Compare Reverse Mortgage Specialists in Lexington, MA
Compare reverse mortgage specialists in Lexington. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Massachusetts before hiring.
Showing 5 reverse mortgage specialists in Lexington, MA
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A reverse mortgage specialist in Lexington Massachusetts helps homeowners aged 62 and older convert home equity into cash without monthly payments. Massachusetts law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Specialists guide clients through the process including property eligibility and loan disbursement options specific to the Lexington area.
What Does a Reverse Mortgage Specialist in Lexington Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party costs such as appraisal title search and recording fees range from 1000 to 3000 dollars. HUD counseling fees are usually 125 to 150 dollars. These costs can be financed into the loan. 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 Lexington Massachusetts?
Borrowers must be at least 62 years old. If the home is owned jointly both spouses must meet the age requirement. Massachusetts law follows federal HECM guidelines for age eligibility.
Do I need counseling to get a reverse mortgage in Massachusetts?
Yes Massachusetts requires all borrowers to complete a counseling session with a HUD-approved counselor before applying. The session covers loan terms costs and alternatives. This requirement applies to all reverse mortgages in the state including those in Lexington.
Can I lose my home with a reverse mortgage in Lexington?
You can lose your home if you fail to pay property taxes homeowners insurance or maintain the property. Massachusetts law gives lenders the right to foreclose if these obligations are not met. Borrowers must continue to live in the home as their primary residence.