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 3 reverse mortgage specialists in Ferndale, 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.
David Wechsler @ The Mortgage Consultant
1603 E 9 Mile Rd, Ferndale, MI 48220
2485143489
Lamar Mortgage Group, LLC
23241 Woodward Ave, Ferndale, MI 48220
2487031238
Specialty Mortgage LLC
226 Withington St Unit 8, Ferndale, MI 48220
3136147248
What Does a Reverse Mortgage Specialist in Ferndale Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent upfront plus 0.5 percent annually, and appraisal fees of 400 to 800 dollars. Closing costs and third-party fees can add 2,000 to 5,000 dollars. These amounts vary by lender 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 eligibility requirements for a reverse mortgage in Ferndale Michigan?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet Federal Housing Administration property standards. Michigan law also requires a mandatory counseling session.
How does a reverse mortgage affect my heirs in Michigan?
Heirs can keep the home by paying off the loan balance or selling the property. If the loan balance exceeds the home value, heirs are not liable for the difference under FHA insurance. Michigan law provides a six-month grace period for heirs to decide.