Page 9 - WSAAG081_Jumbo Booklet

n Non-FHA-approved condos may qualify Other Considerations

n No mortgage insurance premiums (MIP) 1 Failure to comply with loan
terms, such as payment of

n Social Security and Medicare benefits property taxes, homeowners
not impacted insurance and home
maintenance, may lead to

n Loan repayment deferred until you leave the home default and/or foreclosure (this
is the same for a traditional
or fail to comply with loan terms, such as the payment mortgage)
of property taxes, home insurance and home upkeep

n Non-recourse loan guarantees neither you nor your 2 Medicaid or Supplemental
heirs will ever owe more than the value of the home Security Income (SSI) eligibility
may be affected (consult with

n After the loan is repaid, any remaining equity your benefit agency)
belongs to you or your heirs. Your heirs will inherit
your house and any equity in the property just like 3 Potentially fewer assets to

with any other loan. If the heirs want to keep the leave heirs as the loan balance
increases
property, or get the equity, they do need to pay off the
loan. They could do this by selling or refinancing the
property. 4 Not government insured