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Showing 2 reverse mortgage specialists in North Adams, 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.
Greylock Federal Credit Union
131 Ashland St, North Adams, MA 01247
4136644477
Edward Jones - Financial Advisor: Rob Adams
71 Main St, North Adams, MA 01247
4136649253
What Does a Reverse Mortgage Specialist in North Adams Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal and title search. Total closing costs often range from 3,000 to 8,000 dollars depending on the property value. Annual servicing fees are usually capped at 35 dollars per month. This is general information and 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 North Adams 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 co-borrowers to qualify for the loan.
Do I need counseling before getting a reverse mortgage in Massachusetts?
Yes, Massachusetts law requires all reverse mortgage applicants to complete counseling with a HUD-approved agency. The counseling session must occur before you submit your application. This rule applies to all lenders in North Adams and across the state.
What property types qualify for a reverse mortgage in North Adams?
Qualifying property types include single-family homes, two to four unit properties, and FHA-approved condominiums. Manufactured homes may qualify if they meet HUD standards. The property must be your primary residence in North Adams Massachusetts.