Reverse Mortgage Specialists in Braintree, MA
Browse reverse mortgage specialists serving Braintree, Massachusetts. Contact information and addresses listed below.
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 15 reverse mortgage specialists in Braintree, MA
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A reverse mortgage specialist in Braintree Massachusetts helps homeowners aged 62 and older convert part of their home equity into tax-free funds. Massachusetts law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. Braintree residents benefit from local specialists who understand Norfolk County property values and the state specific non-recourse protections.
What Does a Reverse Mortgage Specialist in Braintree Cost?
Typical costs for a reverse mortgage in Massachusetts include an origination fee 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 1500 to 3500 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. Annual mortgage insurance premiums are 0.5 percent of the loan balance. These costs are usually rolled into the loan rather than paid out of pocket. 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 age requirements for a reverse mortgage in Braintree 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 exceptions for younger spouses unless they are added as a non-borrowing spouse under HUD guidelines.
Do I need to complete counseling before getting a reverse mortgage in Massachusetts?
Yes Massachusetts law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. The session covers loan terms costs and alternatives. You must receive a signed certificate before the lender can process your application.
What happens if I outlive my reverse mortgage loan balance in Massachusetts?
In Massachusetts reverse mortgages are non-recourse loans. This means you or your heirs will never owe more than the home is worth at the time of sale. If the loan balance exceeds the home value FHA insurance covers the difference. You cannot be forced to sell as long as you live in the home and pay taxes and insurance.