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Showing 2 reverse mortgage specialists in Swartz Creek, 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.
Skylar Mortgage Company
5370 Miller Rd #12, Swartz Creek, MI 48473
8107336400
Chase Mortgage
4459 Paul Fortino Dr, Swartz Creek, MI 48473
8102305000
What Does a Reverse Mortgage Specialist in Swartz Creek Cost?
Typical costs for a reverse mortgage in Michigan include an origination fee up to 2 percent of the home value an upfront mortgage insurance premium of 2 percent of the appraised value and third party fees for appraisal title and credit report. Total costs often range from 3000 to 8000 dollars. These costs can be financed into the loan. 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 age requirements for a reverse mortgage in Swartz Creek?
Borrowers must be at least 62 years old. All homeowners on the title must meet this age requirement. Michigan law does not add any additional age restrictions beyond the federal HUD rule.
Do I have to pay property taxes while using a reverse mortgage in Michigan?
Yes you must continue to pay property taxes and homeowners insurance. Failure to pay can lead to loan default and possible foreclosure. Michigan law does not waive these obligations for reverse mortgage holders.
Can a reverse mortgage be foreclosed in Michigan?
Yes foreclosure is possible if the borrower fails to pay taxes or insurance or does not maintain the home. Michigan law requires lenders to follow the same foreclosure process as traditional mortgages. The borrower or their heirs can sell the home to satisfy the loan balance.