This program allows a borrower to get a mortgage without any income or credit requirements.

Minimum Age – 62

Maximum Age – None

Maximum Loan- Determined by the borrowers age and property value. Generally the borrower will need between 25% – 35% down plus closing costs of approximately $10,000- $12,000. Generally the maximum loan amount will be $485,000.

Income Requirements- None

Credit Requirements- None.

Time- 60 day closing.

Primary Residence Only.

Buyers may remain in the property until both spouses pass away. (Providing the taxes and insurance has been paid on time.)

Buyers can sell the house at any time and receive all proceeds after paying off the loan.

Heirs can sell the house and receive all proceeds after paying off the loan.

Heirs are not liable for the loan. But must pay off loan in order to receive any proceeds.

Loan Balance is increasing, not decreasing because they are not making any payments.