JSMedia – The Top 10 Reverse Mortgage Lenders in the State of Michigan are HUD-approved companies. Among them are Liberty Home Equity Solutions, Quontic Bank, and Home Trust. The last one is a nationwide lender, and it has been serving homeowners since 2013. It is a member of the National Reverse Loans Association (NRMLA), and its president is also an officer. The company has a reputation for providing excellent service and transparency, and the Iron Clad Guarantee helps customers feel confident with their transaction.
As the name implies, Liberty Home Equity Solutions offers a no-fee service agreement, a 100% money back guarantee, and a price match guarantee. They also promise to close your reverse mortgage loan within 45 days without hidden fees. In addition, they have a Customer for Life program that offers free identity theft protection. Overall, these are excellent choices for those who want to get the best possible deal.
The Top 10 Reverse Mortgage Lenders in the State of Michigan should be able to provide you with a complete disclosure of costs. These costs are generally minimal and can be negotiated. The lender may also charge you an origination or servicing fee. These fees are usually negotiable, so it is worth your time to shop around for the best deal. If you’re in the market for a reverse mortgage in Michigan, make sure to check out all your options.
Top 10 Reverse Mortgage Lenders in Michigan
Longbridge Financial is another option. This traditional banking institution offers a variety of financial solutions, but does not offer HECM reverse mortgages. They are a member of the National Reverse Mortgage Lenders Association and have closed more than 100 reverse mortgages this year. This bank is a member in good standing with the National Reverse Mortgage Lenders Association. If you’re looking for a Michigan reverse mortgage, Quontic Bank should be your top choice.
While selecting a lender is an important decision, it’s important to remember that every lender will have different requirements and different rates. However, if you are considering a reverse mortgage in Michigan, you’ll want to consult a reverse mortgage guide to see what the various requirements are. You should also consider whether AARP’s list of the Top 10 Reverse Mortgage Lenders in Detroit is valid.
The amount of money you can borrow depends on the way you plan to use the proceeds of your reverse mortgage. The Federal Reverse Mortgage Lenders Association discourages homeowners from taking lump sums in their first year of the loan. Moreover, HUD limits the amount of cash a borrower can withdraw in a year. It is important to note that in some cases, HUD regulations restrict the amount of cash a homeowner can receive from a reverse mortgage.
RMF’s website offers an easy-to-use reverse mortgage calculator. This calculator allows the borrower to get an instant estimate of the total amount of money they can withdraw. This can save time and money. Unlike other reverse mortgage lenders, RMF is more transparent than other companies. In addition to a calculator, the reverse mortgage lender’s site has a library of helpful articles. If you have questions, you can visit the RMF website.
Quontic Bank is the second largest reverse mortgage lender in Michigan. They have an excellent reputation as an industry leader, and offer excellent service and expertise. There are three basic types of costs, and the initial cost of the loan will depend on the interest rates, private mortgage insurance, and the type of payment option you choose. Some other expenses associated with the loan include the appraisal and title search fees. The total cost of a reverse mortgage will range from $6,000 to $8000.
The largest reverse mortgage lender in Michigan is AAG. It has a long-standing reputation in the financial industry, and is considered to be the best overall reverse mortgage provider. Applicants will need to pay a fee, but the monthly payments will be affordable for the majority of people. They can even take advantage of special loans available for those with limited incomes. There are no minimum payments and interest rates for a jumbo reverse mortgage in Michigan.