Level One Qualification:
Homeowners qualify for an FHA Reverse Mortgage as long as they meet three criteria:

• The Homeowners are over the age of 62
• The home is a single family residence, a town home, a condominium, a duplex, a triplex, a fourplex and in some cases a manufactured home or a mobile home.
• At least one homeowner lives in the home as the primary residence.

Meeting the criteria qualifies the homeowner to have the Mortgage paid off if there is enough equity in the home, which results in no more monthly payments for the rest of the surviving homeowner’s life. You get rid of your mortgage payment and you get to keep you’re home. There is no further qualification if you meet the three criteria above. You’re approved! It’s that simple!

Level Two Qualification
Once the mortgage is paid off, depending on the current interest rate, how much equity you have in your home, the youngest homeowner’s age, and the geographic location of your property you may qualify for additional benefits, which means you may choose what works best for you from one of the following options:

• A Lifetime Monthly Income
• A Cash Reserve Account
• A One Time Lump Sum Payout
• An Accelerated Term Income
• A Combination Custom Plan

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