Page 15 - AAG094 Jumbo Booklet

To qualify for the Advantage, you must:

Be 62 years or older

Own a high-value home (exceeding the FHA home value limit of $765,600 in 2020)

Live in the home as your primary residence

Have no mortgage or have a small mortgage relative to home value
that your Advantage will pay off before disbursing your loan proceeds

Undergo a financial assessment to ensure your suitability for the loan and your
ability to comply with the loan terms, including ongoing home maintenance and

payment of your property taxes and home insurance

Complete a counseling requirement confirming your understanding of how a
reverse mortgage works and your options and ongoing obligations under the loan