It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in New Hampshire, don't hesitate to contact one of our specialists at any time.New Hampshire seniors, like many across the nation, have felt the negative impact of recent economic events. While dealing with economic uncertainty when you're working is difficult enough, doing so when you're on a fixed income is even harder. What's even more frustrating is that, even as many seniors struggle to pay their monthly bills, they're sitting on an untouched, substantial investment - the equity they've built up in their homes. It doesn't matter if you are retired or not. If you're 62 years of age or older you could access that equity through a reverse mortgage. New Hampshire seniors across the state are using their reverse mortgages to help pay off medical bills, make major home renovations, or feel more financially secure.
Paying Back a Reverse MortgageNo more mortgage payments and extra cash may sound too good to be true, so how do you pay back a reverse mortgage? New Hampshire residents don't make loan payments on a reverse mortgage until they either sell the home, no longer live in the home, or pass away.* Once one of these conditions occur, the loan amount and its accumulated interest come due. If the loan comes due because the last homeowner passed away, the borrowers' heirs can either sell the home to pay off the mortgage or refinance for the amount owed, which includes any accumulated interest. Remember, a reverse mortgage is a nonrecourse loan, meaning you never owe more than the appraised value of the home. As the borrower, you maintain ownership of your home. With that, you are required to pay all property taxes and insurance fees and keep the home well maintained. As for the money freed up by accessing your equity, it can be put to any use you see fit.
New Hampshire Reverse Mortgage SpecialistsYou may want to consider a reverse mortgage. New Hampshire residents just like you are enjoying a life of financial security and capitalizing on the value of their biggest and wisest investment - their home. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in New Hampshire. Please fill out the form on this page to have a reverse mortgage specialist contact you.
* *Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.