A loan allowing those 62+ years or older to age in place by accessing a portion of their equity
- Borrower receives proceeds in lump sum, line of credit, monthly payments or combination
- FHA insured, non-recourse loan
- Repayment is deferred- No monthly mortgage payments
- Available as purchase
- Amount available is based on age, interest rate, home value (up to $687,650) and a factor set by the FHA.