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Directory of reverse mortgage specialists in Novi, Michigan. Verify credentials with the state mortgage licensing authority before hiring.
7 agents listed
Updated May 2026
Novi, MI
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 7 reverse mortgage specialists in Novi, 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.
New American Funding - Novi, MI
41050 W 11 Mile Rd, Novi, MI 48375
2482150319
Limetree Lending of Michigan
39555 Orchard Hill Pl # 600, Novi, MI 48375
7348374033
Pathway Mortgage
39555 Orchard Hill Pl, Novi, MI 48375
2485877007
Insight Loans
27780 Novi Rd #210, Novi, MI 48377
8778505626
AFI Financial Inc - Michigan
42400 W 9 Mile Rd STE W5, Novi, MI 48375
8772340600
Valley Lending
24110 Meadowbrook Rd Suite 113, Novi, MI 48375
2483460468
MortgageRight
42400 Grand River Ave # 111, Novi, MI 48375
7342599400
A reverse mortgage specialist in Novi Michigan helps homeowners age 62 and older convert home equity into tax free funds. Michigan law requires borrowers to complete HUD approved counseling before applying for a Home Equity Conversion Mortgage. Local specialists guide clients through the process and ensure compliance with state regulations.
What Does a Reverse Mortgage Specialist in Novi Cost?
Typical costs for a reverse mortgage 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 for appraisal and title work. Total closing costs often range from 2,000 to 6,000 dollars depending on the loan amount and property value. 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 Novi Michigan?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be a primary residence and meet HUD property standards. Michigan law does not add extra age or income requirements beyond federal HECM rules.
Do I need to attend counseling for a reverse mortgage in Michigan?
Yes. Michigan requires all reverse mortgage applicants to complete a counseling session with a HUD approved counselor. This session covers loan terms, costs, and alternatives. The counselor must be independent from the lender.
Can a reverse mortgage be foreclosed in Michigan?
Yes if the borrower fails to pay property taxes, homeowners insurance, or maintain the home. Michigan law gives a 30 day notice period to cure a default before foreclosure proceedings begin. Borrowers should stay current on all obligations to avoid this risk.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Michigan.