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 5 reverse mortgage specialists in Southgate, 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.
Total Home Lending
1 Heritage Pl, Southgate, MI 48195
3135985119
KS Mortgage Group
15755 Northline Rd, Southgate, MI 48195
3136035626
PNC Mortgage
14951 Dix Toledo Rd, Southgate, MI 48195
7342815406
Liberty Mortgage Financial LLC
12377 Longtin St Suite 1, Southgate, MI 48195
7343537370
Jarvis & Associates Mortgage & Realty, Llc
13136 Veronica St, Southgate, MI 48195
7342580503
What Does a Reverse Mortgage Specialist in Southgate Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to 6000 dollars, a mortgage insurance premium of 2 percent of the home value, and third party costs like appraisal and title search. Total closing costs often range from 5000 to 15000 dollars depending on the home value and loan type. 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 age requirements for a reverse mortgage in Southgate Michigan?
Borrowers must be at least 62 years old. If you have a spouse under 62 they may have limited rights under Michigan law so it is important to discuss this with a specialist.
Do I need to own my home free and clear to get a reverse mortgage in Southgate?
No you do not need to own your home free and clear. You can use a reverse mortgage to pay off an existing mortgage. The home must be your primary residence and meet FHA property standards.
What happens to my reverse mortgage if I move out of Southgate Michigan?
If you move out of the home for more than 12 consecutive months the loan becomes due and payable. This includes moving to a nursing home or assisted living facility. Michigan law does not change this federal requirement.