What are the requirements for getting a reverse mortgage in the state of Massachusetts? If you have heard about reverse mortgages then the thought of having no more house payments to make, and having access to the equity in your home is probably very appealing. A reverse mortgage is a type of loan, and like any loan there are requirements. If you meet those requirements then you should be able to qualify for a reverse mortgage and then all of the money problems you may have been struggling with should become a thing of the past.
Want to learn more? Click here to get free information about a reverse mortgage!
You Must Be 62 Years Of Age Or Older
The first requirement you have to meet is that you have to be at least 62 years old. Reverse mortgages are not meant for young working adults. They are meant for people that are either retired or are planning to retire in the near future.
You Must Still Live In Your MA Home
Another requirement of a reverse mortgage is that you must still live in the home, and you must continue to live in the home until you are ready to pay off the money you are borrowing. That means you can’t use a rental property for a reverse mortgage.
You Must Have A Low Mortgage Balance Or A Mortgage That Is Paid In Full
To qualify for a reverse mortgage you also have to have either a house that is fully paid off or a house that has a low balance remaining on the mortgage. You have to remember that this is a loan, and like all loans, the company lending you the money needs to look out for their own interests. The good news is that for most people this isn’t a problem. If you have lived in your home for a long time, then chances are you will have sufficient equity to qualify for a reverse mortgage.
You Have To Have The Financial Means To Pay Property Taxes And Insurance for Your Massachusetts Home
To qualify for a reverse mortgage you also need to be able to pay your MA property taxes and homeowner’s insurance. With a traditional mortgage, these expenses are normally paid out of the monthly payments you make, with a reverse mortgage this is no longer the case. As long as you can show that you can make these payments then qualifying for a reverse mortgage shouldn’t be a problem.
You May Have To Take A Credit Counseling Class
Depending upon the type of reverse mortgage you are getting there’s a good chance that you will have to take some type of credit counseling class before you can be approved. This class is usually free or low cost so it shouldn’t be cost prohibitive for you. The idea behind this class is to protect the homeowner and ensure that they know how a reverse mortgage works.
The MA Qualifications Are Probably Easier To Meet Than You Thought They Would Be
After learning what it takes to qualify for a reverse mortgage many people are genuinely surprised at how little there is to it. If you think that you meet all of these qualifications, and you are ready to unlock a better future for yourself, then a reverse mortgage is probably the right decision for you.
Want to learn more? Click here to get free information about a reverse mortgage!
Find a Reverse Mortgage Lender in Massachusetts
Lender | Loans | Total Principal Limit |
WELLS FARGO | 3,648 | 1,056,523,859 |
EVERBANK REVERSE MORTGAGE LLC | 1,268 | 328,066,890 |
FINANCIAL FREEDOM SENIOR FUNDING CORP | 1,190 | 331,880,356 |
REVERSE MORTGAGE FUNDING LLC | 829 | 355,197,735 |
BANK OF AMERICA | 765 | 233,963,450 |
ONE REVERSE MORTGAGE LLC | 716 | 238,873,445 |
