To our consumers who are deaf or hard of hearing

Effective August 1, 2008, the Office of Consumer Affairs will commence the use of relay service via MassRelay. Customer assistance is available to answer your relay calling questions. MassRelay Customer Service is available 7 days a week, 24 hours per day, 365 days a year.

Deaf and Hard of Hearing Users
800-720-3480

Hearing Users
800-720-3479

Email:marelay@hamiltonrelay.com

State Launches New Reverse Mortgage Web Site for Seniors

BOSTON--August 15, 2008 -- With the popularity of reverse mortgage loans on the rise among Massachusetts senior citizens, the Office of Consumer Affairs and Business Regulation (OCABR) and the Executive Office of Elder Affairs (EOEA) today launched a new web site, www.mass.gov/reversemortgage, to provide information and guidance to borrowers about these types of products.

Reverse mortgages are loans that enable senior homeowners, typically 62 years and older, to convert the equity in their home into income.  Many seniors turn to these types of products to help supplement Social Security income or pay for unexpected expenses.  A reverse mortgage lender typically lends the borrower money based on several factors, including the value of the property, the age of the borrower and the accumulated equity in the home.  Borrowers have a choice of various payment options, including a lump sum payment at settlement, monthly installments or a line-of-credit that enables a borrower to draw money when he or she chooses, until the line of credit is exhausted.  Repayment on the loan is generally not required until the borrower is deceased or does not permanently reside at the property. More information...