Find Reverse Mortgage Specialists Near You in Bloomfield Hills, MI
Compare reverse mortgage specialists in Bloomfield Hills. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Michigan before hiring.
Showing 12 reverse mortgage specialists in Bloomfield Hills, MI
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A reverse mortgage specialist in Bloomfield Hills helps homeowners aged 62 and older convert part of their home equity into tax-free funds without selling their property. In Michigan, borrowers must complete a HUD-approved counseling session before applying. Local specialists can guide you through the specific requirements of the Michigan Homeowner Assistance Fund and state property tax deferral options.
What Does a Reverse Mortgage Specialist in Bloomfield Hills Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the homes value, and third-party closing costs like appraisal and title search. Total upfront costs often range from $8,000 to $15,000. These costs can be financed into the loan so you pay little out of pocket. 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 eligibility requirements for a reverse mortgage in Bloomfield Hills Michigan?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards. Michigan law requires a mandatory counseling session with a HUD-approved counselor before you can apply.
How much can I borrow with a reverse mortgage in Bloomfield Hills?
The amount depends on the age of the youngest borrower, the homes appraised value, and current interest rates. In Oakland County, home values are often above the national median, which can increase your borrowing limit. The maximum claim amount for FHA reverse mortgages is $1,089,300 in 2024.
Are reverse mortgage proceeds taxable in Michigan?
No, reverse mortgage proceeds are considered loan advances and are not taxable as income by the IRS or the State of Michigan. However, you remain responsible for property taxes and homeowners insurance. Interest paid on a reverse mortgage may be deductible when you file your federal taxes.