Find Reverse Mortgage Specialists Near You in Madison Heights, MI
Browse reverse mortgage specialists serving Madison Heights, Michigan. Contact information and addresses listed below.
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
State Mortgage Licensing Authority of Michigan before hiring.
Showing 2 reverse mortgage specialists in Madison Heights, 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.
What Does a Reverse Mortgage Specialist in Madison Heights Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee up to 2 percent of the home value or 6,000 dollars, whichever is less. Other costs include a mortgage insurance premium of 2 percent of the appraised value upfront plus annual premiums, appraisal fees around 400 to 600 dollars, and closing costs such as title insurance and recording fees. Total costs vary by loan amount and property value. 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 Madison Heights Michigan?
Borrowers must be at least 62 years old to qualify for a reverse mortgage in Michigan. This age requirement applies to all Home Equity Conversion Mortgages insured by the Federal Housing Administration. The youngest borrower on the title must meet this age threshold.
Do I need counseling before getting a reverse mortgage in Michigan?
Yes, Michigan law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. The session covers loan terms, costs, and alternatives. You must receive a signed certificate of counseling before the lender can process your application.
What property types qualify for a reverse mortgage in Madison Heights?
Qualifying property types include single-family homes, two-to-four unit properties with the borrower living in one unit, and HUD-approved condominiums. Manufactured homes may qualify if they meet FHA standards and are on a permanent foundation. The property must be the borrowers primary residence.