A reverse mortgage specialist in Ann Arbor Michigan helps homeowners aged 62 and older convert home equity into tax-free funds without monthly mortgage payments. Michigan law requires borrowers to complete a HUD-approved counseling session before obtaining a Home Equity Conversion Mortgage HECM. Local specialists can guide you through the specific requirements for Washtenaw County including property value limits and occupancy rules.
What Does a Reverse Mortgage Specialist in Ann Arbor Cost?
In Michigan reverse mortgage costs include an origination fee capped at 6000 dollars or 2 percent of the home value whichever is less. The upfront mortgage insurance premium is 2 percent of the appraised value. Third-party fees for appraisal title search and recording typically add 1500 to 4000 dollars. Annual mortgage insurance premiums are 0.5 percent of the loan balance. Total closing costs usually range from 5000 to 12000 dollars. 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.
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Reverse Mortgage Specialists in Other Michigan Cities
Ada · Adrian · Allen Park · Auburn Hills · Battle Creek · Bay City · Berkley · Bingham Farms · Birmingham · Bloomfield Hills · Brighton · Brownstown Township · Byron Center · Canton Township · Chelsea