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 9 reverse mortgage specialists in Portage, 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.
Dividend Mortgage
6204 Lovers Ln, Portage, MI 49002
2693218950
Kelli Peterson, Mortgage Loan Officer NMLS 2084054 Flagstar Bank
475 Romence Rd, Portage, MI 49024
2698232062
Cornerstone First Mortgage, NMLS 173855
601 E Centre Ave, Portage, MI 49002
2694920010
Jason Stiver - Mortgage Loan Consultant - Arbor Financial Credit Union
3275 W Centre Ave, Portage, MI 49024
2693657655
Premier Mortgage Team, NMLS# 2334
5220 Lovers Ln #140, Portage, MI 49002
2692934652
Albion Financial Inc
440 W Centre Ave # 1, Portage, MI 49024
2693831330
VanKal Capital Mortgage
1595 W Centre Ave # 103, Portage, MI 49024
2697609947
Contour Mortgage - Portage, Michigan
5100 Lovers Ln, Portage, MI 49002
2692518711
Beth 4 Mortgage
1595 W Centre Ave # 103, Portage, MI 49024
2692071874
What Does a Reverse Mortgage Specialist in Portage Cost?
Typical costs for a reverse mortgage specialist in Michigan include an origination fee up to $6,000 a mortgage insurance premium of 2% of the home value and third-party fees such as appraisal title and recording costs. Total closing costs often range from $5,000 to $15,000 depending on the home value and lender. Borrowers can finance these costs into the loan rather than paying out of pocket. 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 Portage Michigan?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet HUD minimum property standards. Michigan law also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
How much can I borrow with a reverse mortgage in Portage Michigan?
The amount depends on the youngest borrowers age current interest rates and the homes appraised value. In Michigan the maximum claim amount for a HECM loan is $1,089,300 as of 2024. A specialist can provide an estimate based on your specific situation.
Are reverse mortgage proceeds taxable in Michigan?
Reverse mortgage proceeds are not considered income by the IRS or the State of Michigan. Borrowers do not pay state income tax on the funds received. However interest on the loan is not deductible until the loan is repaid.