Massachusetts Lawyers Handling Reverse Mortgages

A reverse mortgage can help you pay off debt or ensure you have sufficient assets to maintain your quality of life. A reverse mortgage can help you handle unexpected health care expenses, make home improvements, pay off mortgages or provide you a source of income to protect your independence. Reverse mortgage money can be used for any purpose that is non-taxable.

At Fitzpatrick and Associates, P.C. in Tewksbury, Massachusetts, we use reverse mortgages as an effective estate planning tool when it is appropriate. We focus on providing a high level of client service; we take the time to understand your concerns and your individual circumstances. Contact us today for your free initial consultation, to discuss your legal issues and to determine your best options.

What is a Reverse Mortgage?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), allows homeowners who are more than 62 years old and live in their home to convert home equity into monthly income or a lump sum payment. Unlike a home equity loan though, a reverse mortgage does not require that you repay this money until the home is sold.

How We Can Help

Generally, the biggest complaint about reverse mortgages is that they can be very expensive. In reality, fees associated with reverse mortgages are similar to typical mortgage closing costs, with an extra federally required fee (insurance policy). The costs are not out-of-pocket, but come out of home equity. The federal government sponsors HECM loans and requires a high insurance payment in exchange for providing these loans. However, we regularly work with private companies that provide similar services that are less expensive.

We have extensive experience handling reverse mortgages. Our attorneys own a separate company, Reverse Mortgages Advisors, LLC, dedicated exclusively to dealing with these types of issues.

As experienced estate planning lawyers, we also understand the impact reverse mortgages may have on other government aid. We work with to you carefully plan your actions to ensure your spouse is not disqualified for potential future benefits.

Contact Fitzpatrick and Associates, P.C.

If you would like to learn more information about reverse mortgages, please contact us through email or call us at 978-640-0620.