Get A Massachusetts Reverse Mortgage

Martha's Vineyard is perhaps one of the most beautiful coastal treasures in the Northeast. The vast sandy beaches, lush rolling hills, quaint shops, and beautiful homes draw thousands to this area every year. Nearly 15,000 residences live on the 87 square mile island year round and in the summer this number swells to nearly 75,000. According to the U.S. Census, nearly 16.6% of islanders were 65 years or older in 2000. Analysts predict that the 2010 Census may show an increase in senior population by as much as 26 percent!

As an increased number of seniors flock to the island, agencies are doing their part to meet the needs of the growing elderly population. In order to insure the housing needs of seniors, agencies provide a number of assistance and loan programs. One option many are looking into is a Massachusetts reverse mortgage.

Attaining a Massachusetts Reverse Mortgage

A Massachusetts reverse mortgage on Martha's Vineyard can help seniors 62 years old or older live comfortable in their beautiful island homes. A Massachusetts reverse mortgage is available to any senior that meets the age and home equity requirement. For those who are 62 years old or older and have a fair amount of equity in their island home, a reverse mortgage can be the key to maintaining your standard of living throughout retirement. As long as you live in the home at least six months out of the year and remain current on taxes, insurance, and home repairs, there will never be another monthly mortgage payment required!

A Massachusetts reverse mortgage is designed to help seniors maintain their lifestyle, health care costs and monthly expenses. After paying off the existing loan on the house the remaining funds of a Massachusetts reverse mortgage can be used however a borrower sees fit. The Massachusetts reverse mortgage can also be used to consolidate debt, supplement monthly income, or to renovate a home! There are no restrictions on this money because it is drawn from the borrower's retained equity.

Massachusetts Reverse Mortgages Provide Added Protection for Seniors

Massachusetts was one of the first colonies to become a state and one of the first states to establish increased protection for seniors during the reverse mortgage loan process. A reverse mortgage is a federally-insured loan backed by the Federal Housing Administration (FHA). It allows seniors to use the equity of their home to take out a loan and use the funds however they would like.

One of the federal requirements is that a borrower must receive financial counseling from a HUD approved counselor before approving a reverse mortgage.In addition, Massachusetts state law upholds that a borrower has the right to a seven day cooling off period where they have the right to withdraw from the reverse mortgage seven days after signing the loan commitment letter if they wish to do so. This added protection insures that the Massachusetts state government is looking out for Massachusetts reverse mortgage applicants and their best interest.

To learn about a Massachusetts reverse mortgage talk to a loan expert that specializes in Massachusetts to see how a Massachusetts reverse mortgage can positively affect a person's retirement.