Reverse Mortgages

If you are over 62 years of age, own a home and are having difficulty paying your bills a reverse mortgage may be right for you.

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

Do I qualify for a reverse mortgage?

You must be a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.

Elderly are one of the vulnerable groups typically targeted by predatory lenders. As a result, to receive a reverse mortgage you must complete a reverse mortgage counseling session. For more information about reverse mortgages or to set-up a reverse mortgage counseling session contact:

Consumer Credit Counseling Services of NH & VT
105 Loudon Road
P.O. Box 818
Concord, NH 03302
Tel: (603) 224-6593
Toll free: (800) 327-6778
Web: www.cccsnh-vt.org

or

CATCH Neighborhood Housing
79 South State Street
Concord, NH 03301-3521
Phone: (603) 225-8835
Web: www.catchhousing.org

For more information about reverse mortgages you may also want to visit these websites:

US Dept. of Housing and Urban Development (HUD) - About Reverse Mortgages for Seniors

AARP - Reverse Mortgage Information

National Center for Home Equity Conversion - Frequently Asked Questions about Reverse Mortgages

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