Transcription of Section C. Reverse Mortgage Borrower and Property ...
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Section C. Reverse Mortgage Borrower and Property ...
HECM ProtocolChapter 5, Section C5-C-1 Section C. Reverse Mortgage Borrower and PropertyEligibilityOverviewContentsThis Section contains the following topics:TopicSee Page1. Reverse Mortgage Borrower Eligibility5-C-22. Reverse Mortgage Property Eligibility5-C-53. Consideration of Modifications and Required Repairs5-C-84. eligibility of Properties Held in Trust5-C-10 Chapter 5, Section CHECM Protocol5-C-21. Reverse Mortgage Borrower EligibilityChange DateMarch 18, for aHECMThe table below describes the Borrower eligibility requirements for a : eligibility requirements for other Reverse Mortgage products vary fromthose for a EligibilityRequirementDescriptionBorrowe r AgeAll borrowers must be 62 or older. If both husband and wife are onthe title to the Property , they must both be at least 62 years old inorder to qualify for a younger spouse may take his/her name off the title of the propertyin order to allow the eligible spouse to participate.
Eligibility Overview Contents This section contains the following topics: Topic See Page 1. Reverse Mortgage Borrower Eligibility 5-C-2 2. Reverse Mortgage Property Eligibility 5-C-5 3. Consideration of Modifications and Required Repairs 5-C-8 …
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