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How To Get a Reverse Mortgage Massachusetts

Local Companies

JPMorgan Chase - Home Mortgage
(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA

Pioneer Financial Group
(617)8686300
1972 Massachusetts Avenue
Cambridge, MA

Omnify Software
978-988-3800
10 New England Business Center Drive
Andover, MA

First Call Mortgage Company
603-247-2885
100 Brickstone Square
Andover, MA

Emerson Lending
978-264-4803
179 Great Road
Acton, MA

American Honda Finance Corp
(413) 567-0844
171 Dwight Rd
Longmeadow, MA

MetLife Home Loans
508-667-2981
586 Kelly Boulevard
N. Attleboro, MA

SB Mortgage Group Inc
508-407-5430
206 Southbridge St
Auburn, MA

American Mortgage Resource, Inc.
(617)9728588
62 Mount Auburn Street
Watertown, MA

First Eagle Mortgage
978-777-7767
44 Maple Street
Danvers, MA

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Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home. Additionally, if you sell your home, the loan will need to be repaid in full. A reverse mortgage is not a decision that should be taken lightly. It seems like a great deal, but there are also many factors to consider. The steps below will help you through the process.

Decide which type of reverse mortgage fits you best. You can choose from a single-purpose reverse mortgage, which is given out by the government and nonprofit companies, a Home Equity Conversion Mortgage, which allows your mortgage to be insured by HUD, and a proprietary reverse mortgage, which is a fully private loan.
Make sure you meet the minimum requirements for the type of reverse mortgage you choose. These usually include being 62 or older, owning your own home (which may or may not have mortgage payments remaining on it), and using the home as your primary residence. Some programs may have their own requirements, such as income guidelines.
Determine what you can get from your home and if it is enough to fulfill your needs.
Determine how you will receive your funds. You can choose from lump sum payment, a line of credit (which you can access when you need), a monthly payment (which will be a set amount paid at the same time every month), or you can combine a number of methods if you need flexibility. Each of these options will have its own advantages or disadvantages depending on your situation.

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Author: Julie Bonner

Featured Local Company

JPMorgan Chase - Home Mortgage

(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
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Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History