LET WISDOM MICHIGAN HELP YOU UNLOCK THE EQUITY IN YOUR HOME

WELCOME TO WISDOM MICHIGAN, A REVERSE MORTGAGE AT THRIVE MORTGAGE

Wisdom Senior Lending by Thrive Mortgage - reverse mortgage and home equity conversion mortgage specialists in Grand Rapids, MI

Welcome to Wisdom Michigan, a Reverse Mortgage Division at Thrive Mortgage. We specialize in Home Equity Conversion Mortgages (HECM), work with the Grand Rapids community, and are committed to serving West Michigan. Our mission is to support the aging community by helping individuals 62 and above unlock the equity in their homes to enhance their retirement years.

At Wisdom, we aim to empower seniors to comfortably age in place. We provide knowledgeable options on Reverse Mortgages that can help older adults gain financial stability and freedom through a HECM loan. We understand that every financial journey is unique, especially during retirement, and we are here to guide you every step of the way.

MYTH #1:

The bank gets my home when I die & the kids are left with nothing.

There is no transfer of deed with a reverse mortgage—you still own your home. The borrower(s) retain the title and deed to the home, and you can sell it anytime. When the last senior leaves the home permanently, the heirs or appointees have up to 12 months to pay off the reverse mortgage balance. Any remaining equity belongs to you or your heirs.

MYTH #2:

Once I do the reverse mortgage, I’m locked in and can’t sell my house.

You can sell the property at any time without a penalty.

Myth #3

Why Federal Housing Administration (FHA) insurance? Because a reverse mortgage is a non-recourse loan, a significant part of the closing costs is often composed of mandatory FHA insurance. This insurance, similar to FHA’s first-time homebuyer program, protects the borrower by ensuring they never owe more than the home is worth. If the loan balance exceeds the home’s value when the borrower passes away, the FHA insurance fund covers the shortfall, preventing any repayment burden on heirs. This FHA insurance is a key component, making the program reliable and beneficial for seniors.

Myth #4

If married, both borrowers have to be at least 62 years old to qualify.

Per a HUD Amendment in 2014, at least one of the spouses (not both) must have reached age 62 to close on the reverse mortgage. (Except ni Texas, where NBS si not permitted.) However, any borrower may apply and take a HUD-required phone counseling session up to 60 days prior to turning age 62.

Myth #5

I can’t use the HECM for purchasing a new home.

Actually, you can. Down payments vary from 40-60% of the purchase price (depending on your age and market conditions), and these funds typically come from selling your current home or other assets. The lender can provide a reverse mortgage for the remaining amount, thus eliminating mandatory future “out-of-pocket” house payments. You also have the flexibility of optional monthly mortgage payments, allowing you to decide whether to pay down the loan or let the balance grow over time. This flexibility enables seniors to achieve their retirement goals with greater financial freedom.

Myth #6

My home is paid for, so I don’t qualify.

A home with no mortgage allows for a HECM line of credit to be established for future emergencies. Historically, the availability of the line increases around 4-6% per year in favor of the senior(s). This is one huge reason why Financial Planners embrace this amazing strategy for retirement.

REVERSE MORTGAGE MYTHS

Myths & Facts of The Reverse Mortgage

If you’ve researched or read about Home Equity Conversion Mortgages (HECMs), more commonly known as reverse mortgages, you’re likely aware of how much information is out there. The problem is, many fallacies and falsehoods about reverse mortgages have also been circulated, further clouding a solid understanding of the program.

What was once known as a “loan of last resort” is now a viable option for many people 62 and older looking to unlock equity in their homes without needing to move. Additionally, Reverse mortgages can be used to purchase the perfect home for retirement using the equity in your current home.

Learn more about Reverse Mortgages

MEET YOUR LOCAL REVERSE MORTGAGE LENDER

Alicia Force is a seasoned banking professional who has been an active lender in the Grand Rapids financial community for more than 20 years. Her deep understanding of financial products and her commitment to client education have made her a trusted advisor for many in the West Michigan area.

Alicia recently transitioned her career to pursue her passion for supporting aging adults. She recognized the growing need for reliable financial guidance among older adults who wish to access the equity in their homes without the need to sell. Leveraging her vast experience, Alicia offers trustworthy advice and personalized solutions to help retirees maintain their independence and financial stability.

Alicia brings decades of loan experience in the Grand Rapids community and a commitment to clear, honest communication. As a member of the National Aging in Place Council and a Certified Age in Place Specialist, she helps older adults make informed decisions about Reverse Mortgage HECM loans, improving their quality of life with personalized, trustworthy service.

Alicia Force - Reverse Mortgage loan officer based in Grand Rapids, Michigan

WHAT TYPE OF REVERSE MORTGAGE IS RIGHT FOR YOU?

Home Equity Conversion Mortgage (HECM)

More than just a loan, an HECM (commonly known as a “reverse mortgage”) is a key to unlocking the financial stability and freedom you deserve in your retirement years. Tailored for homeowners aged 62 and older, a HECM allows you to convert a portion of your home’s equity into tax-free cash without the obligation of monthly mortgage payments. Whether you receive the funds as a lump sum, monthly payments, a line of credit, or a combination, a HECM provides the flexibility to meet your unique financial needs. This federally insured loan helps you maintain your independence. It ensures that you can comfortably stay in your home, manage your living expenses, and enjoy the retirement you’ve worked so hard for.

HECM for Purchase

Imagine a retirement where you can move into your dream home with the flexibility of optional monthly mortgage payments. With a Home Equity Conversion Mortgage (HECM) for Purchase, this dream becomes a reality for homeowners aged 62 and older. This innovative financial tool allows you to buy a new primary residence that better suits your needs or lifestyle using the equity from your current home. Combining the reverse mortgage with a down payment can secure your new home while preserving your savings and investments. The best part? You can make monthly mortgage payments if you choose, or you can defer them (no monthly mortgage payment frees up cash and is added to the loan balance over time). Whether you’re looking to downsize, move closer to family, or find a home with amenities that support aging in place, a HECM for Purchase offers the flexibility and financial freedom to make it happen.