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Showing 2 reverse mortgage specialists in Owosso, 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.
Metro Mortgage Group
405 E Main St, Owosso, MI 48867
9897233859
Success Group Mortgage
113 W Exchange St Suite 201, Owosso, MI 48867
9897204380
What Does a Reverse Mortgage Specialist in Owosso 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 closing costs such as appraisal title search and recording fees range from 2000 to 5000 dollars. Michigan also charges a mortgage recording tax of 0.55 percent of the loan amount. 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
Who is eligible for a reverse mortgage in Owosso Michigan?
Eligibility requires the homeowner to be at least 62 years old and own the home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. Michigan does not have additional state-specific eligibility rules beyond federal HECM requirements.
Do I have to pay Michigan property taxes with a reverse mortgage?
Yes you must continue to pay property taxes and homeowners insurance while the reverse mortgage is active. Michigan offers a Property Tax Deferment program for seniors that may help if you qualify. Failure to pay taxes can lead to loan default and foreclosure.
How does Michigan law affect reverse mortgage counseling?
Michigan requires all reverse mortgage borrowers to receive counseling from a HUD-approved agency before applying. The counseling session typically takes 60 to 90 minutes and covers loan terms costs and alternatives. This is a federal requirement that Michigan enforces for all HECM loans.