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Showing 2 reverse mortgage specialists in Clawson, 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.
Mortgage One Funding
1055 W Maple Rd Suite 200, Clawson, MI 48017
8009543211
Arcadia Lending
329 W 14 Mile Rd, Clawson, MI 48017
2486321025
What Does a Reverse Mortgage Specialist in Clawson Cost?
Typical costs for a reverse mortgage specialist 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 5,000 dollars. These costs can be financed into the loan. 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 Clawson Michigan?
Borrowers must be at least 62 years old to qualify for a Home Equity Conversion Mortgage HECM in Michigan. All owners listed on the title must meet this age requirement.
Do I need counseling to get a reverse mortgage in Michigan?
Yes Michigan law requires all reverse mortgage applicants to complete counseling with a HUD approved counselor. This session must happen before you can submit a loan application.
Can a reverse mortgage affect my Michigan property taxes?
A reverse mortgage does not eliminate your property tax obligation. You must continue to pay property taxes and homeowners insurance. Michigan offers a Property Tax Deferral program for seniors that may help.