Compare Reverse Mortgage Specialists in Ypsilanti, MI
Browse reverse mortgage specialists serving Ypsilanti, 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 3 reverse mortgage specialists in Ypsilanti, 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.
A reverse mortgage specialist in Ypsilanti can help older homeowners access home equity without monthly payments. Michigan law requires borrowers to complete HUD approved counseling before applying. Local specialists understand Washtenaw County property values and Michigan homestead exemption rules.
What Does a Reverse Mortgage Specialist in Ypsilanti 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 such as appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars. Costs vary by loan amount and lender. 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 Ypsilanti Michigan?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement under federal HUD rules. Michigan does not have a separate state age requirement beyond the federal minimum.
Do I need counseling to get a reverse mortgage in Michigan?
Yes. Michigan law requires all reverse mortgage applicants to complete a counseling session with a HUD approved counselor. This session must occur before you submit a loan application. The counselor will explain costs and alternatives.
What types of reverse mortgages are available in Ypsilanti?
The most common option is the Home Equity Conversion Mortgage or HECM which is insured by the Federal Housing Administration. Proprietary reverse mortgages are also available for higher value homes. Michigan law does not restrict the type of reverse mortgage you can choose.