Finance
The Home Equity Conversion Mortgage (HECM) reverse mortgage requires NH homeowners to be at least:
A55 years old
B62 years old✓ Correct
C65 years old
D70 years old
Explanation
The FHA-insured HECM reverse mortgage is available to homeowners who are at least 62 years old and own their home with substantial equity. NH seniors use this product to access home equity without monthly payments.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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