Find Reverse Mortgage Specialists Near You in Auburn Hills, MI
Browse reverse mortgage specialists serving Auburn Hills, 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 Auburn Hills, 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 Auburn Hills Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee (up to 2% of the home value, capped at $6,000), a mortgage insurance premium (2% upfront plus 0.5% annually), and third-party costs like appraisal ($400-$600) and counseling ($125-$150). Closing costs generally range from $2,000 to $5,000. These costs can be financed into the loan. This is general information, 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 eligibility requirements for a reverse mortgage in Auburn Hills Michigan?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be a primary residence, and the borrower must complete a HUD-approved counseling session. Michigan law also requires that the home meets FHA property standards.
How does Michigan law affect reverse mortgage proceeds?
Michigan exempts reverse mortgage proceeds from state income tax. However, the loan balance can affect eligibility for certain state benefits like Medicaid. Borrowers should consult a specialist to understand how proceeds interact with Michigan property tax deferral programs.
What happens to a reverse mortgage when the borrower moves or passes away in Michigan?
The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs in Michigan have 30 days to decide to pay off the loan or sell the property. If the home is sold for less than the loan balance, FHA insurance covers the difference.