← Reverse mortgages in Michigan
Can you get a reverse mortgage in Birmingham if you still owe on your home? Yes, and it is common. The reverse mortgage pays off your existing loan first, which ends that monthly payment, and whatever equity is left over becomes available to you. On a typical $750K Birmingham home in Oakland County, a longtime owner often has plenty of equity to cover the payoff and still free up cash.
A typical Birmingham home is worth around $750K, and for a longtime owner most of that is equity they have never touched. A reverse mortgage only fits some situations, and I will say so when it does not. See how Birmingham compares on my Michigan aging-in-place overview.
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On this page
- Local reverse mortgage broker in Birmingham
- Aging in place in Birmingham
- What is my Birmingham home worth?
- Reverse mortgage calculator
- Cost of aging in place
- Is a reverse mortgage right for me?
- Learn how reverse mortgages work
- Reverse mortgage options in Birmingham
- How much a reverse mortgage costs in Birmingham
- Condos and HOA
- Reverse mortgage FAQs
Reverse Mortgage Specialist in Birmingham, MI
Who is a local reverse mortgage broker in Birmingham, MI? Christopher Gibson (NMLS #1910430) is an independent broker with C2 Financial Corporation (NMLS #135622). He helps Birmingham homeowners age 55 and older (age 62+ for the government-insured HECM) turn home equity into funds for retirement. Because the funds are loan proceeds rather than income, they are generally not subject to federal income tax.* Call or text 720-449-6622.
Aging in place in Birmingham, at a glance
The honest pros and cons, every measure I track, sorted by which way it cuts. Full detail below.
| Works in your favor | Neutral or mixed | Plan around it |
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Figures: U.S. Census ACS 2020-2024 5-Year; County Health Rankings 2025 (life expectancy, county level); NOAA 1991-2020 Climate Normals; FEMA National Risk Index (per hazard, not the composite). This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Why a reverse mortgage appeals to Birmingham homeowners 55+ attempting to age in place
Birmingham is one of the most sought-after downtowns in Oakland County, with values near the top of the metro. A house bought here decades ago is now worth around $750K, and for a longtime owner on a fixed income while property taxes climb, that equity is what a reverse mortgage reaches, most often to erase a monthly payment and stay put.
Birmingham is one of Metro Detroit’s most affluent, walkable communities, with a compact downtown of boutiques and restaurants surrounded by tree-lined blocks of well-kept mid-century and historic homes; many longtime residents are on fixed incomes but sitting on substantial, largely paid-off home equity built up over decades.
Birmingham reverse mortgage facts and figures
Birmingham values sit in the upper range of the Detroit metro, and it is the paid-off equity in its established neighborhoods that a reverse mortgage puts to work. Here are a few numbers worth knowing:
Home values: Zillow, May 2026. HECM limit: HUD/FHA 2026. Property tax: U.S. Census. Figures change, ask me for today’s numbers on your home.
What is your Birmingham home worth today?
Curious what your home could be worth, and how much equity you have to work with? Use my free home-value tool below. Enter your address for an instant Birmingham estimate you can track over time, at no cost and no obligation.
Reverse mortgage options in Birmingham: HECM vs. jumbo
HECM covers most Birmingham homes; a proprietary jumbo is built for higher-value homes above the FHA limit and for many condos. For the full side-by-side of HECM, jumbo, HELOC, and HEI, see the reverse mortgage comparison table, or the types of reverse mortgages for a plain-English rundown.
Buying a home? Consider a HECM for Purchase (H4P)
A HECM for Purchase lets you buy your next home using a reverse mortgage, so you put down a portion and finance the rest with no required monthly principal-and-interest payment. For a Birmingham owner trading a two-story colonial for a single-level ranch, it is a clean way to move without taking on a new monthly payment.
How much you can access depends on age, rates, and value. Start your own estimate with the reverse mortgage calculator below.
Reverse Mortgage Calculator
Let’s calculate how much equity you can unlock.
A reverse mortgage is a loan. The balance grows over time and is repaid when the last borrower leaves the home. You keep the title, and you remain responsible for property taxes, homeowners insurance, and upkeep.
Aging in place in Birmingham with a reverse mortgage: what it really costs
This is what I would want to know if the house in question were mine and it were in Birmingham. All figures are published ones. Where none exists I say that plainly.
How the age of the housing shows up in the loan file
Birmingham’s median build year is 1960, older than the Michigan median of 1972 and older than most of the state. About 70% of the housing here went up before 1980, which is the line that matters for lead paint. FHA condition standards apply to every reverse mortgage, and they are stricter than most people expect. Roof, heat, water, electrical, lead paint. Whatever gets flagged is funded through a repair set-aside out of your own proceeds, with the work done after closing.
