Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

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Information On Reverse Mortgages For MA Seniors

Reverse mortgages may be beneficial in certain circumstances. It is essential to understand the advantages and risks in order to make an educated decision. This article offers information on reverse mortgages for MA seniors.

Reverse Mortgage Explanation

A reverse mortgage is a special type of mortgage that allows you to get cash for the equity in your home. However, it differs from other types of loans in that home owners do not have to make monthly payments towards the loan. The mortgage is paid back when the borrowers no longer occupy the home as their primary residence or no longer comply with the requirements of the mortgage. The amount owed includes the cash taken out, interest on the reverse mortgage, and other associated fees.

Qualification Criteria for Reverse Mortgages

Not every home owner can use a reverse mortgage. You must…

  • Be age 62 or older.
  • Own a property that you live in as a primary residence.
  • Have a property type that fits HUD guidelines.
  • Have equity in the property.
  • Have attended a reverse mortgage counseling session.

 

How Much Can You Borrow?

The amount of a reverse mortgage is based on how old you are, the prevailing mortgage rates, the appraised value of the residence, and FHA mortgage insurance limitations. Older borrowers are allowed to use a higher amount equity. Cash can be disbursed as a lump sum, in monthly increments, or through a line of credit.

More Information On Reverse Mortgages For MA Seniors

Reverse mortgage options are provided by most mortgage companies. The closing costs are traditionally more than other mortgage options, so it should only be used by homeowners who do not qualify for traditional loans. Program terms and fees can vary, so it would be wise to obtain quotes from a few different companies. The information on reverse mortgages for MA seniors provided in this article is intended simply as an overview. Requirements may vary, so consult with reverse mortgage professionals for details based on your situation.  For additional information, contact Christopher Graves at 978-376-5389 or christopher.d.graves@gmail.com

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.