See What You May Qualify For
Your dream, our mission. You can trust Fairway with the speed and service you should expect when finding a lender to serve your needs.
Get Started
What is a Reverse Mortgage Loan?
For qualified homeowners age 62 and older in Massachusetts and New England, a reverse mortgage loan allows you to convert a portion of your home equity into cash without monthly payments (must pay taxes, insurance, and maintenance). The most common type is a HECM (Home Equity Conversion Mortgage) , which is insured by the Federal Housing Administration (FHA).
Want to see what you may qualify for?
Try Our Free Calculator
See how much loan proceeds you may qualify for
No personal info required
Benefits
- No monthly mortgage payments except for taxes, insurance, and maintenance
- A line of credit with potential growth on unused funds
- Increased flexibility in managing cash flow
- Ability to sell your home at any time
- Does not require payment until last borrower permanently leaves the home
- May support healthcare expenses, home renovations, debt consolidation, lifestyle enhancements, or other financial needs
Eligibility
- At least one borrower must be 62 years of age or older
- Must own the home outright or have a significant amount of equity
- The home must be your primary residence (live there 6+ months per year)
- Eligible property types include single-family homes, 2- 4-unit properties, and FHA-approved condominiums
- Must meet applicable credit and property standards
- Must receive reverse mortgage counseling from a HUD-approved counseling agency
- Must not be delinquent on any federal debt
Our Loan Options
Home Equity Conversion Mortgage (HECM)
An FHA-insured reverse mortgage that allows you to access a portion of your home equity while continuing to live in your home, provided loan obligations are met.
Jumbo Reverse Mortgage
A solution for higher-value homes that may allow access to a greater portion of equity beyond standard HECM limits.
HECM For Purchase (H4P)
A reverse mortgage option that can be used to buy a new primary residence, helping you align your home with your needs in retirement.
HomeSafe Second
A second-lien mortgage that allows you to access home equity while maintaining your existing first mortgage or Home Equity Line of Credit (HELOC).
FAQs
Do I still own my home with a reverse mortgage?
You still own your home. The deed or title of your home does not change when completing a reverse mortgage.
How will the reverse mortgage lender determine how much money I will need at closing?
The reverse mortgage downpayment is determined based on your age, interest rates at the time, and the sales price (or appraised value, whichever is less) of the home you are buying.
View more FAQs
FIND OUT MORE ABOUT OUR LOANS AND HOW MUCH YOU MAY QUALIFY FOR
Fill Out the Form and We Will Be in Touch