Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the Michigan before hiring.
Showing 7 reverse mortgage specialists in Canton Township, MI
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Ameriplus Financial Services NMLS# 171501
45340 Hanford Rd, Canton Township, MI 48187
7347379600
Wealth Home Lending LLC
49233 Woodson Way, Canton Township, MI 48187
7344187744
Accurate Mortgage Solutions
7954 N Lilley Rd, Canton Township, MI 48187
7348445626
A Best Financial Corporation
42180 Ford Rd # 307, Canton Township, MI 48187
7344044000
Mortgage Concepts Inc
5860 N Canton Center Rd #387, Canton Township, MI 48187
7343979600
CEO Lender
5860 N Canton Center Rd, Canton Township, MI 48187
2692072193
Approved Mortgages
5820 N Canton Center Rd # 125, Canton Township, MI 48187
7344552219
What Does a Reverse Mortgage Specialist in Canton Township Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and third party fees for appraisal title and recording which can range from 1500 to 4000 dollars. Closing costs generally total 5000 to 15000 dollars depending on the home value and loan type. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Canton Township Michigan?
Borrowers must be at least 62 years old to qualify for a Home Equity Conversion Mortgage HECM in Michigan. All owners listed on the title must meet this age requirement. The property must be the borrower primary residence.
Are there Michigan specific protections for reverse mortgage borrowers?
Yes Michigan law mandates a three day right of rescission after closing allowing borrowers to cancel without penalty. Lenders must also provide a Michigan specific disclosure statement explaining loan terms and costs. Counseling from a HUD approved agency is required before loan approval.
What types of properties qualify for a reverse mortgage in Canton Township?
Eligible properties include single family homes, two to four unit properties where the borrower occupies one unit, and FHA approved condominiums. Manufactured homes built after June 15 1976 may also qualify if they meet HUD standards. The property must be in good condition and pass an FHA appraisal.