QUALIFICATIONS
- Must
be at least 62 years of age
- Own
and occupy the home as a primary residence
- All
mortgages and liens against the property need to be paid or
subordinated prior to closing (can be from loan funds)
- Attend
an information session by approved counseling agency
BENEFITS
-
Title
to home remains in borrowers name
- Money
received is tax free — it is a loan against the future
value of the home
- No
monthly payments — we pay you!!!
- No
restrictions on the use of funds available
PURPOSE
-
Payoff
current mortgage on the home
- Create
additional monthly income
- Set
up an emergency fund with a line of credit
- Update
or make repairs to the home
- Hire
in-home health care or pay medical expenses
- Purchase
long term care insurance
- Travel,
buy a car, help grandchildren in college, etc.
You're
home is an investment — use it to improve your retirement years. |
