#1 Newburyport Real Estate Resource
Contact Us
Phone: 978.499.8808
Two Convenient Locations:
In Newburyport, MA
At the Tannery
50 Water St
978-499-8808
In Amesbury, MA
On the Powow River
26 Millyard
978-388-0021
Buy or Sell your home with the
Cronin Team and use our
Moving Van for FREE!
The Cronin Team: Guide to Owning your Home
Reversed Annuity Mortgages - Q & A
Q: What is a reverse mortgage loan?
A: A reverse mortgage is a special type of loan available only to equity-rich, older homeowners. Such owners can borrow against the equity they have built up over the years, but no repayment is necessary until the borrower sells the property or moves elsewhere. If the borrower dies before the property is sold, the estate repays the loan (plus any interest that has accrued.
These loans have become increasingly popular. If you believe you qualify for such a loan, be sure to have the document reviewed by an attorney or another expert.
