- teamsteenstra@nafinc.com
- (508) 685-2716
Cape Cod's Local Mortgage Team • NMLS #21548
The key to a more secure retirement might already be in your pocket. Eric Steenstra is Cape Cod’s reverse mortgage specialist — helping homeowners 62 and older turn home equity into retirement income, eliminate monthly mortgage payments, and stay in the home they love.
Flagship Specialty | Based in Hyannis | NMLS #21548
According to a University of Michigan national poll, 88% of Americans age 50–80 say it’s important to remain in their own home as they age. Making necessary modifications — or simply covering rising costs of living — can be a significant expense for retirees on a fixed income. A reverse mortgage lets qualifying homeowners access their home equity without selling or taking on a monthly mortgage payment.
Its official name is a Home Equity Conversion Mortgage (HECM) — a loan insured by the Federal Housing Administration (FHA) for homeowners 62 and older. The proceeds are typically used to pay off any existing mortgage; you receive the rest as a lump sum, monthly payments, a line of credit, or a combination. You continue to own and live in your home, and repayment is generally deferred until you sell, move out, or pass away.
Flagship Specialty, Not an Afterthought — Many local lenders treat reverse mortgages as a niche product. Eric has built his practice around it — notably, Massachusetts’ reverse-lender registry shows longtime local competitor Cape Cod 5 has been inactive in reverse lending since 2011, leaving Cape Cod homeowners with fewer local specialists to turn to.
Series 7 Background — As a former licensed financial advisor, Eric can help you and your family weigh a reverse mortgage against other retirement-income strategies, not just sell you a loan.
Local & Accessible — Based in Hyannis, Eric meets with Cape Cod families in person, not just over the phone.
Straight Answers for Families — Reverse mortgages often involve adult children and heirs in the conversation; Eric walks the whole family through how it works, the costs, and what happens to the home later.
To qualify for a HECM reverse mortgage, you generally need to: be 62 or older; own your home outright or have significant equity; occupy the home as your primary residence; and be able to keep up with property taxes, insurance, and home maintenance. Eric will walk through your specific situation on a free, no-obligation consultation.
Will I still own my home? Yes — you retain the title and ownership. The lender places a lien on the property, similar to a traditional mortgage.
What happens when I pass away or move? The loan becomes due; heirs can repay the balance and keep the home, sell the home to repay the loan, or in some cases walk away with no personal liability beyond the home’s value.
Can I lose my home? You must continue paying property taxes, homeowners insurance, and maintain the home — failing to do so can trigger default, same as with a traditional mortgage.
Are reverse mortgage proceeds taxable? Generally no — proceeds are loan advances, not income. Talk to a tax advisor about your specific situation.
Is a reverse mortgage right for everyone? No. It’s one tool among several for retirement income; Eric will help you compare it honestly against alternatives.
Eric primarily serves Barnstable County (Hyannis, Barnstable, Yarmouth, Dennis, Falmouth, and surrounding towns), with a growing base of clients across Plymouth, Norfolk, and Bristol Counties.
Have an honest conversation about whether a reverse mortgage fits your retirement plan — no pressure, no obligation.
