Finance
A NH homeowner who wants to tap their home's equity while retaining ownership should consider a:
ASale-leaseback with a buyer
BHELOC, cash-out refinance, or reverse mortgage (if eligible)✓ Correct
CShort sale
DDeed in lieu of foreclosure
Explanation
Homeowners who want to access equity while keeping the property can use a HELOC (flexible credit line), a cash-out refinance (new mortgage for more than the balance), or a reverse mortgage (for those 62+). Each has different costs and implications.
Related New Hampshire Finance Questions
- A NH buyer's ability to obtain a 'stated income' loan (where income is not verified by documentation) is:
- A mortgage with a 30-year term and fixed rate compared to a 15-year fixed rate will have:
- An adjustable-rate mortgage (ARM) has a 2/1 buydown structure. This means:
- New Hampshire's Real Estate Transfer Tax is paid at a rate of:
- An 80/10/10 financing structure in New Hampshire means:
- Which of the following best describes a 'balloon mortgage'?
- A New Hampshire buyer using a FHA loan must pay:
- An FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the base loan amount. For a $250,000 loan, what is the UFMIP?
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