Reverse Mortgage Loans
How NH Reverse Mortgages Work
A New Hampshire Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the New Hampshire property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
New Hampshire Reverse Mortgage Requirements
- Age requirement: New Hampshire borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- New Hampshire employment: No requirements
- Credit score: No requirements
- Health: No requirements
NH Reverse Mortgage FAQs
Can I lose my home with a New Hampshire Reverse Mortgage?
The Bank can only foreclose on your New Hampshire home if you do not 1) pay your homeowners insurance, NH real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the New Hampshire home as your primary residence. You never have to make a mortgage payment.
What if I already have a New Hampshire mortgage?
First, your current mortgage and any other liens against the property in New Hampshire will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a New Hampshire Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in New Hampshire is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the New Hampshire home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are New Hampshire (NH) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in New Hampshire, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
New Hampshire Reverse Mortgage Lenders
Apply now or contact the New Hampshire Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Manchester, Nashua, Concord, Derry and throughout New Hampshire.
