REVERSE MORTGAGE
Reverse mortgages can be used to pay for home care in Massachusetts:
WHAT IS A REVERSE MORTGAGE?
A reverse mortgage is a loan that allows homeowners to access the equity they've built up in their home. The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the U.S. Federal Government.
HOW CAN A REVERSE MORTGAGE BE USED?
Reverse mortgage proceeds can be used for a variety of purposes, including:
Home care
Home repairs
Medical expenses
Long-term care
Assisted living or nursing home care
Paying off high-interest credit cards
Ensuring a reliable income stream
WHO CAN GET A REVERSE MORTGAGE?
Reverse mortgages are only available to homeowners who are 62 years of age or older.
HOW MUCH CAN BE BORROWED?
The maximum amount that can be borrowed depends on several factors, including the home's value, the homeowner's age, interest rates, and equity owned.
WHERE TO GET INFORMATION ON LENDERS?
You can get information on lenders from the Department of Business and Consumer Protection (DOB) and Housing and Urban Development (HUD) at no cost.
You may also call Heritage Home Care™ at 781-725-AMPM (2676) for more information and referrals to local mortgage brokers in your area.