Find Reverse Mortgage Specialists Near You in Framingham, MA
Compare reverse mortgage specialists in Framingham. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Massachusetts before hiring.
Showing 13 reverse mortgage specialists in Framingham, MA
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A reverse mortgage specialist in Framingham Massachusetts helps homeowners aged 62 and older access home equity without monthly payments. Massachusetts law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. Framingham residents can use these loans to supplement retirement income or pay for home repairs.
What Does a Reverse Mortgage Specialist in Framingham Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee of up to 2 percent of the home value but capped at 6000 dollars. Closing costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The HUD counseling session costs about 125 dollars. These costs are usually rolled into the loan balance. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Framingham Massachusetts?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. Massachusetts law does not allow younger spouses to be excluded from the loan.
Do I need counseling before getting a reverse mortgage in Massachusetts?
Yes Massachusetts law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session must occur at least 30 days before you can sign any loan documents. The counselor will explain loan terms and alternatives.
What property types qualify for a reverse mortgage in Framingham?
Qualifying properties include single-family homes, two-to-four unit properties where you live in one unit, and FHA-approved condominiums. Manufactured homes may qualify if they meet HUD standards. The property must be your primary residence.