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	<title>Massachusetts Estate Planning and Elder Law &#187; reverse mortgage</title>
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	<link>http://www.hamilllawoffice.com</link>
	<description>Estate planning, elder law, special needs, probate, guardianship. Leanna Hamill, Hingham</description>
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		<title>Reverse Mortgage Information for Consumers</title>
		<link>http://www.hamilllawoffice.com/real-estate/reverse-mortgage-information-for-consumers/</link>
		<comments>http://www.hamilllawoffice.com/real-estate/reverse-mortgage-information-for-consumers/#comments</comments>
		<pubDate>Wed, 20 Aug 2008 14:19:41 +0000</pubDate>
		<dc:creator>Leanna Hamill</dc:creator>
				<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[reverse mortgage]]></category>

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		<description><![CDATA[The Commonwealth of Massachusetts has launched a new website to help consumers make wise choices about Reverse Mortgages.&#160; The site explains that a &#34;reverse mortgage loan is a special type of mortgage loan for seniors
(generally age 62 and older) that pays a homeowner loan proceeds drawn
from accumulated home equity. Unlike a traditional home equity loan [...]]]></description>
			<content:encoded><![CDATA[<p>The Commonwealth of Massachusetts has launched a <a href="http://www.mass.gov/?pageID=ocasubtopic&amp;L=6&amp;L0=Home&amp;L1=Consumer&amp;L2=Banks+%26+Banking&amp;L3=Loans+%26+Mortgages&amp;L4=Education+%26+Consumer+Alerts&amp;L5=Reverse+Mortgage+Loans&amp;sid=Eoca">new website</a> to help consumers make wise choices about Reverse Mortgages.&#160; The site explains that a &quot;reverse mortgage loan is a special type of mortgage loan for seniors<br />
(generally age 62 and older) that pays a homeowner loan proceeds drawn<br />
from accumulated home equity. Unlike a traditional home equity loan or<br />
second mortgage loan, no repayment is required until the borrower(s) no<br />
longer use their home as their principal residence.&quot;</p>
<p>The site outlines the pros and cons of obtaining a reverse mortgage, explains the fees and ramifications of obtaining a reverse mortgage and has <a href="http://www.mass.gov/?pageID=ocaterminal&amp;L=6&amp;L0=Home&amp;L1=Consumer&amp;L2=Banks+%26+Banking&amp;L3=Loans+%26+Mortgages&amp;L4=Education+%26+Consumer+Alerts&amp;L5=Reverse+Mortgage+Loans&amp;sid=Eoca&amp;b=terminalcontent&amp;f=dob_reverseapproved&amp;csid=Eoca">a list of the approved reverse mortgage lenders</a> in Massachusetts. </p>
<p>Especially important is the section on red flags to watch out for: </p>
<ul>
<li>Sales tactics involving the required or suggested purchase of<br />
annuities, other investments, long term care insurance or other types<br />
of insurance policies with proceeds from the loan.</li>
<li>Sales tactics involving contractors looking for proceeds to pay for home repairs.</li>
<li>Being<br />
advised to transfer title to the property out of you or your spouse&#39;s<br />
name to qualify for the loan. Understand the legal consequences of<br />
title transfers.</li>
<li>Being advised to have loan proceeds payable to third parties, and not you as the borrower(s).</li>
<li>Estate<br />
planning services that offer to refer you to a lender for a fee or<br />
percentage of the loan. You can obtain information on lenders from the<br />
Division of Banks and HUD at no cost.</li>
</ul>
<p><a href="http://www.mass.gov/?pageID=ocasubtopic&amp;L=6&amp;L0=Home&amp;L1=Consumer&amp;L2=Banks+%26+Banking&amp;L3=Loans+%26+Mortgages&amp;L4=Education+%26+Consumer+Alerts&amp;L5=Reverse+Mortgage+Loans&amp;sid=Eoca">Click here to visit the website.&#160; </a></p>
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