Is loan modification an option for me?

This is actually a very broad reaching question, however with the right tools and knowledge Advanced Mortgage Services may be of help to you.

First, loan modification is not a new loan (like refinance). It is a change in the terms of your existing loan. General qualifications include:

• Loan MUST be controlled by Freddie Mac or Fannie Mae
• Mortgage originated before 1/1/2009
• Home MUST be the owner’s primary residence
• Have a mortgage balance of less than $729,750
• The owner’s debt to income ratio must show that the monthly mortgage payment is more than 38% of the owner’s pre-tax monthly income.
• Mortgage difficulties must be due to financial hardship (i.e. change in income, unexpected medical expenses, increase in payments)

Advanced Mortgage Services is conveniently located on the South Shore in Braintree, Norwell, & Plymouth.

For additional information on services offered by Advanced Mortgage Services please call 781-659-6555, 508-747-9520, 888-665-6345, or visit www.ams-loan.com. A Fair Housing and Equal Opportunity Lender, Advanced Mortgage Services is a fully insured and licensed Massachusetts Mortgage Lender and Mortgage Broker (license #MC3702.)

Reverse Mortgage…just what is it?

A reverse mortgage is available to individuals who meet the following criteria:
• At least 62 years of age
• Occupy the home as a primary residence for the duration of the loan
• Own the home out right or only owe a small amount on the existing mortgage that can be paid off at closing time with the advance of the reverse mortgage

Quite simply a reverse mortgage allows you to receive monthly payments against the equity of your home (think of it as the opposite of a conventional mortgage). While the mortgage payment that you receive is part of a mortgage loan that you must pay back, you will NOT have to pay the loan back as long as you live in the home. If you pass away or stop living in the home as your primary residence the loan must then be re-paid. The total amount owed at the end of the loan is equal to the payments received, plus accrued interest.

General benefits of a reverse mortgage:
• Tax free
• No income restrictions
• Most payments will not affect Social Security or Medicare benefits


Many seniors use a reverse mortgage as a tool to supplement their Social Security or Medicare benefits.

Massachusetts mortgage lender Advanced Mortgage Services is a renowned expert in the field of reverse mortgages. Loan officers at both locations are ready to answer your reverse mortgage questions, and assist you with the entire process through the final transaction.

Advanced Mortgage Services is conveniently located on the South Shore in Braintree, Norwell, & Plymouth.

For additional information on services offered by Advanced Mortgage Services please call 781-659-6555, 508-747-9520, 888-665-6345, or visit www.ams-loan.com. A Fair Housing and Equal Opportunity Lender, Advanced Mortgage Services is a fully insured and licensed Massachusetts Mortgage Lender and Mortgage Broker (license #MC3702.)