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Harbor Mortgage Solutions

Founder of Braintree, MA-based Harbor Mortgage Solutions honored by NRMLA; President elected to Board

December 9, 2022 //  by admin

BRAINTREE, NORWELL AND WEYMOUTH, MA… George Downey, CRMP, founder of Braintree-based Harbor Mortgage Solutions and a 40-year industry professional in the Massachusetts real estate and residential mortgage business, has been recognized by the National Reverse Mortgage Lenders Association (NRMLA) with a distinguished service award. The firm’s president, Chris Downey, George’s son, has been elected to the Board of Directors for the 2023 term.

George Downey, a Certified Reverse Mortgage Professional and a longtime reverse mortgage industry advocate, previously served on the Board of Directors of the NRMLA and has been a consistent member of the reverse mortgage trade organization for 13 years. He was recognized by the NRMLA’s executive committee during their Annual Meeting and Expo in early November.

George Downey, CRMP
George Downey, CRMP

Downey worked as a team with Brett Kirkpatrick, his longtime partner at Harbor, promoting legislative reform for Massachusetts senior homeowners over the years. Downey has authored numerous articles on issues related to senior financing and reverse mortgage. His specialty is consulting to professional advisers and homeowners on home equity or “housing wealth” as an important and valuable resource to improve financial planning and extend retirement security. He is a frequent guest speaker on radio shows and public forums promoting senior education and best practices for reverse mortgages and retirement planning.

Previously, Downey served 13 years on the board of the Massachusetts Mortgage Association and was an education member of the Massachusetts Chapter of the National Academy of Elder Law Attorneys. He has been a longtime activist in community service, including on Emeriti Board of Directors of the Greater Boston Food Bank and as Past President of the Boston College Alumni Association Board of Directors. He was a co-founder and Board Chair of Christmas in April*Boston (renamed Rebuilding Together® Boston), a charity that repairs and refurbishes the homes of low-income families and senior homeowners in the Greater Boston area.  In 2003, he received the Massachusetts Point of Light Award, which recognized his role in developing the Rebuilding Together Boston program in Massachusetts. He is a resident of Weymouth, MA.

“I’m truly honored to receive the NRMLA’s recognition and proud to have had the opportunity to serve on the Board,” said Downey. “I’d also like to credit my longtime colleague and partner Brett Kirkpatrick, who has been instrumental in many of our company’s efforts and diligently worked with me on many legislative issues.”

Chris Downey, president of Harbor Mortgage Solutions, has been elected to the NMRLA Board of Directors for the 2023 term. Chris Downey has been with the firm for over 35 years and succeeded his father as president in 2004. He oversees conventional mortgage activities at Harbor, as well as the general management of the firm. 

Chris Downey, who is a resident of Norwell, MA has also been an active volunteer in community service programs, including Big Brothers Big Sisters, the Greater Boston Food Bank, Second Helping, and Rebuilding Together® Boston (formerly Christmas In April * Boston).

“I’d like to thank the NRMLA executive committee and I look forward to representing the NRMLA and continuing the legacy of my father,” said Chris Downey.

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.

Founder of Braintree, MA-based Harbor Mortgage Solutions honored by NRMLA; President elected to BoardRead More

Category: Client NewsTag: Harbor Mortgage Solutions

Harbor Mortgage, Braintree, MA-based, rolls out new program for senior condo owners and buyers in tandem with new federal provisions.

September 4, 2019 //  by admin

Harbor Mortgage Solutions’ new “Housing Wealth” program is designed to inform senior condominium owners and buyers of significant Federal Housing Authority (FHA) changes to its condominium financing regulations that will go into effect October 15, 2019. 

According to U.S. Housing and Urban Development (HUD), there are more than 150,000 condo projects in the nation, and only 6.5 percent are approved to participate in the FHA’s mortgage insurance programs. The FHA’s revised rules loosen eligibility requirements and eliminate a number of restrictions. Most notably, the restoration of individual unit approval (called spot approval) that had been in place years ago. Among the FHA project approval revisions, the recertification process has been extended from two to three years.

What This Means to Senior Condo Owners and Buyers

Essentially, the FHA’s new policy will allow senior owners and buyers (62 and older) of certain condo units to be eligible for the FHA Home Equity Conversion Mortgage (HECM) reverse mortgage, even if the condominium project is not FHA approved.

The HECM reverse mortgage was developed and approved by Congress to enable owners 62 and older the ability to use a portion of their home equity (housing wealth) to increase financial security. Senior condo owners, previously excluded, may now be eligible for a HECM reverse mortgage to increase financial security, and eligible buyers may be able to purchase a condominium with a limited down payment without the obligation to make mortgage payments.  

“The FHA’s changes to its condominium financing regulations is good news, as these changes eliminate current barriers that have prevented senior condo owners and buyers from using the FHA-insured reverse mortgage and other more favorable FHA financing options,” explained George Downey, CRMP, founder of Braintree-based Harbor Mortgage.

George Downey, a 40-year veteran in the Massachusetts real estate and residential mortgage business, leads Harbor Mortgage’s team of housing wealth management consultants. 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.”

Dedicated to serving the unique home financing and often complex needs of senior homeowners,Harbor Mortgage focuses on providing senior condo owners looking to age-in-place, as well as senior homeowners transitioning to retirement living and looking to purchase a condo, with a better understanding about housing wealth and the FHA HECM reverse mortgage.

Senior condo owners and buyers interested in learning more about their options may contact Harbor Mortgage at 781-843-5553, or visit HarborMortgage.com.

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.

Harbor Mortgage, Braintree, MA-based, rolls out new program for senior condo owners and buyers in tandem with new federal provisions.Read More

Category: Client NewsTag: Harbor Mortgage Solutions

Free seminar – Elder Law, Estate Planning, and Housing Wealth Management workshop on November 29th

November 17, 2018 //  by admin

Panel discussion explores legal, financial, housing and lifestyle solutions.

Critical questions for seniors and their families will be addressed at a free workshop set for Thursday, November 29, 5:30 p.m. to 7 p.m. in the 3rd Floor Conference, 100 Grandview Road, Braintree, MA 02184 (next to the AMC Cinema and directly across from South Shore Plaza).

There is ample and free parking next to the office building. Complimentary light refreshments will be served.

Many seniors and their families are uncertain about their legal, financial, housing and lifestyle situations. Elder law Attorney Patrick J. Kelleher of Elder Law Care Center based in Hanover and George Downey of Harbor Mortgage Solutions with office in Braintree will lead the discussion.

Topics to be addressed will include: What is estate planning?  Can you avoid losing your home and savings if you go into a nursing home?  Trusts – what they are and why you may need one.  Housing wealth – how you can use your home to stay at home and increase financial security.

Seating is limited to 30. RSVPs are required. Go to https://elder-law-care.bambiz.net/braintree-event. Or email Ashley@elderlawcare.com or call 781-871-7526.

Free seminar – Elder Law, Estate Planning, and Housing Wealth Management workshop on November 29thRead More

Category: Client NewsTag: Harbor Mortgage Solutions

Pedaling for a Cure. Downey Rides for Pan-Mass Challenge. Team Raises $125K

August 27, 2018 //  by admin

Chris Downey, president of Braintree-based Harbor Mortgage successfully navigated a somewhat stormy ride with his team in the 39th Pan-Mass Challenge (PMC) on August 4 and 5, 2018. Team Willett Power raised $125,000 in donations to PMC, which raises money for life-saving cancer research and treatment at Dana-Farber Cancer Institute.

For the second year, Downey and the 12-member team rode 163 miles from Wellesley to Provincetown in the PMC annual bike-a-thon fundraiser. Many members of Team Willett Power have had personal experience with cancer in some manner. For Downey, it was his wife who had breast cancer. She recently celebrated her 10th year of remission. Team Willett Power’s captain Bruce McCutcheon lost his first wife to ovarian cancer.

“The weekend brings a lot of great stories as well as very sad stories and inspirational stories,” explained Downey. “We met some incredible people, including our ‘Pedal Partner’ Charlie, a four-year-old boy with Leukemia who is currently going through chemotherapy, who was with his parents at one of the food/water stops on Day One. On Day Two, we rode past a woman sitting along a very barren stretch of route 6A with a sign that read ‘I’m a Survivor, thank you for saving my life.’ It gets your priorities in order very quickly.”

Last year, the team raised over $150,000 and they continue to strive to meet that same goal this year. Donations to Team Willett Power may be made online through the end of September at http://pmc.org/egifts/CD0269

About the PMC

In 2017, there were 6,200 riders and the PMC gave a record gift of $51 million to Dana-Farber. The PMC donates 100 percent of every rider-raised dollar to Dana-Farber Cancer Institute. For more information about PMC, visit https://www.pmc.org

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.

Pedaling for a Cure. Downey Rides for Pan-Mass Challenge. Team Raises $125KRead More

Category: Client NewsTag: Harbor Mortgage Solutions

Harbor Mortgage President Rides for Pan-Mass Challenge

July 5, 2018 //  by admin

Chris Downey, president of Harbor Mortgage in Braintree, is set to ride in the 39th Pan-Mass Challenge (PMC) on August 4 and 5, 2018.

This will be Downey’s second year riding the PMC annual bike-a-thon that raises money for life-saving cancer research and treatment at Dana-Farber Cancer Institute. Downey will be part of Team Willett Power, captained by Bruce McCutcheon, who lost his first wife to ovarian cancer.

Last year, their 12-member team raised $150,000 and their goal is to raise the same amount this year. The team will be riding from Wellesley to Provincetown, a total of 163 miles.

Downey has been training every week on team rides. Currently, Team Willett Power meets in Duxbury at 6:30 a.m. and bikes approximately 45 miles per ride, and this will soon increase as they approach the event date.

“I became involved because, frankly, I should have been involved a long time ago. Most everyone has their own personal experience with cancer in some manner, it would be difficult to find someone who has not been impacted by this horrible disease,” explained Downey. “My wife had breast cancer and recently celebrated her 10th year of remission. We are very fortunate and owe much to this incredible community that was able to cure her. To that end, the Pan-Mass Challenge is the most well-run and efficient means of fundraising I know of; literally every dollar raised goes directly into research.”

To make a donation to Team Willett Power, visit http://pmc.org/egifts/CD0269

About the PMC

In 2017, there were 6,200 riders and the PMC gave a record gift of $51 million to Dana-Farber. The PMC donates 100 percent of every rider-raised dollar to Dana-Farber Cancer Institute.

For more information about PMC, visit https://www.pmc.org

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.

Harbor Mortgage President Rides for Pan-Mass ChallengeRead More

Category: Client NewsTag: Harbor Mortgage Solutions

Harbor Mortgage Explores “Using Housing Wealth to Age in Place” at Senior Celebration Expo May 22nd

May 6, 2018 //  by admin

Chris Downey

Chris Downey, president of Harbor Mortgage in Braintree, will lead and moderate a seminar exploring “Housing Wealth to Age in Place” on May 22, 2018 at the 26th Annual Senior Celebration event at Lombardo’s in Randolph, MA.

Senior Celebration, hosted by South Shore Senior News, is a one-day free event for mature adults focusing on lifestyle and health which will be held 9 a.m. to 2 p.m. Harbor Mortgage’s 45-minute Housing Wealth breakout session begins at 10:45 a.m.

Rounding out the panel will be Doug Beck, Certified Financial Advisor, Tailwind Wealth Management, Hingham, MA; Elder Law Atty. John O’Connor, O’Connor & O’Connor, LLC, Braintree, MA; and Patti Schiappa, Housing Wealth Advisor, Harbor Mortgage Solutions, Inc., Braintree, MA.

Using housing wealth in retirement planning

The informative panel discussion will explore the various ways that senior homeowners can preserve and protect, lower costs, and safely utilize housing wealth for a more secure retirement. Topics will include the important differences between a traditional Home Equity Line of Credit (HELOC) and the Home Equity Conversion Mortgage (HECM), the unique FHA government insured home equity credit loan developed for senior homeowners, 62 and older.

“There are safe and appropriate ways for senior homeowners to use housing wealth to augment their retirement needs, and our expert panel aims to help them gain a better understanding of their options,” explained Downey.

Harbor Mortgage offers Housing Wealth Management Seminars to COAs, fraternal organizations and business groups throughout Eastern Massachusetts. The seminars are moderated panel discussions including qualified experts in senior financial, legal, in-home care, and other special needs confronting seniors.

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.

Harbor Mortgage Explores “Using Housing Wealth to Age in Place” at Senior Celebration Expo May 22ndRead More

Category: Client NewsTag: Harbor Mortgage Solutions

Harbor Mortgage Announces Speaker’s Bureau

March 27, 2018 //  by admin

Matthew Cunningham, CDFA at Flagship Harbor Advisors, Katherine Sheehan, Esq., partner at DesRosiers, Tierney & Sheehan and George Downey, CRMP, founder of Harbor Mortgage Solutions recently presented at Duxbury Council on Aging.

Harbor Mortgage Solutions, Inc. of Braintree, MA, a family-owned, residential mortgage company and housing wealth management authority, has recently announced a speaker’s bureau.

Harbor Mortgage founder George Downey, CRMP, a forty-year veteran in the Massachusetts real estate and residential mortgage business, leads a team of housing wealth management consultants.  The team’s specialty is consulting to professional advisers and homeowners on the various methods home equity (housing wealth) can be utilized and coordinated with financial management to achieve greater results and extend retirement security.

The speaker’s bureau will include a selection of legal, financial, accounting, insurance, in-home care, and home modification specialists attuned to the special needs and challenges confronting aging homeowners. Scheduled events will be conducted in a moderated panel discussion format.  Both public and private presentations will be offered at various venues including Councils on Aging (COAs), 55 plus communities, Chambers of Commerce, fraternal organizations and business groups throughout Eastern Massachusetts. Each event will include two to four panelists depending on the chosen subject and venue.

Potential topics include:

  • Aging in place –Affording and planning for it
  • Factoring home equity into your retirement plan – Why and how it benefits you
  • Caregiving and other services to help seniors age with grace in their own homes
  • Living safely at home – Modifications for better and safer mobility

The Harbor Mortgage team is looking to partner with other professional service providers for the senior community who are focused on what seniors need to know to age in place with regard to financial planning for staying in the home, utilizing outside caregiving and other services, and modifying the home in order to remain living independently.

“The purpose is to introduce and advance the concept of increasing financial wealth through the inclusion of active management of housing wealth, often the largest but most underutilized asset.  The concept has been proven successful through numerous research studies and addresses the growing retirement crisis confronting aging Americans,” explained Downey, who serves on the Board of Directors of the National Reverse Mortgage Lenders Association (NRMLA) and is also a member of Financial Planning Association (FPA) of Massachusetts.

He continued, “By bringing together an expert team of mortgage, financial, elder law, and senior service professionals, we are able to impart essential information to older homeowners about how they can safely utilize housing wealth and continue to remain living independently within their own homes as they age.”

Most recently, Harbor Mortgage speaker’s bureau presented at Cohasset Elder Affairs and Duxbury Council on Aging. To arrange a speaker’s bureau presentation, or to serve as an expert panelist, contact Harbor Mortgage at 781-843-5553.

Housing Wealth Management 

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) is located in Braintree, MA. For more information, contact 781-843-5553 or visit harbormortgage.com.

Harbor Mortgage Announces Speaker’s BureauRead More

Category: Client NewsTag: George Downey, Harbor Mortgage Solutions

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