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A reverse mortgage loan is a special type of mortgage loan for seniors (generally age 62 and older).
Unlike a traditional mortgage, a reverse pays you loan proceeds drawn from your home's equity. No repayment is required until you no longer live in the mortgaged home. Reverse mortgage interest is calculated as compound interest.
Before getting a reverse mortgage you have to complete counseling by an approved agency. The Division of Banks (DOB) recommends attending counseling sessions in person. Don't be afraid to ask a family member or someone you trust to go to the counseling sessions with you.
Questions to ask during counseling:
A typical reverse mortgage loan has up front fees and costs. You should carefully review all fees and costs.
These fees may amount to thousands of dollars and increase the amount owed on your loan. Make sure you understand the total costs associated with the loan - ask questions and insist on answers.
Typical fees include:
Massachusetts law requires a 7-day cooling off period. That means you have the right not to proceed with the loan for 7 days after signing a loan commitment letter.
Federal and state laws also grant you the right to cancel the transaction within 3 business days from the date of closing your reverse mortgage loan.