Page 17 - 2019 Retail Info Kit - Jumbo Booklet

n Non-FHA-approved condos may qualify

n No mortgage insurance premiums (MIP)
The Upside

n Social Security and Medicare benefits Other Considerations
• Failure to comply with loan terms, such as payment
not impacted

n Loan repayment deferred until you leave
of property taxes, homeowners insurance and home
the home or fail to comply with loan
maintenance, may lead to default and/or foreclosure
terms, such as the payment of property (this is the same for a traditional mortgage)
• Medicaid or Supplemental Security Income (SSI)
taxes, home insurance and home upkeep

n Non-recourse loan guarantees neither
eligibility and other benefits may be affected
you nor your heirs will ever owe more (consult with your benefit agency)
• Potentially fewer assets to leave heirs as the loan
than the value of the home

n After the loan is repaid, any remaining balance increases
• Not government insured
equity belongs to you or your heirs

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