Best Reverse Mortgage Companies in Boston, MA

Best Reverse Mortgage Companies in Boston, MA

Reverse Mortgage Costs in Boston, MA

The 2023 HECM maximum nationwide claim amount—also known as the reverse mortgage lending limit—is $970,800 for all Massachusetts borrowers. In Boston, the cost of a reverse mortgage depends on:

• Age of borrower
• Home equity
• Lender fees
• Market interest rates
• Credit history
• Type of loan

Other fees include servicing, closing costs, mortgage insurance, and interest. Several factors impact the cost of a reverse mortgage in California: When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. Reverse mortgage origination fees are capped at $6,000.

How a Reverse Mortgage Works

A reverse mortgage allows borrowers to leverage their home equity for cash. Typically, borrowers use the money to supplement retirement income, cover the costs of necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts. You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties are not eligible. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender.

Boston, MA Reverse Mortgage Eligibility Requirements

Boston has a large population of seniors, which means many qualify for reverse mortgages. A reverse mortgage is a good financial tool for Boston, MA, retirees 62 and over who:

• Have paid off their homes
• Have significant equity but haven’t hit social security age yet
• Plan to stay in their homes

About 35% of Boston residents own their homes, according to the U.S. Census. For those who choose to stay in their homes, a reverse mortgage can finance renovations for aging in place and provide extra income to improve quality of life. Senior homeowners with less-than-perfect credit can easily qualify for a reverse mortgage. Boston homeowners over age 62 with the option to take out a HELOC or other type of home equity loan should not get a reverse mortgage. Before applying for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.

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Boston, MA Reverse Mortgage Company Reviews

Bank of England Mortgage Boston

Bank of England Mortgage Boston offers a wide range of home loans, including reverse mortgages. Some reverse mortgages might have a lower interest rate than a traditional mortgage and may not require monthly loan payments. Customers can call the company to find out more. Satisfied reviewers note that Bank of England Mortgage Boston’s loan officers went above and beyond and worked to get them the lowest rates.

• Responses to quotes in 20 minutes
• Online mortgage calculator

Bank of England Mortgage Boston
Address	200 Portland St, Boston, MA 02114
Phone Number	(617) 933-6041

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James Thom – Fairway Mortgage

James Thom of Fairway Mortgage is an independent broker agency offering reverse mortgages for borrowers 62 and over. This company specializes in getting loans turned around quickly and advocating for clients. Interested borrowers can apply or start a rate quote on the website or call to speak to an agent. Customers consistently give this business five stars for their staff’s excellent customer service, thorough knowledge of the mortgage industry, streamlined processes, and quick responses.

• Easy reverse mortgage evaluation
• Website has very informative reverse mortgage guidelines

James Thom – Fairway Mortgage
Address	37 Newbury St #6th, Boston, MA 02116
Phone Number	(617) 959-4885

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Geovanne Colon, Mortgage Broker NMLS #1880655

Geovanne Colon is an independent mortgage broker who specializes in helping clients qualify for the lowest rate their situation allows. Customers can call or email with questions about a reverse mortgage. Colon’s clients note that he is patient, knowledgeable, communicative, quick to respond, and a pleasure to work with. Reviewers consistently give him five stars and recommend his services for getting a better rate than what the bank.

• Online chat feature
• Free, no obligation quote

Geovanne Colon, Mortgage Broker NMLS #1880655
Address	19 Pilgrim Rd, Boston, MA 02215
Phone Number	(617) 821-1757

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Mortgage Network, Inc.

Mortgage Network, Inc. is a broker offering a full line of home financing solutions, including HECMs. The company’s reverse mortgage expert will help homeowners compare options. Mortgage Network, Inc partners with a large network of federal and state programs to bring the best loan products to clients. Over 100 reviewers gave this company five stars for personable and professional agents, timely service, and competitive rates. Clients appreciate the easy loan process and the support they received throughout the process.

• Dedicated reverse mortgage specialist
• 98% customer satisfaction rating

Mortgage Network, Inc.
Address	99 Conifer Hill Dr, Danvers, MA 01923
Phone Number	1 (800) 334-4648

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American Mortgage Resource, Inc. NMLS# MB22431

American Mortgage Resource, Inc. is an independent broker agency that offers HECMs with fixed and adjustable rate options. Visit the website to fill out an application or call to learn which HECM is best for you. American Mortgage Resource earned five stars from clients for low rates, quick closing, and resourceful loan officers. Customers appreciated that the staff went above and beyond to research the best options and navigate complex situations to get the best rates.

• Licensed in Massachusetts and New Hampshire
• Partnerships with 20 lenders

American Mortgage Resource, Inc. NMLS# MB22431
Address	2 Winter St Suite #202, Waltham, MA 02451
Phone Number	(617) 972-8588

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MJ Mortgage Corporation

MJ Mortgage Corporation offers reverse mortgages with a choice of lump sum, monthly income, line of credit, or a combination of all three. They aim to find customers the lowest rates. Clients consistently give this company five stars for outstanding service. Reviewers note that brokers are patient, prompt in returning calls, efficient, and professional. One customer commented that MJ Mortgage’s technological tools made the loan process smooth and simple.

• Services available in English, Spanish, and Portuguese
• Track record of getting documents to the bank within 20 days

MJ Mortgage Corporation
Address	627 Broadway, Everett, MA 02149
Phone Number	(617) 394-9177

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