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What are the eligibility requirements? |
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All Borrowers on the
loan must be age 62 or over
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You must live in your
home as a primary residence
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Your home must be a
single family 1 to 4 unit home, a HUD approved Condo, or part of a Planned
Unit Develoment (PUD). Some loan programs will also consider some
manufactured housing, and some New York City Co-Ops.
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Your home must be at
least one year old and meet HUD minium property standards.
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You must attend
reverse mortgage counseling from a HUD approved counseling agency.
We will provide you with at least 3 different counselor names
to choose from.
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In order for a Reverse
Mortgage to make financial sense, you need to have significant equity
built up in your home.
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There are NO health
restrictions
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