Page 9 - WSAAG081_Jumbo Booklet

n Non-FHA-approved condos may qualify Other Considerations

n No mortgage insurance premiums (MIPs) 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
or fail to comply with loan terms, such as the payment traditional mortgage)
of property taxes, home insurance, and home upkeep

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

your benefit agency)
n After the loan is repaid, any remaining equity
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
leave heirs as the loan balance
with any other loan. If the heirs want to keep the 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