Massachusetts AARP Reverse Mortgage

According to the results of several surveys conducted by AARP, most seniors would like to live in their own homes for as long as possible.  Massachusetts AARP reverse mortgages are one of the vehicles used by retirees to help accomplish this.

AARP has found that most people who decide to take out this type of loan, do so, in order to help pay for everyday expenses.  Very few surveyed, said that they used the money to take a vacation or spend the money for extravagances.  Massachusetts seniors living on fixed incomes are finding it more and more difficult to keep up with inflation and the rising costs of health care. Consequently, they are turning to Massachusetts AARP reverse mortgages as a way to tap into home equity without obligating themselves to any additional monthly mortgage payments.

With a traditional mortgage, you make payments to the lender.  With this type of loan the payments are reversed, and now the lender makes payments to you. The way that you can receive this reversed payment stream is your option.  You can take it as a lump sum, as a line of credit, as supplemental monthly income or a combination of any of these choices. Whatever way you choose to receive your proceeds, the money is Tax-Free and you never have to repay the loan as long as you live in your Massachusetts home.

Eligibility

To be eligible for a Massachusetts AARP reverse mortgage you and all persons on the title to your home must be at least 62 years old.  You must have substantial equity in your home, usually around 40 to 60%.  The equity that you have built up over the years must be able to sustain the youngest homeowners’ life expectancy.  Your Massachusetts home must be your primary residence.

There are no credit or income qualifications and the money you receive from your Massachusetts AARP reverse mortgage will not negatively affect your Social Security or Medicare benefits.

If you would like to check your eligibility, try our free reverse mortgage calculator.  Simply enter your date of birth, approximate value of your home, your zip code and any existing mortgage balance.  The results are an estimate, and should only be used as a guideline for what your eligible benefit amount might be.

After checking the reverse mortgage calculator results, you will want to request a Massachusetts AARP Reverse Mortgage quote.  This quote will be a personalized summary comparing several available loans and show you which one will provide you the highest amount of money.

Link to Massachusetts AARP