Page 19 - NFS Your Guide Info Kit Booklet (RM + RS)

Financial Assessment FHA Mortgage Insurance:
Before you can formally apply for a reverse mortgage, you will What You Need to Know
undergo a financial assessment to determine whether a reverse
mortgage or another financial option can best serve you.

Counseling 1. Should you select a tenure payout
plan, you are guaranteed monthly
You will receive counseling by an independent, HUD-approved payments for as long as you live in
third-party to help you explore and address whether a reverse your home, maintain the property,
mortgage or another alternative may offer you the best financial continue to pay property taxes and
solution for your needs and goals. homeowners insurance, and otherwise
comply with the terms of the loan.
No Pre-Payment Penalty
You can choose to repay your reverse 2. Should the lender default, you will
mortgage anytime without penalty. continue to be paid, regardless.

Non-Recourse Loan 3. Should the balance of the loan
When repayment is due, neither you be larger than the value of the
nor your heirs will ever owe more home when payment is due,
than your home is worth. the insurance fund covers
the difference.

Your Guide to a Better Retirement 19