METLIFE BANK NATIONAL ASSOCIATION | 707 | 233,762,131 |
AMSTON MORTGAGE | 609 | 162,329,317 |
FINANCE OF AMERICA REVERSE LLC | 591 | 278,530,053 |
TOWNE AND COUNTRY MORTGAGE SVCS INC | 585 | 182,459,281 |
CONTINENTAL FUNDING CORP | 522 | 147,542,392 |
EASTERN BANK | 505 | 176,593,060 |
IREVERSE HOME LOANS LLC | 502 | 175,350,720 |
DIRECT FINANCE CORP | 479 | 154,079,648 |
AAA SOUTHERN NEW ENGLAND BANK | 384 | 126,826,400 |
MUTUAL OF OMAHA MORTGAGE INC. | 370 | 216,294,850 |
HARBOR MORTGAGE SOLUTIONS INC | 368 | 119,032,202 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 364 | 185,736,660 |
SALEM FIVE MORTGAGE CO LLC | 348 | 153,118,000 |
ROCKLAND TRUST CO | 347 | 112,662,400 |
Since 2012
Lender | Loans | Total Principal Limit |
REVERSE MORTGAGE FUNDING LLC | 829 | 355,197,735 |
FINANCE OF AMERICA REVERSE LLC | 561 | 269,955,053 |
ONE REVERSE MORTGAGE LLC | 515 | 180,866,375 |
IREVERSE HOME LOANS LLC | 374 | 132,773,120 |
MUTUAL OF OMAHA MORTGAGE INC. | 370 | 216,294,850 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 343 | 179,943,150 |
SLADE MORTGAGE GROUP INC | 319 | 154,445,050 |
LONGBRIDGE FINANCIAL LLC | 308 | 170,019,125 |
LIBERTY HOME EQUITY SOLUTIONS INC | 296 | 93,823,075 |
HOMESTEAD MORTGAGE LLC | 287 | 133,805,875 |
MA Interest Rates
Current Rates
Date | Fixed Rate | Adjustable Rate |
2019-01-01 | 3.99% | 4.97% |
2019-02-01 | 4.68% | 4.81% |
2019-03-01 | 4.53% | 4.66% |
2019-04-01 | NA | 4.70% |
2019-05-01 | NA | 4.52% |
2019-06-01 | NA | 4.45% |
2019-07-01 | 4.56% | 4.04% |
2019-08-01 | 4.43% | 4.00% |
2019-09-01 | 4.56% | 3.84% |
2019-10-01 | 4.43% | 3.84% |
2019-11-01 | NA | 3.82% |
2019-12-01 | NA | 3.78% |
2020-01-01 | NA | 3.82% |
2020-02-01 | NA | 3.76% |
2020-03-01 | NA | 3.73% |
2020-04-01 | NA | 3.61% |
2020-05-01 | NA | 3.00% |
2020-06-01 | NA | 2.85% |
2020-07-01 | 3.06% | 2.79% |
2020-08-01 | 3.56% | 2.77% |
2020-09-01 | 3.43% | 2.76% |
2020-10-01 | NA | 2.79% |
2020-11-01 | NA | 2.70% |
2020-12-01 | 3.03% | 2.74% |
2021-01-01 | 3.26% | 2.63% |
2021-02-01 | 3.12% | 2.54% |
2021-03-01 | 3.16% | 2.47% |
2021-04-01 | 3.18% | 2.43% |
2021-05-01 | 3.06% | 2.22% |
2021-06-01 | 3.23% | 2.15% |
2021-07-01 | 3.28% | 2.09% |
2021-08-01 | 3.18% | 2.14% |
2021-09-01 | 3.31% | 2.13% |
2021-10-01 | 3.63% | 2.10% |
2021-11-01 | 3.25% | 2.01% |
2021-12-01 | 3.50% | 2.18% |
2022-01-01 | 3.06% | 2.16% |
2022-02-01 | NA | 2.30% |
2022-03-01 | 3.18% | 2.57% |
2022-05-01 | 4.83% | 3.54% |
2022-04-01 | 3.68% | 2.99% |
2022-06-01 | NA | 3.87% |
2022-07-01 | NA | 4.20% |
2022-08-01 | NA | 5.14% |
2022-09-01 | NA | 5.66% |
2022-10-01 | 5.18% | 5.97% |
2022-11-01 | 5.31% | 6.62% |
2022-12-01 | NA | 7.06% |
2023-01-01 | NA | 7.18% |
2023-02-01 | NA | 7.13% |
2023-03-01 | NA | 7.35% |
2023-04-01 | NA | 6.93% |
2023-05-01 | NA | 7.16% |
2023-06-01 | 6.56% | 7.15% |
2023-07-01 | 6.68% | 7.54% |
2023-08-01 | NA | 7.71% |
2023-09-01 | NA | 7.83% |
2023-10-01 | NA | 7.72% |
2023-11-01 | NA | 7.73% |
2023-12-01 | NA | 7.56% |
2024-01-01 | NA | 7.56% |
2024-02-01 | NA | 7.30% |
2024-03-01 | NA | 7.36% |
2024-04-01 | NA | 7.27% |
2024-05-01 | NA | 7.43% |
2024-06-01 | NA | 7.42% |
2024-07-01 | NA | 7.44% |
2024-08-01 | NA | 7.34% |
2024-09-01 | NA | 6.81% |
Historic Rates
Date | Fixed Rate | Adjustable Rate |
2016-01-01 | 5.06% | 3.27% |
2016-02-01 | 4.00% | 3.59% |
2016-03-01 | 4.90% | 3.58% |
2016-04-01 | NA | 3.65% |
2016-05-01 | 5.06% | 3.94% |
2016-06-01 | 5.06% | 3.94% |
2016-07-01 | 4.75% | 4.12% |
2016-08-01 | 5.06% | 4.08% |
