEVA 53147 57
30 EAGLE RIVER 54521 57

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