Compare Reverse Mortgage Specialists in Owosso, MI
Directory of reverse mortgage specialists in Owosso, Michigan. Verify credentials with the state state mortgage licensing authority before hiring.
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 Owosso, MI
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A reverse mortgage specialist in Owosso Michigan helps homeowners aged 62 and older convert part of their home equity into cash without selling the home. Michigan law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Local specialists can guide you through the process and explain how Michigan property tax deferral programs may interact with reverse mortgages.
What Does a Reverse Mortgage Specialist in Owosso Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party closing costs such as appraisal title search and recording fees range from 2000 to 5000 dollars. Michigan also charges a mortgage recording tax of 0.55 percent of the loan amount. These costs can be financed into the loan. 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
Who is eligible for a reverse mortgage in Owosso Michigan?
Eligibility requires the homeowner to be at least 62 years old and own the home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. Michigan does not have additional state-specific eligibility rules beyond federal HECM requirements.
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. Michigan offers a Property Tax Deferment program for seniors that may help if you qualify. Failure to pay taxes can lead to loan default and foreclosure.
How does Michigan law affect reverse mortgage counseling?
Michigan requires all reverse mortgage borrowers to receive counseling from a HUD-approved agency before applying. The counseling session typically takes 60 to 90 minutes and covers loan terms costs and alternatives. This is a federal requirement that Michigan enforces for all HECM loans.