2016-09-01 | NA | 4.12% |
2016-10-01 | 4.60% | 4.39% |
2016-11-01 | 5.06% | 4.37% |
2016-12-01 | 4.77% | 4.40% |
2017-01-01 | 5.02% | 4.57% |
2017-02-01 | 5.06% | 4.43% |
2017-03-01 | 5.07% | 4.40% |
2017-04-01 | 4.62% | 4.36% |
2017-05-01 | 5.06% | 4.32% |
2017-06-01 | 5.06% | 4.36% |
2017-07-01 | 5.06% | 4.34% |
2017-08-01 | 5.06% | 4.52% |
2017-09-01 | 5.04% | 4.53% |
2017-10-01 | 4.96% | 4.40% |
2017-11-01 | 4.90% | 4.48% |
2017-12-01 | 4.84% | 4.64% |
2018-01-01 | 5.06% | 4.65% |
2018-02-01 | 4.75% | 4.56% |
2018-03-01 | 5.06% | 4.65% |
2018-04-01 | 4.67% | 4.70% |
2018-05-01 | 4.52% | 4.88% |
2018-06-01 | 4.75% | 4.81% |
2018-07-01 | 4.65% | 4.75% |
2018-08-01 | 4.70% | 4.57% |
2018-09-01 | 4.81% | 4.73% |
2018-10-01 | 4.81% | 4.80% |
2018-11-01 | 4.08% | 4.70% |
2018-12-01 | 4.33% | 4.92% |
Top Cities in Massachusetts by Total HECM Loans Originated
Rank | City | Zip | Total |
1 | PLYMOUTH | 2360 | 389 |
2 | EAST FALMOUTH | 2536 | 273 |
3 | NEW BEDFORD | 2740 | 254 |
4 | MASHPEE | 2649 | 242 |
5 | QUINCY | 2169 | 238 |
6 | PEABODY | 1960 | 233 |
7 | BRAINTREE | 2184 | 216 |
8 | MEDFORD | 2155 | 215 |
9 | BROCKTON | 2301 | 213 |
10 | FAIRHAVEN | 2719 | 208 |
11 | MARSHFIELD | 2050 | 205 |
12 | REVERE | 2151 | 198 |
13 | TAUNTON | 2780 | 195 |
14 | BROCKTON | 2302 | 195 |
15 | NEW BEDFORD | 2745 | 194 |
16 | BREWSTER | 2631 | 189 |
17 | METHUEN | 1844 | 183 |
18 | BEVERLY | 1915 | 176 |
19 | RANDOLPH | 2368 | 172 |
20 | WOBURN | 1801 | 168 |
21 | ATTLEBORO | 2703 | 163 |
22 | SOUTH YARMOUTH | 2664 | 161 |
23 | DANVERS | 1923 | 161 |
24 | CENTERVILLE | 2632 | 161 |
25 | HARWICH | 2645 | 160 |
26 | MIDDLEBORO | 2346 | 159 |
27 | STOUGHTON | 2072 | 157 |
28 | NATICK | 1760 | 153 |
29 | FRAMINGHAM | 1701 | 152 |
30 | SALEM | 1970 | 152 |
Want to learn more? Click here to get free information about a reverse mortgage!
HECM Housing Counselors
AMERICAN CONSUMER CREDIT COUNSELING
130 RUMFORD AVE STE 202 AUBURNDALE, MA 02466-1370
(800) 769-3571
http://www.consumercredit.com
CAMBRIDGE CREDIT COUNSELING CORPORATION
67 HUNT STREET AGAWAM, MA 01001-1920
(800) 757-1788
http://www.cambridge-credit.org
COMMUNITY SERVICE NETWORK, INC.
136 ELM STREET STONEHAM, MA 02180-3426
(781) 438-5981
http://www.csninc.org
CREDIT.ORG – BURLINGTON
15NEW ENGLAND EXT PARK,STE.1069BURLINGTO BURLINGTON, MA 01803-5202
(855) 736-7800
http://www.homeownership.org/
HOMEOWNER OPTIONS FOR MASSACHUSETTS ELDERS
87 HALE STREET LOWELL, MA 01851-3340
(978) 970-0012
http://www.elderhomeowners.org
NAVICORE SOLUTIONS – MANSFIELD, MA
20 CABOT BLVD SUITE 300 MANSFIELD, MA 02048-1158
(732) 409-6281
http://www.navicoresolutions.org
NEIGHBORHOOD HOUSING SERVICES OF THE SOUTH SHORE AKA NEIGHBORWORKS SOUTHERN MASS
422 WASHINGTON ST QUINCY, MA 02169-5715
(617) 770-2227
http://www.nwsoma.org
NUESTRA COMUNIDAD DEVELOPMENT CORPORATION
56 WARREN ST STE 200 ROXBURY, MA 02119-3236
(617) 989-9900
www.nuestracdc.org
PLYMOUTH REDEVELOPMENT AUTHORITY
26 COURT STREET PLYMOUTH, MA 02360-3365
(508) 747-1620 ext 147
QUINCY COMMUNITY ACTION PROGRAMS, INC.
1509 HANCOCK ST QUINCY, MA 02169-5241
(617) 479-8181
http://qcap.org
THE HOUSING PARTNERSHIP NETWORK
1 WASHINGTON MALL, 12TH FL BOSTON, MA 02108-2603
(617) 370-8673
www.housingpartnership.net
Other Guides
- Alabama
- Alaska
- Arizona
- Arkansas
- Colorado
- Connecticut
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maine
- Michigan
- Minnesota
- Mississippi
- Missouri
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Utah
- Virginia
- Washington
- Wisconsin