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 13 reverse mortgage specialists in Reading, 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.
NewFed Mortgage Corp
32 Lincoln St, Reading, MA 01867
6172935242
Tower Home Loans
306 Main St, Reading, MA 01867
7813990064
Guild Mortgage - Dan Bello
553 Main St, Reading, MA 01867
7818840755
NewFed Mortgage - Karen Costin
32 Lincoln St, Reading, MA 01867
7814628723
Guild Mortgage Company
553 Main St, Reading, MA 01867
7818840751
George Rodgers- Salem Five Mortgage
8 Walkers Brook Dr, Reading, MA 01867
9787205081
Clayton Amorim – Tower Home Loans, NMLS #1795376
306 Main St, Reading, MA 01867
8778070677
Guild Mortgage - Joe Pagliarulo Jr
553 Main St, Reading, MA 01867
6175942266
Guild Mortgage - Joe Lombardo
553 Main St, Reading, MA 01867
7818840758
NewFed Mortgage: Max Kelley
32 Lincoln St, Reading, MA 01867
9783192888
Lenice Araujo – Tower Home Loans, NMLS #1914707
306 Main St, Reading, MA 01867
5087820109
Priscila Cremon – Tower Home Loans, NMLS #1528137
306 Main St, Reading, MA 01867
8778070677
Guild Mortgage - Joe Lane
553 Main St, Reading, MA 01867
7818840751
What Does a Reverse Mortgage Specialist in Reading Cost?
Typical costs for a reverse mortgage in Massachusetts include an origination fee of up to 2% of the first $200,000 of home value plus 1% of the amount above that, an upfront mortgage insurance premium of 2% of the appraised value, and third-party closing costs such as appraisal and title fees. Total costs often range from $5,000 to $15,000 depending on the home value and lender. 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 Reading 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. A HUD-approved counseling session is required by Massachusetts law before you can apply.
How much money can I get from a reverse mortgage in Reading?
The amount depends on your age, the value of your home, and current interest rates. In Massachusetts, the maximum claim amount for an FHA-insured Home Equity Conversion Mortgage is capped at $1,089,300 for 2024. Older homeowners generally qualify for a larger percentage of their home equity.
Do I have to pay back a reverse mortgage while I live in my Reading home?
No. You do not need to make monthly payments as long as you live in the home, pay property taxes and homeowners insurance, and maintain the property. The loan becomes due when you sell the home, move out permanently, or pass away.