It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Massachusetts, don't hesitate to contact one of our specialists at any time.If you're 62 or older and call Massachusetts home, you may want to consider a reverse mortgage. Paying off Medical bills, performing home renovations, and enjoying a life with no monthly mortgage payment are just a few benefits that Massachusetts residents like you have seen from their reverse mortgages.
Why Apply for a Reverse Mortgage?Massachusetts seniors have several motives for considering a reverse mortgage, but it ultimately comes down to two factors: financial security and quality of life. Living on a fixed budget can be stressful, and many seniors are living with financial burdens, while their home's equity they fought so hard to build sits idle. A reverse mortgage offers borrowers access to that equity, either as a line of credit, monthly disbursement, lump sum payment, or a mixture of all three. Otherwise known as a home equity conversion mortgage, a reverse mortgage uses your current home equity to pay off your remaining mortgage, with any remaining money available for your use tax-free. The loan does not come due until you sell the home, no longer live in the home, or pass away.
Types of Reverse MortgagesMassachusetts residents can choose from a few variations of HECM loans, all FHA insured. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and loan interest rates are locked into the rate at the time of closing. Another HECM option is a line of credit loan which can offer a variety of options, including a draw on the line of credit at closing, monthly payments, or a full access to your line of credit when you need it. Lastly, One Reverse Mortgage offers a reverse mortgage for purchase, making it possible for seniors to purchase a home with no monthly payments.* This gives borrowers the option to purchase a home suited to their needs, or purchase a primary residence closer to family. No matter what type of reverse mortgage you choose, you are still required to pay property taxes and insurance. You must also keep the home properly maintained.
Finding Reverse Mortgage Specialists in MassachusettsFind the right reverse mortgage expert is easy with One Reverse Mortgage. We offer a numerous amount of licensed specialists throughout the United States. Massachusetts seniors, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.