Features & Benefits
- A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) is a low-interest federally regulated loan.
- It allows senior homeowners 62 and older to convert a portion of the value in their home into tax-free cash.
- Instead of making monthly payments to the lender, the homeowner receives from the lender.
- Repayment of the loan is not required until you (or the last surviving spouse) permanently leave the home as a 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.
Why choose Salem Five for your mortgage?
We’re the best in the business.
New home, first home, renovation, refi, jumbo? We finance the purchase of more homes than any other Massachusetts bank and when you talk to us, you’ll understand our expertise is what makes us different. We’ll be sure you know your options and help you come out ahead, which also means you’ll close quickly with a great rate.
Every day, our team helps people just like you navigate the mortgage process to their advantage. Helping you find the right mortgage is what Salem Five Mortgage Company is all about.
We ask customers in a post-closing survey about the level of expertise they experience working with Salem Five Mortgage Loan Officers – and we met or exceeded expectations 100% of the time.
President, Salem Five Mortgage Company
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.