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When it comes to Reverse Mortgages, Education is the key. Our pledge to you, is to complete the education process, so you are able to make an informed decision. We always encourage prospective clients to invite family members to be a part of the discussion with us during the education process. " Big Enough to Deliver...Small Enough to Care." Established in 1992. Serving the Reverse Mortgage needs of New England. All Reverse Mortgage Products offered are FHA Insured Reverse Mortgages. Home Equity Conversion Mortgage (HECM). Licensing Agencies National Mortgage Licensing System (NMLS 2896)Massachusetts Mortgage Broker License #MB0532 #MB2896Connecticut Mortgage Broker License - #19215,Rhode Island Mortgage Broker License - #98000906LB "Rhode Island Licensed Broker"New Hampshire Mortgage Broker License #5487-MBR,Licensed by the New Hampshire Banking Dept.Maine Mortgage License Loan Broker #CSO9563 Towne & Country Mortgage Services, Inc. d/b/a Reverse Mortgage of New England Main Office: 30 Manmar Drive Plainville, MA 02762 |
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.