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Compare Massachusetts's Best Reverse Mortgages

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The minimum qualifying age for a reverse mortgage is 62. If you are within 6 months from your next birthday, I will automatically calculate you a year older.
Tip! Don’t forget to include your spouse’s age, even if they are not yet 62, as loan proceeds are always based on the age of the youngest spouse.
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From America's #1 Rated Reverse Mortgage Lender

 Top 10 Reverse Mortgage Lenders in Massachusetts

Lender Name Years in Business Rating Stars (0-5.0) Positive Reviews Complaints BBB Reviews
Longbridge Financial, LLC 6 A+ 3.5 70% 2 Source
American Advisors Group (AAG) 14 A- 4.1 82% 53 Source
Reverse Mortgage Funding LLC 6 A+ 3.0 50% 8 Source
One Reverse Mortgage, LLC (QUICKEN)
11 A+ 3.0 50% 3 Source
Liberty Home Equity Solutions, Inc. (OCWEN) 15 A+ 2.1 42% 2 Source
Retirement Funding Solutions (RFS) 9 A+ (N/A) (N/A) 1 Source
Fairway Independent Mortgage 23 A+ 2.1 42% 21 Source
HighTech Lending Inc. 13 A- 2.0 60% 2 Source
Finance of America Reverse LLC (FAR) 15 A+ 1.0 20% 2 Source
*Source: Lender Ratings as of 04/12/2020

 

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 $765,600 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

Massachusetts Reverse Mortgages
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