Massachusetts Reverse Mortgage Requirements

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
TOWNE AND COUNTRY MORTGAGE SVCS INC 585 182,459,281
CONTINENTAL FUNDING CORP 522 147,542,392
FINANCE OF AMERICA REVERSE LLC 520 233,206,378
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
HARBOR MORTGAGE SOLUTIONS INC 368 119,032,202
ROCKLAND TRUST CO 347 112,662,400
SALEM FIVE MORTGAGE CO LLC 333 143,045,175
DIRECT FINANCE CORPORATION 326 112,906,850
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 320 158,598,935

Since 2012

Lender Loans Total Principal Limit
REVERSE MORTGAGE FUNDING LLC 829 355,197,735
ONE REVERSE MORTGAGE LLC 515 180,866,375
FINANCE OF AMERICA REVERSE LLC 490 224,631,378
IREVERSE HOME LOANS LLC 374 132,773,120
SLADE MORTGAGE GROUP INC 299 140,816,150
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 299 152,805,425
LIBERTY HOME EQUITY SOLUTIONS INC 296 93,823,075
HARBOR MORTGAGE SOLUTIONS INC. 269 126,024,775
DIRECT FINANCE CORPORATION 260 91,501,350
HOMESTEAD MORTGAGE LLC 258 113,597,275

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%

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 378
2 EAST FALMOUTH 2536 259
3 NEW BEDFORD 2740 250
4 MASHPEE 2649 241
5 QUINCY 2169 236
6 PEABODY 1960 227
7 MEDFORD 2155 212
8 BRAINTREE 2184 211
9 BROCKTON 2301 210
10 FAIRHAVEN 2719 199
11 REVERE 2151 196
12 MARSHFIELD 2050 192
13 TAUNTON 2780 192
14 BROCKTON 2302 192
15 NEW BEDFORD 2745 188
16 BREWSTER 2631 181
17 METHUEN 1844 181
18 BEVERLY 1915 172
19 RANDOLPH 2368 171
20 WOBURN 1801 166
21 ATTLEBORO 2703 163
22 MIDDLEBORO 2346 158
23 CENTERVILLE 2632 158
24 HARWICH 2645 157
25 SOUTH YARMOUTH 2664 157
26 DANVERS 1923 157
27 STOUGHTON 2072 155
28 FRAMINGHAM 1701 149
29 SALEM 1970 149
30 NATICK 1760 148

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

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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

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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

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