Page 17 - Retail Jumbo Booklet
P. 17
n Social Security and Medicare benefits
not impacted
The Upside n Loan repayment deferred until you leave Other Considerations
the home or fail to comply with loan
terms, such as the payment of property •
taxes, home insurance, and home upkeep Failure to comply with loan terms, such as payment
of property taxes, homeowners insurance, and home
n Non-recourse loan guarantees neither maintenance may lead to default and/or foreclosure
you nor your heirs will ever owe more (this is the same for a traditional mortgage)
• Medicaid or Supplemental Security Income (SSI)
than the value of the home
n After the loan is repaid, any remaining eligibility and other benefits may be affected (consult
equity belongs to you or your heirs. with your benefit agency)
Your heirs will inherit your house and •
any equity in the property. If the heirs Potentially fewer assets to leave heirs as the loan
balance increases
want to keep the property or get the
equity, they do need to pay off the • Not government-insured
loan. They could do this by selling or
refinancing the property. 17
