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 Flushing, 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.
Edward Jones - Financial Advisor: Eric S Gasper, AAMS®
6122 Pierson Rd UNIT 7, Flushing, MI 48433
8102308010
Edward Jones - Financial Advisor: Jim Wood, AAMS®
121 E Main St, Flushing, MI 48433
8106590494
Chase Mortgage
6481 Pierson Rd, Flushing, MI 48433
8106594986
What Does a Reverse Mortgage Specialist in Flushing Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to 2 percent of the home value with a cap of 6000 dollars. Third party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The upfront mortgage insurance premium is 2 percent of the home value and annual premiums are 0.5 percent of the loan balance. These costs can be financed into the loan. This is general information 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 Flushing Michigan?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and you must complete a HUD approved counseling session. Michigan does not have any additional state specific eligibility rules beyond federal requirements.
How does Michigan law affect reverse mortgage proceeds?
Michigan follows federal guidelines for HECM loans. Proceeds from a reverse mortgage are not considered taxable income and do not affect Social Security or Medicare benefits. However they may impact Medicaid eligibility so you should consult a benefits specialist.
Can I lose my home with a reverse mortgage in Flushing?
You can lose your home if you fail to pay property taxes or homeowners insurance or if you do not maintain the property. Michigan law requires lenders to provide clear disclosure of these obligations. You must continue to live in the home as your primary residence.