The bill that does not go away when the mortgage does
Once the mortgage is gone, a Birmingham house still takes $1,257 a month at the median. Taxes, insurance, heat, power, water, and an association fee if there is one. A typical household aged 65 and over here brings in $90,513, so the house takes 17% of it. The Census counts 32% of Birmingham owners 65 and over as cost-burdened, meaning 30% or more of income goes to housing. Hold onto that figure. It is the honest cost of the house, and the loan is only useful if it makes that figure comfortable.
Uncapping, the exemption, and the deferment
One statute settles the biggest worry. MCL 211.27a(7)(j) puts security interests outside the transfer-of-ownership definition, so a reverse mortgage leaves your capped taxable value alone. The Michigan page takes it further.
Who pays for senior services here, and how
The city itself, not the county funds senior services through a voted millage, 0.33 mill. It pays for the senior building on East Lincoln, not in-home services. Read the ballot language before assuming it pays for care. A reverse mortgage should cover the gap this leaves, not duplicate what it already does.
Care within reach, or care within a drive
The closest hospital to Birmingham is Corewell Health William Beaumont University Hospital in Royal Oak, part of Corewell Health. There is nothing in town. The distance worth knowing before you need it: 3.3 miles to Corewell Health William Beaumont University Hospital, a Level I, and 3.3 miles to the nearest Level I. People move for schools at 35 and never reconsider the equivalent question at 75. This is that question.
Winter here, in ordinance terms
Birmingham gets 10 days a year with at least an inch of snow down. City code makes the sidewalk your responsibility: 12 hours if the snow stops in the daytime, by 6 p.m. the next day if it stops overnight, plus three feet around any fire hydrant. Ignore it and the city clears it and bills you, adding 1% a month after 30 days and 15% if it lands on the tax roll. That is Birmingham Code 98-66. This is the practical face of aging in place, and it shows up every December.
Local rides, local rules
Rides here come from Birmingham NEXT, open to residents of Birmingham, Beverly Hills, Bingham Farms or Franklin aged 55 and older. Fares run $5 one way, $6 round trip, three days’ notice. This is the cheapest insurance against isolation there is.
A data check before you decide
Count 10 shovelling days in a normal year, 36 inches over the season and 146 days at freezing or under. Life expectancy here runs 79.1 years, with the country at 77.1. Anyone planning fifteen more years in this house has the data on their side. Cost of living runs 100 against 100 for the country, at the Detroit-Warren-Dearborn, MI metro level, which is as fine as the BEA publishes. Put together, $1,257 a month keeps the house, and that is 17% of what a typical household over 65 earns here.
Sources: U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates; County Health Rankings & Roadmaps 2025, at county level; NOAA 1991-2020 Climate Normals; U.S. Bureau of Economic Analysis Regional Price Parities; the MDHHS designated trauma facility list, with road distances from OSRM; the municipal code cited above; county and city millage records. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
How the process works, step by step
Getting a reverse mortgage is more straightforward than most people expect. In short, it is a free consultation, independent HUD counseling (required in Michigan), application and shopping across lenders, an appraisal, and closing, usually about 30 to 45 days. For the full step by step, see how it works.
Why work with a mortgage broker, not a bank
As a broker with C2 Financial, I am not tied to one company’s rate sheet. I shop your loan across more than 30 wholesale reverse-mortgage lenders. First, pricing: even a standard HECM is priced differently from lender to lender, so shopping the same loan can mean a lower rate or more available funds. Second, product access: brokering opens the door to the proprietary and jumbo programs a single bank cannot offer.
I broker through C2 Financial Corporation (NMLS #135622), a national mortgage brokerage.
How much a reverse mortgage costs in Birmingham
Reverse mortgages have real costs, and I show them plainly: interest, FHA mortgage insurance (2% upfront plus about 0.5% a year), an origination fee capped at $6,000, and third-party closing costs. Still, most can be rolled into the loan. For the full itemized breakdown, see the reverse mortgage costs.
What happens to your home and your heirs
You keep the title. Because a HECM is non-recourse, you and your heirs never owe more than the home is worth. When the last borrower leaves, heirs can repay or refinance to keep the home, or sell and keep the remaining equity. If the balance ever tops the value, FHA insurance covers the gap, and heirs can settle for 95% of appraised value. The full heirs walkthrough is on my home and heirs section.
What about condos and HOA approval?
