Braintree, MA, March 16, 2007 --(PR.com
)-- Harbor Mortgage Solutions recently announced the appointment of Robert Donahue as a Reverse Mortgage Consultant, based out of their Braintree, MA office, located at 100 Grandview Avenue.
Founded in 1978, Harbor Mortgage Solutions, through its Senior Homeowner Division, is dedicated to providing customized service for seniors by obtaining the best possible solution for each individual client every time.
A seasoned educator, Donahue has shifted his focus from instructing youths to educating seniors on different methods of living with dignity in their golden years, by advising them and their families about the options available to them. A retired special education teacher, Donahue has taught in both the Milton, MA and Boston Public School systems. He is also a member of the Boston Teacher’s Union and the American Federation of Teachers.
A graduate of Boston University, Donahue received his M.A. from Lesley College.
A native of Roslindale, MA, Donahue currently resides in Scituate, MA.
The Reverse of Traditional Thinking
A reverse mortgage, essentially the opposite of a traditional or “forward” mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower. This enables borrowers to use the tax free cash they receive in any way that they wish with no monthly payments due to the lender.
There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and adequately insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.
Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.
Customized Harbor Mortgage Solutions
Specializing in conventional residential and reverse mortgages, Harbor Mortgage Solutions, Inc. is located at 100 Grandview Road, Suite 105 in Braintree, MA.
Originally established in 1978, Harbor Mortgage Solutions’ staff of highly experienced mortgage professionals is led by its Founder, George Downey, and his son Chris Downey, President. Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client, every time. An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Academy of Elder Law Attorneys.
For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit HarborMortgage.com.