We Understand What You're Going Through
Downsizing can be a smart financial move, but coordinating the sale of your current home with the purchase of a new one introduces significant logistical and financial challenges. According to a National Association of Realtors survey, 43% of homebuyers who are also sellers report feeling 'very stressed' about the process. The key challenge is managing the timing and financing of both transactions, which can be particularly daunting for those approaching retirement or looking to simplify their lives.
The average homeowner who downsizes saves $1,300 per month.
Understanding the Downsizing Process
Downsizing involves more than just moving to a smaller home; it's about simplifying your life and improving your financial situation. The process can be complex, involving the sale of your current home and the purchase of a new one. NMHL is here to guide you through every step, offering expert advice and tailored mortgage solutions.
The first step is to evaluate your current financial situation and goals. Consider factors such as your current mortgage, the equity in your home, and your desired lifestyle in retirement. NMHL's experienced loan officers can help you assess your situation and create a personalized plan.
Take the first step towards a simpler, more financially stable future.
NMHL's Downsizing Mortgage Solutions
NMHL offers a range of mortgage programs designed to make downsizing easier. From bridge loans to conventional loans, our programs are tailored to your specific needs and circumstances. Our bridge loan program allows you to purchase your new home before selling your current one, eliminating the pressure of coordinating both transactions simultaneously.
- Access up to 80% of your current home's equity
- Flexible repayment terms up to 12 months
- Competitive interest rates
Get pre-approved today and take the first step towards your new home.
Managing the Logistics of Downsizing
The logistics of downsizing can be overwhelming, involving the sale of one home and the purchase of another. NMHL's experienced loan officers will work with you to create a plan that aligns with your goals and timeline. We'll help you manage the process, from initial consultation to closing.
One of the key challenges is accessing your current home's equity for a down payment on your new home. NMHL's HELOC and bridge loan programs can provide the funds you need, allowing you to close on your new home while your existing home is still on the market.
You'll be in good hands with NMHL.
Tax Implications of Downsizing
The tax implications of downsizing vary depending on your individual circumstances and the laws in your state. In general, you may be able to exclude up to $250,000 (single) or $500,000 (married) in capital gains from the sale of your primary residence. Consult with a tax professional and your NMHL loan officer for guidance specific to your situation.
Some states also offer senior property tax exemptions or freezes that can further reduce your costs. NMHL's experienced loan officers are familiar with the tax laws in your state and can help you navigate the implications of downsizing.
Understand the tax implications of downsizing with NMHL's expert guidance.
You're Not Alone in This
Thousands of homeowners face the same challenges every year. Our experienced team has helped families across 29 states find mortgage solutions tailored to their unique situations.
Solutions for Downsizing in Michigan
NMHL offers multiple pathways to homeownership for Michigan borrowers.
Your Path to Homeownership in Michigan
A simple, guided process from start to finish.
Free Consultation
Speak with a licensed loan officer about your situation
Explore Your Options
We identify the best loan programs for your needs
Get Pre-Approved
Submit a quick application with no credit impact
Close with Confidence
Dedicated support through closing day
See What You Qualify For
Complete your mortgage application in minutes — no login required, no credit impact
What Our Clients Say
Real reviews from Google — no cherry-picking
Prefer to Talk to Someone?
Call (855) 513-2749 to speak directly with a licensed Michigan loan officer about your situation. Free consultation, no obligation.
Find Help in Your State
Our Presence
Click on endorsed states to see our direct resources!
Downsizing in Michigan - FAQs
NMHL is a licensed lender in Michigan with 25+ years of experience helping borrowers overcome challenges like downsizing. Our loan officers will evaluate your situation, identify the best loan programs available, and guide you through the entire process.
Michigan borrowers have access to multiple loan programs including FHA, VA, conventional, and non-QM options. The best program depends on your specific situation. Contact NMHL for a personalized assessment of which programs you qualify for.
No. NMHL offers a fully digital application process. You can apply online, submit documents electronically, and communicate with your loan officer by phone, email, or video. Our Michigan-licensed team is available to assist you remotely.
The typical mortgage timeline in Michigan is 30 to 45 days from application to closing. This can vary based on loan type, property specifics, and documentation completeness. NMHL works to streamline the process wherever possible.
No. NMHL offers free, no-obligation consultations. Our loan officers will review your situation, explain your options, and help you create a plan — all at no cost to you.
Michigan Mortgage Resources
Get Help with Downsizing in Michigan
Speak with a licensed Michigan loan officer today. Free consultation, no obligation.