Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the Massachusetts before hiring.
Showing 4 reverse mortgage specialists in Milford, MA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Bay Equity Home Loans - Milford, MA
154 West St, Milford, MA 01757
5084730111
Fariba Karbasi
409 Fortune Blvd Suite 205, Milford, MA 01757
6179628515
Guaranteed Rate of Milford
230 Main St Office 1, Office 2, Milford, MA 01757
6177780024
First Home Mortgage Corporation
100 Medway Rd # 202, Milford, MA 01757
5084739500
What Does a Reverse Mortgage Specialist in Milford Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees like appraisal and title search. These costs can total 3000 to 8000 dollars depending on the home value. 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 Milford Massachusetts?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence. Massachusetts law also requires you to attend a counseling session with a HUD-approved agency before you can apply.
How does Massachusetts law affect reverse mortgage payouts?
Massachusetts does not have a state-specific reverse mortgage program, but it follows federal HUD guidelines. Payouts can be taken as a lump sum, monthly payments, or a line of credit. The amount you can borrow depends on your age, home value, and current interest rates.
Can a reverse mortgage be foreclosed in Massachusetts?
Yes, if you fail to pay property taxes, homeowners insurance, or maintain the home. Massachusetts law requires lenders to provide notice before foreclosure. You must also continue to live in the home as your primary residence to avoid default.