Compare Reverse Mortgage Specialists in Springfield, MA
Compare reverse mortgage specialists in Springfield. Review contact information and insurance categorys before you decide.
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
State Mortgage Licensing Authority of Massachusetts before hiring.
Showing 6 reverse mortgage specialists in Springfield, 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.
What Does a Reverse Mortgage Specialist in Springfield 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 2000 to 4000 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. These costs are usually financed into the loan. 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 is a reverse mortgage and how does it work in Springfield Massachusetts?
A reverse mortgage allows homeowners 62 or older to convert part of their home equity into cash. In Massachusetts you must keep current on property taxes and homeowners insurance. The loan is repaid when you sell the home or move out permanently.
What are the Massachusetts requirements for getting a reverse mortgage?
Massachusetts law requires a mandatory counseling session with a HUD-approved agency before you apply. You must also own your home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards.