State Guides · 5 min read
Massachusetts Reverse Mortgage Guide: What Homeowners 62+ Should Know
A plain-English guide to reverse mortgages for Massachusetts homeowners 62+, including counseling requirements and senior property tax considerations.
Massachusetts homeowners 62 and older have access to the same federally insured reverse mortgage program as the rest of the country. This guide explains what that means here in Massachusetts — and what local details are worth knowing.
The HECM program is federal
The Home Equity Conversion Mortgage (HECM) is insured by the FHA and follows the same rules nationwide: borrowers must be 62+, the home must be a primary residence, and HUD-approved counseling is required. So the core eligibility doesn't change based on where you live.
What can differ from state to state is how local taxes, housing costs, and resources interact with the loan.
Massachusetts property taxes and senior relief
As a reverse mortgage borrower, you continue to pay your property taxes. Many Massachusetts cities and towns offer property tax relief for older residents — such as exemptions, deferrals, or senior circuit breaker tax credits based on age and income.
These programs vary by community, so check with your local assessor or Council on Aging. A reverse mortgage doesn't disqualify you from senior tax relief, but understanding both together helps you plan your ongoing housing costs.
HUD-approved counseling (required)
Before obtaining a HECM, you must complete a session with a HUD-approved reverse mortgage counselor. This independent conversation helps you understand the loan, its costs, and your alternatives. HUD-approved agencies may charge a reasonable fee, but they cannot charge you if you can't afford it.
To find an approved counselor, use the U.S. Department of Housing and Urban Development's list of approved counseling agencies, or ask your lender for a list (they cannot select one for you).
Your ongoing responsibilities
After closing, you must continue to:
- Live in the home as your primary residence
- Pay property taxes and homeowners insurance
- Maintain the home in reasonable condition
These responsibilities are the same in every state. Staying current on them keeps your loan in good standing.
Massachusetts housing considerations
Massachusetts home values vary widely — from higher-cost areas around Boston to more affordable regions in the west. Because the amount you can access depends on your home's value (up to the FHA lending limit), your age, and current rates, the numbers can look quite different from one part of the state to another. A licensed advisor can show you the figures for your specific home.
Working with an advisor
Because the program is federal, you can work with a licensed advisor regardless of where they're based. Many Massachusetts homeowners prefer phone or video consultations, which are easy to schedule and just as thorough as an in-person meeting.
Is it right for you?
Meeting the requirements means you're eligible — not that a reverse mortgage is the right choice. That depends on your goals, your plans for the home, and your overall budget. The smart move is to review your real numbers with a licensed advisor before deciding.
Massachusetts homeowner with questions? Request a consultation with Bobbie — honest answers, real numbers, and no pressure.