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Metro Detroit • 31 mortgage lenders profiles
Reverse Mortgage in Metro Detroit
Compare verified reverse mortgage lenders for homeowners 62 and older in Metro Detroit. Request a consultation and get HUD-approved counseling first.
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31Mortgage Lenders profiles
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Featured reverse mortgage pros
Top Reverse Mortgage Pros in Metro Detroit
Featured spots are paid placements shown first. The Verified badge records dated checks; other listed businesses have not been verified yet. Confirm current licensing, insurance and written scope with each provider.
Kin Capital Mortgage
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Kudos Financial
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Before you hire
Reverse Mortgage in Detroit: what to expect
A reverse mortgage in Detroit lets older homeowners turn home equity into cash without a monthly mortgage payment. The most common type is the FHA-insured Home Equity Conversion Mortgage (HECM). Retirees in Dearborn, Livonia, Warren, Harper Woods and across the city use it to pay off an existing mortgage, cover expenses, or set up a line of credit.
A HECM is available to homeowners 62 and older, for the home you live in most of the year, and you must first meet with a HUD-approved reverse mortgage counselor. You must keep paying property taxes, insurance and upkeep. The loan balance grows over time and generally becomes due when the last borrower moves out, sells or dies, which affects what heirs receive.
Involve family early and consider an estate planning attorney. Compare Metro Detroit lenders that originate HECMs.
What a good engagement includes
- HUD-approved counseling before you apply
- Explanation of payout options: lump sum, monthly, line of credit or a mix
- Financial assessment of your ability to pay taxes and insurance
- FHA appraisal and review of property condition
- Written disclosures of all costs and how the balance grows
- Explanation of rules for spouses and heirs
- Right to cancel explained before closing
What drives the fee
- Age of the youngest borrower
- Home value and FHA limits
- Existing mortgage balance to pay off
- Fixed or adjustable rate and payout choice
- FHA mortgage insurance premiums
- Origination, appraisal and closing charges
- Repairs required by the appraisal
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
Before a HECM application, federal rules require counseling from a HUD-approved agency that is independent of the lender. Be cautious of anyone who pressures you to buy other financial products with reverse mortgage proceeds.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Complete HUD-approved counseling before choosing a lender.
- Ask two or three lenders for written cost disclosures on the same payout plan.
- Compare origination charges, rate options and projected loan balance.
- Include your spouse and heirs in the conversation.
- Check each lender on NMLS Consumer Access.
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Common questions
Reverse Mortgage in Detroit: FAQ
For a HECM, homeowners 62 and older who live in the home as their principal residence, complete HUD-approved counseling, and can keep paying taxes, insurance and upkeep.
Your age, home value, interest rate, FHA limits and any existing mortgage. Rebuild Detroit does not quote amounts or rates.
The loan generally becomes due. Heirs can repay it, often by refinancing or selling the home, and keep any remaining equity.
Complete counseling first, then compare written offers from lenders that originate HECMs, and verify each on NMLS Consumer Access.
Get reverse mortgage consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.