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In the Commonwealth, reverse mortgage loans must be made in accordance with programs which have been reviewed and approved by the Commissioner of Banks. Reverse mortgage loan programs submitted to the Division for approval must meet the requirements of M.G.L. c. 167E, §7. This provision applies to Massachusetts state-chartered banks and all other mortgagees pursuant to M.G.L. c. 183, §67. Massachusetts state-chartered credit unions seeking to make reverse mortgage loans must request approval of a program meeting the requirements set forth in M.G. L. c. 171, §65.
These programs must provide for certain borrower protections such as:
In addition to receiving an approval of its reverse mortgage loan program under the above statutory provisions, a lender must hold a valid mortgage lender license, or qualify for an exemption from licensing under G.L. c. 255E, §2, in order to make reverse mortgage loans.
Entities intending to broker reverse mortgage loans must hold a valid mortgage broker license, or qualify for an exemption, in the Commonwealth and are limited to acting in the capacity of a broker for reverse mortgage programs offered by lenders which are approved by the Commissioner of Banks. Loan originators of reverse mortgage loans must be appropriately licensed pursuant to G. L. c. 255F, added by Chapter 206 of the Acts of 2007. See the Division's Approved Reverse Mortgage Lender List www.mass.gov/dob
209 CMR 32.33
209 CMR 32.33
RESPA and its implementing regulation, Regulation X requires that borrowers with loans secured with a mortgage placed on a one-to-four family residential property receive certain disclosures at or before settlement. A few of these disclosures reflect the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers.Click on the link below to learn more about RESPA.
Submit a written request for approval to the Division of Banks, 1000 Washington Street, 10 th Floor, Boston, MA 02118-6400. Lenders not approved to make reverse mortgages in the Commonwealth must cease from making such loans until a written approval is obtained. Contact 617-956-1500 if you have questions.
The following list provides an overview of some of the information that must be submitted with the application:
Please be advised that the preceding information is not a comprehensive list of all documents that should be provided with the application for approval. Lenders seeking approval of a reverse mortgage program should review Massachusetts General Laws, Chapter 167E §7, which provides a detailed description of the statutory requirements.
Industry Letter - Important Information on Changes to Massachusetts Reverse Mortgage Counseling Requirements Effective August 1, 2014
Reverse Mortgage Loans: What Borrowers Need to Know
Approved Reverse Mortgage Lenders and Loan Programs
Industry Letter on Recent HUD Changes to Home Equity Conversion Mortgage (HECM)- Reverse Mortgage Mortgagee Letters 2013-27 and 2013-28
Other Helpful Resources
Reverse Mortgage In Person Counseling Guidance