Page 15 - Retail Jumbo Booklet
P. 15

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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