Page 6 - WSAAG081_Jumbo Booklet

What Does It Take to Qualify ?

To qualify for a jumbo reverse mortgage loan, you must:

n Be 60 years or older* n Undergo a financial assessment to
ensure your suitability for the loan and
n Own a high-value home (exceeding the your ability to comply with the loan terms,
FHA home value limit of $765,600 in 2020) including ongoing home maintenance
and payment of your property taxes and
home insurance
n Live in the home as your primary
residence
n Complete a counseling requirement
confirming your understanding of how
n Have no mortgage or have a small a reverse mortgage works and your
mortgage relative to home value options and ongoing obligations under
that your jumbo will pay off before the loan
disbursing your loan proceeds

*The HomeSafe “Fixed” and “Flex” product options have a minimum age requirement of 60 in all states, with the exception of UT and TX in
which the minimum age requirement is 62. The HomeSafe “Select” product option has a minimum age requirement of 62 for all states.