Reverse Mortgage Specialists in Brownstown Township, MI
Looking for a reverse mortgage specialist in Brownstown Township? Review the directory below to compare your options.
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 5 reverse mortgage specialists in Brownstown Township, 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 Brownstown Township Cost?
In Michigan reverse mortgage costs include an origination fee of up to $6,000 or 2% of the home value whichever is less. The upfront mortgage insurance premium is 2% of the appraised value. Third-party fees for appraisal title search and recording typically range from $500 to $1,500. Annual mortgage insurance premiums are 0.5% of the loan balance. These costs are usually rolled 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 Brownstown Township?
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 HUD property standards. Michigan law also requires you to attend a counseling session with a HUD-approved agency.
How much can I borrow with a reverse mortgage in Michigan?
The amount depends on your age the appraised home value and current interest rates. In 2024 the maximum claim amount for FHA-insured reverse mortgages is $1,089,300. Older borrowers generally qualify for higher loan amounts.