Reverse
Mortgage Counseling - Eligibility Check List
The first question to consider is ... do you qualify? In order to make a preliminary determination
regarding your eligibility as a potential borrower, this checklist will be
completed, in person or over the telephone.
All the answers should be YES.
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Are you (and
all property owners, if applicable) at least 62 years of age?
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YES
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NO
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DK
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Are you the
sole owner(s) of you home?
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YES
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NO
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DK
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Is this home
your primary residence and will it remain so during
the time you participate in this loan program? (This loan will become due and payable if
you leave your home permanently, or are going for more than 12 consecutive
months.)
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YES
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NO
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DK
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Is your home a
one-unit dwelling? (Certain multi-family dwellings are not allowed.)
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YES
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NO
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DK
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Is your home
insured for its current value? (If no, additional insurance will have to be
arranged for and paid for at closing.
Insurance premiums can be financed in the loan along with all other
fees and closing costs.)
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YES
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NO
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DK
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In your housing
counseling session (required by FHA), we will cover the following topics:
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______
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Overview of
FHA Reverse Mortgages and Insurance's
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Eligibility
Requirements for Program
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______
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Homeowner(s)
Goals
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______
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Alternative
Resources and Services
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______
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Alternative
Home Equity Conversion Options
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______
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Financial
Implications and Costs
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______
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How to Get
Information On
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Impact on
Eligibility for Public Benefit Programs
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______
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Tax
Consequences
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______
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Impact on
Estate
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We strongly encourage homeowners to bring their children or
other family members to the counseling session.
To locate the nearest GreenPath
Debt Solution's office, call 1-800-550-1961
