Reverse Mortgage Specialists in East Lansing, MI
Compare reverse mortgage specialists in East Lansing. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Michigan before hiring.
Showing 11 reverse mortgage specialists in East Lansing, MI
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A reverse mortgage specialist in East Lansing Michigan helps homeowners aged 62 and older convert part of their home equity into tax-free funds. Michigan law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Specialists guide clients through the unique requirements of Michigan property tax deferral programs and local housing market conditions.
What Does a Reverse Mortgage Specialist in East Lansing Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. Michigan also requires a HUD counseling fee of about 125 to 250 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 eligibility requirements for a reverse mortgage in East Lansing Michigan?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet FHA property standards. Michigan law also requires a counseling session with a HUD-approved counselor before application.
How does a reverse mortgage affect Michigan property taxes in East Lansing?
A reverse mortgage does not change property tax obligations. Homeowners must continue paying property taxes and homeowners insurance. Michigan offers a property tax deferral program for seniors that can help manage these costs while using a reverse mortgage.
Can I lose my home with a reverse mortgage in East Lansing Michigan?
Yes if you fail to pay property taxes or homeowners insurance or if you move out of the home for more than 12 consecutive months. Michigan law requires lenders to notify borrowers of any potential default and provide a cure period before foreclosure.