Page 15 - Retail Jumbo Booklet

To qualify for the Advantage, you must at a minimum:

Be 55 years or older**

Own a high-value home (exceeding the FHA maximum claim amount of $822,375)

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

Have home value verified through a home appraisal (if home value is insufficient, funds

to close the loan may be made up with savings, investments, direct family gifts, or other
approved sources)

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

** The Advantage 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.

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