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Showing 2 reverse mortgage specialists in Fraser, 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.
MiMutual Mortgage, Fraser MI
31485 Groesbeck Hwy suite c-1, Fraser, MI 48026
5864812488
Peggy's Pointer's
33105 Kelly Rd Ste. A, Fraser, MI 48026
7197473295
What Does a Reverse Mortgage Specialist in Fraser Cost?
Typical costs for a reverse mortgage specialist in Michigan include origination fees of up to 2 percent of the home value and a mortgage insurance premium of 2 percent of the appraised value. Third-party costs such as appraisal title and recording fees range from 500 to 1500 dollars. Total closing costs often fall between 3000 and 8000 dollars but vary by loan amount and property. 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 Fraser 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 HUD property standards. Michigan law also requires a financial assessment to ensure the borrower can pay ongoing property taxes and insurance.
Do I have to pay Michigan property taxes with a reverse mortgage?
Yes you must continue to pay property taxes and homeowners insurance while the reverse mortgage is active. Failure to pay can lead to loan default and possible foreclosure. A specialist can help you budget for these costs using the loan proceeds.
How does Michigan law affect reverse mortgage counseling?
Michigan requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor before the loan can be processed. This session covers loan terms costs and alternatives. The counselor must be independent from the lender.