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 20 reverse mortgage specialists in Southfield, 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.
Extreme Loans
29444 Northwestern Hwy, Southfield, MI 48034
8002490080
John Adams Mortgage Company
26261 Evergreen Rd Ste. 510, Southfield, MI 48076
2482083900
Mortgage Center
26555 Evergreen Rd #900, Southfield, MI 48076
8003534449
DynaGen Lending
28588 Northwestern Hwy Suite 400, Southfield, MI 48034
2489702744
Fairway Independent Mortgage Corporation
17170 W 12 Mile Rd, Southfield, MI 48076
2485697283
Mortgage Resource Plus, Inc
29201 Telegraph Rd #611, Southfield, MI 48034
2486424600
Assure Loans
29500 Telegraph Rd # 200, Southfield, MI 48034
2489295764
Estate Financial
18000 W Nine Mile Rd, Southfield, MI 48075
2489702475
Lending Pros
24725 W 12 Mile Rd Suite 340, Southfield, MI 48034
2482237800
Prime Home Lending
24725 W 12 Mile Rd Ste. 316, Southfield, MI 48034
2489974900
Independence Home Loans
3000 Town Center suite 2950, Southfield, MI 48075
4808055574
Mr. Brian McWilliams @ Block Mortgage LLC
19485 W 10 Mile Rd, Southfield, MI 48075
2485084150
Extreme Loans: Trevor Aspiranti
29444 Northwestern Hwy, Southfield, MI 48034
5862061390
Paramount Mortgage Group
29777 Telegraph Rd, Southfield, MI 48034
2483276585
Great Lakes Lending MI, LLC
20700 Civic Center Dr Suite 360, Southfield, MI 48076
2484796400
Michael Sparks at CrossCountry Mortgage
29777 Telegraph Rd Suite 1560, Southfield, MI 48034
2487031334
Amber Shavers - Mortgage Lender
28475 Greenfield Rd Ste 113 PMB 35894, Southfield, MI 48076
2484698996
Block Mortgage LLC
19485 W 10 Mile Rd, Southfield, MI 48075
2485084150
Express Mortgage Lending, Inc.
18700 W 10 Mile Rd, Southfield, MI 48075
2484836208
Mortgage By Joe
20750 Civic Center Dr, Southfield, MI 48076
5862144389
What Does a Reverse Mortgage Specialist in Southfield Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to $6,000 a mortgage insurance premium of 2% of the home value and third-party fees for appraisal title and recording. Total closing costs often range from $5,000 to $15,000 depending on the home value and lender. Costs can be financed into the loan so no upfront payment is required. 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 Southfield 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 does not have additional state-specific eligibility rules beyond federal requirements.
How much can I borrow with a reverse mortgage in Southfield?
The amount depends on the youngest borrowers age the home value and current interest rates. In Michigan the maximum claim amount for an FHA reverse mortgage is $1,149,825 for 2024. A specialist can provide an estimate based on your specific situation.
Are reverse mortgage proceeds taxable in Michigan?
No reverse mortgage proceeds are not considered income for federal or Michigan state tax purposes. However interest on the loan is not deductible until the loan is paid off. Consult a tax professional for your specific case.