· Government Insured Program

· Available to homeowners 62 or older

· Funds are available as cash payment, line of credit, or monthly income for a fixed term or as long as the borrower lives in the home

· Available balance on line of credit grows annually

· Counseling by an approved Fannie Mae or HUD counselor is required

· Social Security or Medicare eligibility may not be affected, and generally neither are SSI or Medicaid/MediCal (Consult The Social Security Administration and your tax advisor)

· No income qualifications

· Use of loan proceeds not restricted *

· Loan proceeds are tax-free

* Not all products and options available in all states

· Available to homeowners 62 or older

· Funds are available as cash payment, line of credit, or monthly income for as long as the borrower lives in the home

· Counseling by an approved Fannie Mae or HUD counselor is required

· Social Security or Medicare eligibility may not be affected, and generally neither are SSI or Medicaid/MediCal (Consult The Social Security Administration and your tax advisor)

· No income qualifications

· Use of loan proceeds not restricted *

· Loan proceeds are tax-free

* Not all products and options available in all states

· Designed for borrowers age 62 years or older

· Virtually no maximum home value or loan limit

· Lifetime interest rate cap is 6% over the initial annual percentage rate (6 month LIBOR [index] + 5% [margin])

· Proceeds/advances are not taxable

· No prepayment penalty

· Loan is non-recourse

· Eligible home types: single family detached, manufactured, condo, PUD, 1-4 rental unit if one is owner occupied, co-ops in New York State

· Minimum home value at origination: $75,000