Reverse Mortgage Specialists in Wellesley, MA
Compare reverse mortgage specialists in Wellesley. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Massachusetts before hiring.
Showing 2 reverse mortgage specialists in Wellesley, MA
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A reverse mortgage specialist in Wellesley, Massachusetts can help homeowners aged 62 and older access home equity without monthly payments. Massachusetts law requires borrowers to complete a counseling session with a HUD-approved counselor before obtaining a Home Equity Conversion Mortgage (HECM). The specialist can explain how Massachusetts property tax deferral programs interact with reverse mortgage proceeds.
What Does a Reverse Mortgage Specialist in Wellesley 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 for appraisal, title search, and recording. These costs can range from 3000 to 8000 dollars depending on the property value and loan type. 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 eligibility requirements for a reverse mortgage in Wellesley 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 HUD-approved counseling session before you can apply for a reverse mortgage.
How does a reverse mortgage affect my property taxes in Wellesley?
You remain responsible for paying property taxes and homeowners insurance. Massachusetts offers a property tax deferral program for seniors, but using a reverse mortgage to pay taxes could affect your eligibility. A specialist can review your specific situation.
Are reverse mortgage proceeds taxable in Massachusetts?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or the Massachusetts Department of Revenue. However, interest on the loan is not deductible until you pay it back. Consult a tax professional for your specific case.