Assistance is in the form of a 0% deferred payment loan, payable only if the property is sold or transferred, or ceases to be the applicant's principal residence. There are no monthly payments. The deferred payment loan is evidenced by a personal loan note and shall be secured by a mortgage filed at the Southern Essex Registry of Deeds. The cost to record the mortgage is the responsibility of the homeowner and will be included as part of the loan.
No resident of City of Haverhill shall be displaced as a result of financial assistance provided by this program.