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FOR
IMMEDIATE RELEASE:
CONTACT: STEVE DUBIN, PR WORKS, (781) 582-1061,
SDubin@PRWorkZone.com
Robert Donahue joins Harbor Mortgage Solutions
in Braintree, MA
as a Reverse Mortgage Consultant.
DATELINE: BRAINTREE, MA…
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
www.HarborMortgage.com.
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