209 CMR 32.33 Requirements for reverse mortgages
12 CFR 226.33 Requirements for Reverse Mortgages
Selected case law
James B. Nutter & Co. v. Murphy, 478 Mass. 664 (2018)
A reverse mortgage did not contain the formal language of "statutory power of sale," but only said that the company could “invoke the power of sale and other remedies permitted by applicable law." The SJC held that, given that this was a reverse mortgage, and not a traditional mortgage, "where the lender cannot hold the borrower personally liable for the debt, and where the lender’s only recourse on default is to obtain repayment through a foreclosure sale," "the only reasonable and practical interpretation of the mortgage was that it incorporated the statutory power of sale."
Approved reverse mortgage lenders and loan programs, Massachusetts Division of Banks
Lists approved lenders in Massachusetts
Foreclosure of Reverse Mortgages, Nolo.com
Information on when a lender or servicer can foreclose on a reverse mortgage
Home Equity Conversion Mortgages for Seniors, US Dept. of Housing and Urban Development
Provides links to detailed information for seniors and lenders
Industry Guidance on Reverse Mortgage Loans, Massachusetts Division of Banks
"Information for banks, credit unions, and lenders seeking to make reverse mortgage loans in the Commonwealth."
Reverse Mortgage Book: Everything You Need to Know Explained Simply, Atlantic Publishing, 2008
Detailed coverage of the various types of reverse mortgages. Requires library card for access.
Reverse mortgage loans, Massachusetts Division of Banks
Provides information on issues to consider and steps that must be taken to get a reverse mortgage loan
Reverse Mortgages, AARP
Discusses the advantages and disadvantages of reverse mortgages, how they work, and other options to consider
A Risky Lifeline for the Elderly is Costing Some Their Homes, NY Times, October 14, 2012
Outlines the pitfalls of reverse mortgages
Mortgage lending, NCLC, 2019, Chapter 9
|Last updated:||November 21, 2019|