Reverse mortgage specialists in Shrewsbury help homeowners aged 62 and older convert home equity into tax-free funds. Massachusetts law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Shrewsbury residents can use these funds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Shrewsbury Cost?
Typical costs for a reverse mortgage 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 such as appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars. These costs can be financed into the loan. 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.
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