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Showing 2 reverse mortgage specialists in Haverhill, 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.
Pentucket Bank
1 Merrimack St, Haverhill, MA 01830
9783727731
Drew Mortgage Associates
60 Bailey Blvd, Haverhill, MA 01830
9783738869
What Does a Reverse Mortgage Specialist in Haverhill Cost?
Typical costs for a reverse mortgage specialist in Massachusetts include an origination fee of up to 2 percent of the home value and a HUD mortgage insurance premium of 2 percent of the appraised value. Third party fees for appraisal title search and recording can add 2000 to 5000. Total upfront costs often range from 5000 to 15000. Costs vary by situation and loan amount. 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 Haverhill Massachusetts?
Borrowers must be at least 62 years old and own a primary residence in Haverhill. The home must be a single family unit or a condominium approved by HUD. Massachusetts law also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
Is there a mandatory counseling requirement for reverse mortgages in Massachusetts?
Yes Massachusetts law mandates that all reverse mortgage applicants complete a counseling session with a HUD approved agency. This session must occur before the loan application is submitted. The counselor explains loan terms costs and alternatives.