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 Michigan before hiring.
Showing 10 reverse mortgage specialists in Lansing, 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.
MI Home Loan Team with Supreme Lending
620 S Creyts Rd, Lansing, MI 48917
5173212300
The Joseph Team
500 N Homer St, Lansing, MI 48912
5178535110
Lake Trust Credit Union
6440 S Pennsylvania Ave, Lansing, MI 48911
8882677200
HomeLoans
4601 W Saginaw Hwy # J, Lansing, MI 48917
5173239380
American Portfolio Mortgage Corporation
15851 S Old U.S. 27 building 10 suite 12, Lansing, MI 48906
5172588408
Glacier Financial
7200 W Saginaw Hwy, Lansing, MI 48917
5178538700
US Capital Mortgage Partners
1300 N Waverly Rd, Lansing, MI 48917
5173515626
Celink
3900 Capital City Blvd, Lansing, MI 48906
8666540020
Mortgage one
4600 W Saginaw Hwy, Lansing, MI 48917
5177120271
South River Mortgage
8164 Executive Ct suite c, Lansing, MI 48917
8442306679
What Does a Reverse Mortgage Specialist in Lansing Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee up to 2% of the home value, a mortgage insurance premium of 2% of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 2,000 to 6,000 dollars depending on the home value and loan type. These costs can be financed into the loan rather than paid upfront. 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 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 HUD property standards. Michigan law also requires a mandatory counseling session with a HUD-approved counselor before the loan application.
How does Michigan law affect reverse mortgage proceeds?
Michigan does not tax reverse mortgage proceeds as income. However, borrowers must continue paying property taxes and homeowners insurance. If the borrower moves out or passes away, the loan becomes due and the home may be sold to repay the balance.
What happens if I outlive my reverse mortgage loan in Michigan?
A HECM reverse mortgage is a non-recourse loan, meaning you will never owe more than the home is worth at the time of sale. In Michigan, if the loan balance exceeds the home value, the Federal Housing Administration insurance covers the difference. You can live in the home as long as you meet loan obligations.