Page 13 - WSAAG052_Your Guide Booklet

FHA Mortgage Insurance:
What You Need to Know

1. Should you select a tenure payout
plan, you are guaranteed monthly
payments for as long as you live in
your home, maintain the property,
continue to pay property taxes
and homeowners insurance, and
otherwise comply with the terms
of the loan.

2. Should the lender default, you
will continue to be paid, regardless.

3. Should the balance of the loan
be larger than the value of the
home when payment is due,
the insurance fund covers
the difference.

Your Guide to a Better Retirement 13