The Division of Banks (DOB) in Massachusetts and the Executive Office of Elder Affairs (EOEA) recently announced approval of new Proprietary (Jumbo) reverse mortgage programs in addition to the HUD FHA-insured Home Equity Conversion Mortgage (HECM) reverse mortgage.
With these new programs, Braintree-based Harbor Mortgage is approved to offer home and condominium owners Jumbo (Proprietary) reverse mortgages. These Proprietary programs are non-insured reverse mortgage programs offered by private lenders and generally provide funding amounts greater than HECM limits.
Harbor Mortgage is licensed and approved to offer the Proprietary program in Massachusetts.
founder of Harbor Mortgage
“The introduction of these programs provides Massachusetts home and condominium owners access to greater funding amounts, more choices, and fewer eligibility limitations,” explained George Downey, CRMP, founder of Harbor Mortgage and a 40-year veteran in the Massachusetts real estate and residential mortgage business.
Dedicated to serving the unique home financing and often complex needs of senior home and condominium owners, Harbor Mortgage focuses on providing seniors looking to age-in-place or transitioning to retirement living, with a better understanding about housing wealth, HECM and Jumbo reverse mortgage programs.
The team’s specialty is consulting to professional advisers and homeowners on the various methods housing wealth can be utilized and coordinated with financial management to achieve greater results and extend retirement security.
Downey continued, “Home equity, referred to as ‘housing wealth’, has become an important and valuable resource to improve financial planning and extend retirement security. If, how, and when to use it is a key question. Every situation is different and the options are increasing as new programs emerge to meet the changing times.”
Home and condominium owners interested in learning more about their options may contact Harbor Mortgage at 781-843-5553, or visit HarborMortgage.com.
About Harbor Mortgage
Harbor Mortgage Solutions, Inc. is a family-owned, residential mortgage company serving Massachusetts and Rhode Island. Recognized as a leading housing wealth management authority, Harbor Mortgage is dedicated to serving the unique home financing and often complex needs of senior homeowners, while also promoting those needs among consumers, professional advisors, state legislators and industry regulators.
Harbor Mortgage (NMLS #2846, MA-MB2846, and RI 20041821LB) is located in Braintree, MA. For more information, contact 781-843-5553 or visit HarborMortgage.com.
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