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Welcome to Seacoast Reverse Mortgage! Since 2004, our caring professionals have been providing reverse mortgage information and guidance to residents of Maine and New Hampshire and their families. Reverse mortgages are all we do. So whether you're definitely interested in a Maine reverse mortgage or New Hampshire reverse mortgage, or you're just "kicking the tires" on the idea of a reverse mortgage, give our office a call at 1-207-361-5363. We're more than happy to simply help you sort out reverse mortage fact from reverse mortgage fiction!
In addition to the Society of Certified Senior Advisors and the National Reverse Mortgage Lenders Association, Seacoast Reverse Mortgage has long maintained membership in:
Seacoast Reverse Mortgage is a registered trademark of Seacoast Family Mortgage, LLC, company NMLS #238258. Licensed by the New Hampshire Banking Department. |
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. 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.
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is 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.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.