Find Experienced and Legitimate Financial Help

Lenders are available through a number of sources. If you are exploring your options for a reverse mortgage in New Hampshire use this brief guide to help find an experienced and legitimate lender.

FHA Lender Loan Limits in NH

FHA mortgage limits in New Hampshire apply to seniors interested in borrowing a HUD Home Equity Conversion Mortgage (HECM). This figure is a factor in determining the upper limit for which a borrower will be approved. Most average homeowners fit into the parameters of the HECM, including FHA limits. But seniors with high home values may find average FHA limits too restrictive.

In New Hampshire the FHA county limits vary significantly from the national average to limits set $300,000 higher. Hillsborough, Rockingham and Strafford counties have the highest limits.

HUD Lenders

Fact: Over 90% of all reverse mortgage borrowers have a federally insured HECM, the product administered by HUD. It’s important that borrowers locate a lender experienced with the HECM and reputable. Before you call a lender out of the phone book or from a direct mail postcard, check the HUD-approved lender list. HUD does not finance mortgages. This is a government agency that administers programs and oversees the nation’s housing industry, but a valuable resource is their free lender list.

New Hampshire Single Purpose Reverse Mortgages

Common types of single purpose reverse mortgages provide low-income seniors with cash from their home equity in order to pay property taxes or make necessary home repairs.

• Many New Hampshire municipalities offer a Tax Deferral for the Elderly and Disabled. The program is designed for low-income seniors age 65 or older. Applicants must be primary homeowners with intentions to remain living in the home permanently. Seniors should contact their local tax assessor’s office for details and applications.

General Reverse Mortgage Providers for New Hampshire Seniors

Dozens of reverse mortgage lenders maintain branch offices in the state. Below is a very brief list and is intended only to provide a sample of the types of lenders available.

Benjamin Franklin Bank

This is a general retail lender with a long list of personal, business and corporate products and services. The company provides a range of mortgage services, including reverse mortgages.

Financial Freedom

Financial Freedom has a reputation as the largest volume reverse mortgage dealer in the country. This is a company that specializes in the business of reverse mortgages, for good reason—it created one of the three most used reverse mortgages in the country: the Cash Account Advantage, a jumbo reverse mortgage designed for homeowners with extra high home value. Outside this product borrowers may also choose from the HUD HECM and the Fannie Mae Home Keeper.

New England Regional Mortgage Company

This is a regional company that specializes in all types of mortgages including reverse. Borrowers may choose from one of the three major reverse mortgages. This is a HUD-approved lender for the HECM product.