Some Birmingham owners live in condos or HOA communities. A standard HECM needs the whole project FHA-approved, and many are not, but a proprietary loan can often finance a non-approved condo. Property rules and exceptions are covered on the requirements page, so if a condo is on your mind, we start by checking your building.
The HUD counseling requirement, explained
Federal HUD rules require independent, HUD-approved counseling before you close, on every reverse mortgage nationwide. It is a consumer protection, usually low-cost or free, and HUD publishes the approved counselors serving Oakland County, so scheduling never has to stall your file. For what the session actually covers, see the counseling page.
Birmingham neighborhoods and nearby areas I serve
I work with homeowners across the city and greater Oakland County. That includes Quarton Lake Estates, Poppleton Park, Rail District, Downtown Birmingham (Old Woodward), Pembroke, Holy Name Historic District, Adams Square, and Villa Woods. Core ZIP codes include 48009, 48012.
In addition, I also help owners in nearby communities such as Bloomfield Hills, Beverly Hills, Franklin, Royal Oak, and Troy, and across Oakland County. See every area I cover on my reverse mortgages across Michigan page. Do not see your area? Reach out and ask.
If aging in place is your goal, local resources like Birmingham Next (Senior Services), and Oakland County Older Persons’ Commission / Senior Services can help you plan, and my free Aging-in-Place Home Scorecard lets you score any Birmingham home in about 15 minutes to see how ready it is to grow old in.
Reverse mortgage FAQs for Birmingham homeowners
Can you get a reverse mortgage in Birmingham if you still have a mortgage?
Yes, and it is common. The reverse mortgage pays off your existing mortgage first, which ends that monthly payment, and whatever equity remains becomes available to you. You just need enough equity to cover the payoff. Here is how qualifying with an existing mortgage works.
Can I get a reverse mortgage on a Birmingham condo?
Often, yes. A standard FHA HECM needs the whole condo project to be FHA-approved, and many buildings are not. When that is the case, a proprietary reverse mortgage can usually finance a non-approved or non-warrantable condo. I check your specific building first.
Do I still own my home?
Yes. The title stays in your name. You keep ownership and can sell or move whenever you want. The loan is repaid when the last borrower permanently leaves, and you or your heirs keep any remaining equity.
How much can I borrow in Birmingham?
It depends on the youngest borrower’s age, current rates, and your home value. Most Birmingham homes fall within the standard FHA HECM limit, while higher-value homes may also fit a jumbo program that exceeds it.
Is HUD counseling required in Birmingham?
Yes. You must complete a session with a HUD-approved counselor before closing. It is usually low-cost or free. HUD publishes the approved counselors serving Oakland County, so scheduling never has to slow you down.
What are the age and equity requirements?
A standard FHA HECM starts at age 62. Some proprietary programs start at 55. You also need significant equity, and the home must be your primary residence.
Do I still pay property tax with a reverse mortgage in Birmingham?
Yes. With a reverse mortgage you keep title and remain responsible for property taxes, homeowners insurance, and upkeep. Depending on your age and income you may qualify for senior property-tax relief in Michigan (the programs vary by state and by county), and you can use reverse-mortgage funds to help cover those ongoing costs.
Can I use a reverse mortgage to buy a smaller home in Birmingham?
Yes, that’s a HECM for Purchase. It lets buyers 62+ put down a portion of the price and finance the rest with a reverse mortgage, so you can right-size into a single-level or lower-maintenance Birmingham home without taking on a monthly mortgage payment.
Have a question about a reverse mortgage in Birmingham? Call or text me at 720-449-6622. No pressure, just straight answers.
Quick guide: is a reverse mortgage right for me?
First, answer four short questions, and the guide will point you toward the resource that fits your situation. Of course, it is general guidance for learning, not an approval or a quote, and nothing you tap is stored.
Free guide: Your Home Can Help
My complete guide to reverse mortgages for Michigan homeowners, the retirement squeeze, the myths, your options, real client stories, and what it really costs. No email required.
Learn how reverse mortgages work
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Reverse mortgages in nearby communities
About Christopher Gibson
Christopher Gibson (NMLS #1910430) is an independent mortgage and reverse mortgage broker with C2 Financial Corporation (NMLS #135622), serving homeowners across the states he is licensed in. Serving Birmingham and nearby communities. Call or text 720-449-6622. More about Christopher.
Read reviews of Reverse Mortgages & Home Loans with Christopher Gibson at C2 Financial
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*This is general information, not tax advice. Reverse mortgage proceeds are loan advances rather than income and are generally not subject to federal income tax. Consult a CPA or tax advisor about your specific situation. Receiving loan proceeds may also affect eligibility for need-based government benefits such as Medicaid or Supplemental Security Income (SSI).