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September 8, 2008 - The Massachusetts Office of Consumer Affairs and Business Regulation and the Executive Office of Elder Affairs recently developed a website to provide information and guidance to borrowers considering reverse mortgages.
Reverse mortgages are often made to senior homeowners to convert the equity in their home into income. A reverse mortgage lender typically lends the borrower money based on several factors, including the value of the property, the age of the borrower and the accumulated equity in the home. Regulators encourage seniors who are considering a reverse mortgage to be fully informed about the complexity of the products.
The web site features information on what borrowers need to know, approved reverse mortgage lenders, industry guidance on reverse mortgages and other resources. The website can be found at www.mass.gov/reversemortgage.
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