Reverse Mortgage

Features & Benefits

  • A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) is a federally regulated loan available to home owners age 62+
  • Owner-occupied single family, multi-family and FHA Approved condominiums are eligible for reverse mortgage financing
  • Reverse Mortgage funds can be used to pay off an existing mortgage or equity line, increase monthly cash-flow, pay bills, make home repairs, or set up as a line of credit for future use
  • A Reverse Mortgage does not require a monthly repayment of interest, or principal.  Homeowners must continue to pay Real Estate Taxes and Homeowners Insurance.
  • The loan gets repaid when the house is sold, or when the last of the eligible homeowners has permanently left the house as primary residence.
  • Reverse mortgages have a "non-recourse" feature, which means that the total amount owed can never exceed the appraised value of the home.
Ed Barrett

Get Started

Ed Barrett is Salem Five Mortgage Company’s reverse mortgage specialist.  Ed brings more than 20 years of mortgage lending experience to Salem Five and specializes in FHA and Home Equity Conversion Mortgage (HECM) reverse mortgages in Massachusetts, New Hampshire, Rhode Island and Maine. 

Contact Ed

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