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 10 reverse mortgage specialists in Royal Oak, 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.
Clear2 Mortgage
219 S Main St Ste 111, Royal Oak, MI 48067
2489700040
Mortgage City
1007 E 6th St, Royal Oak, MI 48067
2489308709
Omega Lending Group
115 S Main St #300, Royal Oak, MI 48067
2485988000
HomePal
303 W 4th St, Royal Oak, MI 48067
2489284992
Atlas Property Lending
309 S Main St, Royal Oak, MI 48067
2487392140
Fortress Home Mortgage, Inc.
1336 S Main St, Royal Oak, MI 48067
2485429158
Best Life Mortgage LLC
928 E 11 Mile Rd, Royal Oak, MI 48067
5865312751
Ross Mortgage Corporation
27862 Woodward Ave, Royal Oak, MI 48067
2485474700
Vet Loan Mortgage Service
230 Dewey St, Royal Oak, MI 48067
2482776060
Jason Kanaan - Clear2 Mortgage
219 S Main St, Royal Oak, MI 48067
2485792776
What Does a Reverse Mortgage Specialist in Royal Oak Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third party fees for appraisal and title work. For a home valued at 300,000 dollars these costs might range from 8,000 to 15,000 dollars. Costs 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 is a reverse mortgage specialist in Royal Oak Michigan?
A reverse mortgage specialist is a licensed professional who helps seniors in Royal Oak understand and apply for reverse mortgages. They explain Michigan specific rules such as the required counseling session and the non recourse limit that protects heirs.
Who qualifies for a reverse mortgage in Royal Oak?
To qualify you must be at least 62 years old and own your home outright or have a low mortgage balance. You must also live in the home as your primary residence and attend a HUD approved counseling session as required by Michigan law.
Are reverse mortgage proceeds taxable in Michigan?
Reverse mortgage proceeds are not considered taxable income by the state of Michigan or the IRS. However the loan must be repaid when you sell the home or move out permanently. Property taxes and insurance must still be paid on time.