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Find Reverse Mortgage Specialists in Waterford Township, MI
Compare reverse mortgage specialists in Waterford Township. Review contact information and insurance categorys before you decide.
3 agents listed
Updated May 2026
Waterford Township, MI
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 3 reverse mortgage specialists in Waterford Township, 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.
Align Lending
2625 Pontiac Lake Rd, Waterford Township, MI 48328
2485065727
Lakefront Mortgage
1254 Meadowcrest Dr, Waterford Township, MI 48327
2487871681
Locked-IN Lending, LLC
670 Bow Ln, Waterford Township, MI 48328
2489172804
A reverse mortgage specialist in Waterford Township Michigan helps homeowners aged 62 and older convert home equity into cash without selling their property. Michigan law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Specialists guide clients through the process and explain how property taxes and insurance must remain current.
What Does a Reverse Mortgage Specialist in Waterford Township 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 and title work. Total closing costs often range from 5,000 to 10,000 dollars. These costs are usually 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
What are the age requirements for a reverse mortgage in Waterford Township Michigan?
Borrowers must be at least 62 years old. If a married couple applies and one spouse is under 62, the younger spouse may still be protected under recent HUD rules, but they must be listed on the loan.
Do I need to own my home free and clear to get a reverse mortgage in Michigan?
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 amount you can borrow depends on your home value, your age, and current interest rates.
What happens to the reverse mortgage when the borrower dies in Michigan?
When the last borrower dies, the loan becomes due. Heirs have 30 days to decide to pay off the loan or sell the home. Michigan law gives heirs additional time if they are working with the lender to resolve the loan.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Michigan.