Fannie Mae HomeKeeper

• Available for homeowners 62 and older
• Must be homeowner's principal residence.
• 1-4 family units is acceptable (provided borrower lives in one unit)
• A monthly service fee is added to the loan
• Counseling is required by an HUD/FHA approved housing counselor
• Most flexible reverse mortgage program in the market place.
• Maximum lending limit: $290,319 to $160,176 depending upon county as of 1/2004
• Federally insured
• Adjustable Rate Loan based on one-year T-Bill plus a margin
• Loan origination and closing costs can be financed in the loan
• Loan Proceeds are tax-free
• Allows Borrower to customize the program to fit their needs
• Benefits can be received as line of credit, lump sum, monthly payment or combination as long as one of the borrowers remains in the home
• Line of credit balance grows
• Social Security or Medicare eligibility is not affected. There is some limitation with SSI or Medicaid/Medical.
• No debt to the heirs - home stands for debt
• Fee collected up front is refunded at closing
• No credit qualification
• No income qualification
• No repayment is required until the last surviving borrower moves, sells or dies.