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 2 reverse mortgage specialists in Feeding Hills, 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.
Melissa O'Strander Total Mortgage
525 Springfield St suite n, Feeding Hills, MA 01030
4139778155
Drew Snook Total Mortgage NMLS# 744095
525 Springfield St suite n, Feeding Hills, MA 01030
4132973034
What Does a Reverse Mortgage Specialist in Feeding Hills Cost?
Typical costs for a reverse mortgage in Massachusetts include an origination fee up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees such as appraisal and title search, which can range from $500 to $1,500. Closing costs generally total between $2,000 and $8,000 depending on the loan amount and lender. These costs can be financed into the loan rather than paid upfront. 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 Feeding Hills Massachusetts?
Borrowers must be at least 62 years old and own their home outright or have a small remaining mortgage. The property must be the primary residence, and the homeowner must complete a counseling session with a HUD-approved agency. Massachusetts law does not add extra age or income requirements beyond federal HECM rules.
How does Massachusetts law affect reverse mortgage proceeds and repayment?
Massachusetts follows federal HECM guidelines, so proceeds are not considered income for tax purposes. Repayment is due when the last borrower moves out, sells the home, or passes away. The state does not impose a separate waiting period or additional fees beyond standard federal requirements.
Are reverse mortgage proceeds taxable in Massachusetts?
No, reverse mortgage proceeds are considered loan advances, not income, so they are not subject to Massachusetts state income tax. However, interest on the loan is not deductible until the loan is repaid. Always consult a tax professional for your specific situation.