Find Reverse Mortgage Specialists Near You in Haverhill, MA
Compare reverse mortgage specialists in Haverhill. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Massachusetts before hiring.
Showing 2 reverse mortgage specialists in Haverhill, MA
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A reverse mortgage specialist in Haverhill Massachusetts helps seniors aged 62 and older convert home equity into loan proceeds. Massachusetts law requires borrowers to complete HUD-approved counseling before obtaining a Federal Housing Administration insured Home Equity Conversion Mortgage. This service is useful for Haverhill residents who want to supplement retirement income without selling their home.
What Does a Reverse Mortgage Specialist in Haverhill Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee of up to 2 percent of the home value and a HUD mortgage insurance premium of 2 percent of the appraised value. Third party fees for appraisal title search and recording can add 2000 to 5000. Total upfront costs often range from 5000 to 15000. Costs vary by case and loan amount. 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 eligibility requirements for a reverse mortgage in Haverhill Massachusetts?
Borrowers must be at least 62 years old and own a primary residence in Haverhill. The home must be a single family unit or a condominium approved by HUD. Massachusetts law also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
Is there a mandatory counseling requirement for reverse mortgages in Massachusetts?
Yes Massachusetts law mandates that all reverse mortgage applicants complete a counseling session with a HUD approved agency. This session must occur before the loan application is submitted. The counselor explains loan terms costs and alternatives.
What are the typical costs of a reverse mortgage in Haverhill Massachusetts?
Costs include an origination fee up to 2 percent of the home value a mortgage insurance premium of 2 percent and third party fees for appraisal title and recording. Total closing costs often range from 5000 to 15000 depending on the property value and loan type.