Reverse Mortgages in Appleton, WI
Your home is likely your largest financial asset. If you are a homeowner aged 62 or older, a reverse mortgage—also known as a Home Equity Conversion Mortgage (HECM)—can be a powerful tool to unlock that built-up equity and turn it into tax-free funds for your retirement.
At Waterstone Mortgage in Appleton, we understand that a reverse mortgage is a significant financial decision. Branch Manager Jeff Anklam has over 25 years of experience in the mortgage business and is dedicated to making sure you ask the right questions and understand every detail of the process.
What is a Reverse Mortgage (HECM)?
A reverse mortgage allows you to borrow against the value of your home. Unlike a traditional mortgage or home equity loan where you must make monthly payments to a lender, with a reverse mortgage, the lender makes payments to you.
The Federal Housing Administration’s HECM program is the only government-insured reverse mortgage program. This program provides incredible peace of mind by guaranteeing that the lender will meet its payment obligations to you, limiting origination costs, and ensuring full repayment of the loan balance to the lender.
The Benefits of a Reverse Mortgage
Our clients in the Fox Valley utilize reverse mortgages for a variety of reasons, including:
No Monthly Mortgage Payments: You are not required to make monthly principal and interest payments for as long as you live in the home (you are still responsible for property taxes, insurance, and maintenance).
Flexible Payout Options: HECM funds are available as an annuity (steady monthly payments), a line of credit, or a combination of the two.
Stay in Your Home: You retain the title and ownership of your home, allowing you to age in place comfortably.
Tax-Free Proceeds: The money you receive from a reverse mortgage is generally considered loan proceeds, not income, making it tax-free (consult your tax advisor for specifics).
How Much Can I Qualify For?
The loan amount you can receive is based on three main factors:
Your Age: (or the age of the youngest spouse).
Your Home’s Appraised Value: (Up to the national HECM loan limit).
Current Interest Rates:.
Want to see what you might qualify for? Use our Estimate Reverse Mortgage Benefits tool to get a preliminary look at your options.
Local Appleton Expertise You Can Trust
Navigating the details of a HECM requires a knowledgeable loan originator. Jeff Anklam and his team are known for their excellent customer service, proactive communication, and ability to make the lending experience easy and stress-free.
“Jeff is extremely knowledgeable and took the time to explain our options and was always available and happy to answer any questions we had.” — Jaime R.
Contact The Jeff Anklam Team Today:
Branch Manager: Jeffrey Anklam (NMLS #279966)
Phone: 920.750.5001 or 920.362.0159
Office Location: Waterstone Mortgage, 119 N. McCarthy Rd. Suite F, Appleton WI 54913
Disclaimer: This material is not provided by, nor was it approved by the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. Waterstone Mortgage Corporation (NMLS https://www.google.com/search?q=%23186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF). All loan requests are subject to credit approval as well as specific program requirements and guidelines. Information is subject to change without notice.
First-Time Homebuyer
Choosing the right loan program is crucial to achieving your homeownership dreams. We offer a variety of first-time homebuyer loans in Wisconsin.
Conventional Mortgage Loans
Conventional loans are mortgage loans offered by non-government sponsored lenders.
These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Jumbo / Construction Loans
- Reverse Mortgage
FHA Loans
FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development. FHA loans are an attractive option, especially for first-time homeowners.
FHA Loans:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
WHEDA/ First Time Home Buyer
WHEDA (Wisconsin Housing and Economic Development Authority) offers first-time homebuyer loan programs with competitive rates, down payment assistance, and flexible qualifying guidelines for eligible Wisconsin buyers. Income and purchase price limits apply. Contact us to learn if you qualify.
Reverse Mortgage
A Reverse Mortgage (HECM) allows eligible homeowners age 62 or older to convert home equity into accessible funds, with no required monthly mortgage payments. Repayment is deferred until the home is sold or the borrower moves or passes away. FHA-insured. HUD counseling required
USDA Loans
The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.
USDA Loans are an attractive option because:
- Minimal closing cost
- Low or no down payment
USDA loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
VA Mortgage Loans
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here’s how it works:
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 2.15% for first time use or 0-3.3% for subsequent use (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
Estimate Your Monthly Payments
Understanding your potential mortgage payments is a crucial step in the home-buying process. Our easy-to-use Mortgage Calculator helps you estimate your monthly payments, so you can plan your finances with confidence. Simply enter your loan details and let our calculator do the rest.
Frequently Asked Questions
Q: How old do I have to be to get a reverse mortgage in Wisconsin?
A: You must be at least 62 years old to qualify for a Home Equity Conversion Mortgage (HECM).
Q: Will I lose ownership of my home with a reverse mortgage?
A: No. You remain the owner of your home and can live there as long as you pay your property taxes, homeowners insurance, and maintain the property.