Mission - Homeowner Options for Massachusetts Elders (H.O.M.E.) is a private non-profit organization dedicated to protecting the equity of low- and moderate-income elderly homeowners so they can afford to "age in place" with dignity and financial security.

Counseling Comes First - A national model for elder homeowner protection, H.O.M.E.’s foundational core is its in-depth in-home comprehensive professional counseling. Since H.O.M.E. sells no financial products, nor receives any commission for referrals, the focus of a H.O.M.E. counselor is to fulfill H.O.M.E.’s mission...conserve and protect elderly homeowner equity so the elder can "age in place". As such, H.O.M.E. counselors provide assistance for elders through: • Education • Counseling • Remainder of Life Planning • Foreclosure Prevention • Consumer Protection for Seniors • Off Loading (Securing low-cost or no-cost public and private benefits as well as alternative resources such as fuel assistance and property tax relief)

Lending Comes Last - H.O.M.E. considers loans to be a "last resort’; used only when no other alternative is available. If and when a loan is determined to be appropriate, H.O.M.E.’s unique partnership with over 70 independent community lenders plays a key role. These lenders offer low-cost Reverse Mortgage Loans and Senior Equity Lines of Credit solely in support of H.O.M.E.’s mission. Most recently, dozens of participating lenders have adopted H.O.M.E.’s ‘10 Commitments to Elder Homeowner Protection’ including:
- Using the least costly loan when a loan is the only alternative
- Encouraging elders to use legal counsel before executing a loan
- Committing to H.O.M.E.'s multiple menu of options to fit individual needs

Select Highlights
- 22,000 elder homeowners helped
- 3,000 property refinances arranged
- $140,000,000 in non-government private loans granted
- For every $1 in private funding, H.O.M.E. leveraged $47 worth of elder resources
- $12,900,000 in home repairs, fuel assistance & winterization leveraged
- Over 2,900 non-government private loans and creative financial options
- Over 1,450 tax deferrals
- Development of the first Reverse Mortgage Loan product in New England & the first Senior Equity Line of Credit in the U. S.

Collaborative Efforts
- Elder Economic Literacy Project
- in partnership with Crossroads Community Foundation, Councils on Aging, Office of the Bank Commissioner, Legal Services Agencies and H.O.M.E. lenders
 

- Foreclosure Prevention for Elder Homeowners
- in partnership with the National Consumer Law Center, Massachusetts Bankers Association, FreddieMac, MHFA, HUD and H.O.M.E. lenders
 

- Publication of various consumer protection manuals
- in partnership with Crossroads Community Foundation

        - A Consumer Guide to Credit Cards

        - A Consumer Guide to Reverse Mortgages

        - Remainder of Life Planning

        - Reverse Mortgage Danger Signals

Client Profile
- Average age is 80 years

- Average income is $13,000 a year
- Little or no saving/assets other than their home

- Average credit card debt is $9,000
- Close to 30% of current case load are elders in jeopardy of losing their home - 85% are single elderly women

Current Funding
- Foundation and corporate grants
- Individual donations
- Lender donations

Less than 15% is provided by federal & municipal programs. No funding has been provided by the Commonwealth of Massachusetts since 1989.

Elder Homeowner Protection Since 1984

Free and totally confidential...800-583-5337