Massachusetts has been a state that has had a lot of firsts: the first subway, the first public park, the first Dunkin Donuts, the first college, etc. This could be why Massachusetts’ seniors are helping to lead the way in reverse mortgage knowledge. A Massachusetts reverse mortgage is a special type of loan designed for borrowers at least 62 years of age who own their homes. The Massachusetts reverse mortgage allows a person to borrow a portion of the equity they have retained in their home. The amount a person is allowed to borrow is determined by the age of the youngest borrower, the value of the home and the expected interest rate with the Massachusetts reverse mortgage program chosen.
With a Massachusetts reverse mortgage, borrowers will not only have a chance to eliminate their monthly mortgage payment, but also obtain access to additional funds. Get more info…