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Showing 3 reverse mortgage specialists in Chelsea, 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.
Boston Mortgage Services
471 Eastern Ave, Chelsea, MA 02150
6179422428
Natalia Berbesi at Rate (NMLS #753220)
157 Washington Ave Suite 1L, Chelsea, MA 02150
9782963856
Rate
157 Washington Ave Suite 1L, Chelsea, MA 02150
9782963856
What Does a Reverse Mortgage Specialist in Chelsea Cost?
Typical costs for a reverse mortgage in Massachusetts include an origination fee of up to 2 percent of the homes value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 2,000 to 8,000. These costs can be rolled into the loan. 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 Chelsea?
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 counseling session with a HUD-approved agency before you can apply.
Can I lose my home with a reverse mortgage in Massachusetts?
Yes, if you fail to pay property taxes, homeowners insurance, or maintain the home. Massachusetts law gives you a 60-day grace period to cure a default. You must also continue living in the home as your primary residence.
How much money can I get from a reverse mortgage in Chelsea?
The amount depends on your age, the homes appraised value, and current interest rates. In Massachusetts, the maximum loan limit for 2024 is $1,149,825 for most areas. Younger borrowers typically receive less than older borrowers.