Page 6 - WSAAG081_Jumbo Booklet

What Does It Take to Qualify?

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

n Be 55* years or older n Undergo a financial assessment to
ensure your suitability for the loan and
n Own a higher-value home your ability to comply with the loan terms,
(exceeding the FHA maximum claim including ongoing home maintenance
amount of $970,800) 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
a reverse mortgage works and your
n Have no mortgage or have a small options and ongoing obligations under
mortgage relative to home value the loan
that your jumbo loan will pay off before
disbursing your loan proceeds

*The HomeSafe “Fixed” and “Flex” product options have a minimum age requirement of 55 in all states, with the exception
of NY, and WA in which the minimum age is 60, and UT, NC, and TX in which the minimum age requirement is 62.