Compare Massachusetts's Best Reverse Mortgages
Did You Know?
Your Home's Value
Age Matters
Top 10 Reverse Mortgage Lenders in Massachusetts
| Lender | Rating | Experience | Stars (0-5) | Good Reviews | Complaints | BBB |
|---|---|---|---|---|---|---|
| American Advisors Group (AAG) | A- | 18 Yrs. | 4.66 | 93% | 98 | Source |
| Cherry Creek Mortgage, LLC | A+ | 36 Yrs. | 3.75 | 75% | 6 | Source |
| Fairway Independent Mortgage | A+ | 27 Yrs. | 4.96 | 99% | 51 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 19 Yrs. | 1.67 | 33% | 15 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 19 Yrs. | 2.00 | 40% | 2 | Source |
| Longbridge Financial LLC | A+ | 10 Yrs. | 3.94 | 78% | 15 | Source |
| Mutual of Omaha Mortgage | A+ | 10 Yrs. | 4.85 | 97% | 47 | Source |
| Open Mortgage LLC | A+ | 20 Yrs. | 2.44 | 48% | 1 | Source |
| Reverse Mortgage Funding LLC | A+ | 10 Yrs. | 4.23 | 84% | 25 | Source |
The BBB is one of the last review sites that does not accept monetary influence in their ratings or posted reviews.
Massachusetts Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Massachusetts | Avg. Home Value |
| Massachusetts | 264,794 | 679 | 35 | 167 | $399,600 |
Massachusetts Lending Limits
Massachusetts Facts
Massachusetts is the 15th most populous state and is the 44th largest in terms of land size. As of 2017, the state had 6,859,819 estimated residents, and more than 80% of this population lives in the Boston metropolitan area. In 2010, Massachusetts had 1,116,677 residents over the age of 62, and the homeownership rate is at 62%.
Named for the native word “Massachuset” that means “by the range of hills”, colonization of the area took off when the Pilgrims landed in Plymouth in 1620. One of the original 13 colonies, it officially became a state in 1788.
Founded in 1630, the state’s largest city and its capital, Boston, has played heavily in American history, with events such as the ride of Paul Revere and the famous Tea Party happening there. Located just across the Charles River in Cambridge is the nation’s oldest institute of higher learning, Harvard University.
Both basketball and volleyball were invented in western Massachusetts towns in the last 1800s. The state has a long political history and is famously home to the politically prominent Kennedy family. The state also claims the world’s first chocolate chip cookie, made at the Toll House Restaurant in Whitman.
Massachusetts climate is classified as humid continental with cold winters and warm summers. Because of its location on the Atlantic, the state is susceptible to nor’easters, hurricanes, and tropical storms. The hottest day ever recorded was a toasty 107 degrees Fahrenheit on August 2, 1975, but the average high is 81 degrees Fahrenheit, and the average low is 22 degrees Fahrenheit.
After Boston, the next biggest city is Worcester, with a population of 184,542. The state’s leading industries are education, biotechnology, tourism, and financial services. As of 2018, 12 Massachusetts companies are on the national Fortune 500, including General Electric and Liberty Mutual.
The average home value in the state is $399,600, and prices are expected to rise an additional 8.7% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
Massachusetts Approved Reverse Mortgage Counseling Agencies
| Agency Name | Phone, Toll-Free, Fax Number, Email, Website, Agency ID |
Address | Languages | Parent Organization |
| CAMBRIDGE CREDIT COUNSELING CORPORATION | Phone: 800-757-1788 Toll-free: 800-527-7595 Fax: 888-569-6707 E-mail:housingcounseling@cambridgecredit.org Website: www.cambridge-credit.org Agency ID: 81323 |
67 Hunt Street AGAWAM, Massachusetts 01001-1920 |
- English - Italian - Polish - Spanish |
HOMEFREE - U S A |
| AMERICAN CONSUMER CREDIT COUNSELING | Phone: 800-769-3571 E-mail: N/A Website: www.consumercredit.com Agency ID: 82426 |
130 Rumford Ave Ste 202 Auburndale, Massachusetts 02466-1370 |
- English |
NATIONAL FOUNDATION FOR CREDIT COUNSELING, INC. |
| HOMEOWNER OPTIONS FOR MASSACHUSETTS ELDERS | Phone: 978-970-0012 Toll-free: 800-583-5337 Fax: 978-970-0015 E-mail:rachel.morin@elderhomeowners.org Website: www.elderhomeowners.org Agency ID: 81073 |
87 Hale Street LOWELL, Massachusetts 01851-3340 |
- English |
MON VALLEY INITIATIVE |
| PLYMOUTH REDEVELOPMENT AUTHORITY | Phone: 508-747-1620-147 E-mail:redevelopment@townhall.plymouth.ma.us Agency ID: 81840 |
26 Court Street, 3rd Floor PLYMOUTH, Massachusetts 02360-3365 |
- English - Other |
|
| NEIGHBORHOOD HOUSING SERVICES OF THE SOUTH SHORE AKA NEIGHBORWORKS SOUTHERN MASS | Phone: 617-770-2227 E-mail: N/A Website: www.nwsoma.org Agency ID: 82309 |
422 Washington St Quincy, Massachusetts 02169-5715 |
- Creole - English - Portuguese - Spanish |
NEIGHBORHOOD REINVESTMENT CORP. DBA NEIGHBORWORKS AMERICA |
| QUINCY COMMUNITY ACTION PROGRAMS, INC. | Phone: 617-479-8181 E-mail: N/A Website: qcap.org Agency ID: 81002 |
1509 Hancock St Quincy, Massachusetts 02169-5241 |
- Chinese Mandarin - Creole - English - Other - Portuguese - Spanish |
CITIZENS' HOUSING AND PLANNING ASSOCIATION, INC. |
| NUESTRA COMUNIDAD DEVELOPMENT CORPORATION | Phone: 617-989-9900 E-mail: amonteiro@nuestracdc.org Website: www.nuestracdc.org Agency ID: 81177 |
56 Warren St Ste 200 Roxbury, Massachusetts 02119-3236 |
- Creole - English - French - Spanish |
NEIGHBORHOOD REINVESTMENT CORP. DBA NEIGHBORWORKS AMERICA |
| COMMUNITY SERVICE NETWORK, INC. | Phone: 781-438-5981 Fax: 781-438-6037 E-mail: BrynaDavis@csninc.org Website: www.csninc.org Agency ID: 81850 |
136 Elm Street STONEHAM, Massachusetts 02180-3426 |
Did you know? Massachusetts state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Additional Resources:
Reversemortgage.org NRMLA Members in Massachusetts
HUD.GOV Approved Lenders Search