A reverse mortgage is a loan from the U.S. Government for 50% to 75% of the value of a home owned by a homeowner aged 62 and older. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. The funds from a reverse mortgage are tax-free. The loan doesn't have to be repaid in the homeowner's lifetime, however, when the homeowner dies, the money received plus approximately 4% interest is repaid by their estate. The loan is repaid when the homeowner ceases to occupy the home as a principal residence, due to the homeowner (the last remaining spouse, in cases of couples) passing away, selling the home, or permanently moving out.
A Home Equity Conversion Mortgage (HELM) is a reverse mortgage program available in the state of New Hampshire. It provides homeowners who are 62 years of age or older with an opportunity to convert a portion of their home's equity into tax-free funds. This type of loan is insured by the Federal Housing Administration (FHA), ensuring that borrowers can tap into their home equity without the risk of losing their property. Key features of the New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage include flexibility in receiving funds, no monthly mortgage payments, and the ability to stay in the home as long as it serves as the primary residence. The borrowed funds can be received through various options, such as a line of credit, lump sum, monthly payments, or a combination of these methods. This enables homeowners to customize the loan according to their financial needs. The New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage offers several types of Helms to suit different borrower requirements: 1. HELM Standard: This is the most common type of HELM, offering a fixed interest rate and a lump-sum payment or fixed monthly payments. 2. HELM Saver: This option allows borrowers to access a smaller amount of their home equity compared to the standard HELM, resulting in lower upfront costs. 3. HELM for Purchase: This program allows seniors to purchase a new primary residence using a reverse mortgage loan, eliminating the need for a traditional mortgage and its associated monthly payments. 4. HELM Refinance: Homeowners who already have a mortgage on their property may choose to refinance with a HELM to eliminate monthly mortgage payments and access additional funds. The New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage is an ideal choice for older homeowners who wish to enhance their financial security during retirement. It provides an opportunity to access funds, increase cash flow, and eliminate mortgage payments without the risk of losing the property. Before proceeding with a reverse mortgage, it is advisable to consult with a reputable reverse mortgage lender to understand the terms, costs, benefits, and potential impact on the borrower's overall financial plan.A Home Equity Conversion Mortgage (HELM) is a reverse mortgage program available in the state of New Hampshire. It provides homeowners who are 62 years of age or older with an opportunity to convert a portion of their home's equity into tax-free funds. This type of loan is insured by the Federal Housing Administration (FHA), ensuring that borrowers can tap into their home equity without the risk of losing their property. Key features of the New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage include flexibility in receiving funds, no monthly mortgage payments, and the ability to stay in the home as long as it serves as the primary residence. The borrowed funds can be received through various options, such as a line of credit, lump sum, monthly payments, or a combination of these methods. This enables homeowners to customize the loan according to their financial needs. The New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage offers several types of Helms to suit different borrower requirements: 1. HELM Standard: This is the most common type of HELM, offering a fixed interest rate and a lump-sum payment or fixed monthly payments. 2. HELM Saver: This option allows borrowers to access a smaller amount of their home equity compared to the standard HELM, resulting in lower upfront costs. 3. HELM for Purchase: This program allows seniors to purchase a new primary residence using a reverse mortgage loan, eliminating the need for a traditional mortgage and its associated monthly payments. 4. HELM Refinance: Homeowners who already have a mortgage on their property may choose to refinance with a HELM to eliminate monthly mortgage payments and access additional funds. The New Hampshire Home Equity Conversion Mortgage — Reverse Mortgage is an ideal choice for older homeowners who wish to enhance their financial security during retirement. It provides an opportunity to access funds, increase cash flow, and eliminate mortgage payments without the risk of losing the property. Before proceeding with a reverse mortgage, it is advisable to consult with a reputable reverse mortgage lender to understand the terms, costs, benefits, and potential impact on the borrower's overall financial plan.
