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A reverse mortgage is a very different type of loan from a conventional mortgage. In a conventional mortgage, the loan is given to buy a house, but in a reverse mortgage, the loan is obtained by releasing or selling the equity of a house already owned. A reverse mortgage is only given to senior citizens. The purpose is to ensure that these people can live well using the money they receive. They are free to spend the money anyway they want.

To qualify for Massachusetts reverse mortgage, there are several requirements that need to be fulfilled. Only senior citizens of at least 62 years old can get a reverse mortgage. As the purpose of reverse mortgage is to make life easier for these people, there is no minimum income requirement. However, the borrower must pay off any remaining mortgages from the property. Note that proceeds from a reverse mortgage can be used to pay off the conventional mortgage. Borrowers are also required to attend 2 kinds of counseling by professional counselors to make sure that they understand what a reverse mortgage is and how they can get it. Once they fulfill these requirements, borrowers will be eligible for a reverse mortgages lenders New Hampshire.

Get free reverse mortgage quotes using this Reverse Mortgage Calculator.