Determined by HUD; Consult your local Reverse Mortgage Professional
Eligible Property Types
Owner-occupied single family homes,
1-4 unit homes that you own and occupy, townhouses, some manufactured homes are eligible. FHA-approved Condominiums.
Special Features
FHA insured program
Interest Rate
Fixed for the life of the loan
Interest Rate Lock
Available 2 days prior to closing
Payment Options
Please consult your local Reverse Mortgage Professional
Non-Recourse
Yes - Lender can never require more repayment than the current market value of the home when it sells
Mortgage Insurance Premium
Required by and paid to HUD to insure the mortgage against losses. HUD also guarantees the borrower their funds will be available if the lender or servicer is not able to make payments
Counseling
Approved HUD/FHA counseling required
Loan Processing
Processed by originating company
Underwriting
Sreamlined process
Monthly Servicing Fee
Added to loan balance; Sevicing by Generation Mortgage Company
Not all products and options are available in all states. Terms subject to change without notice.
