1. Loan approval is subject to individual eligibility, age, property value, and other factors. A financial assessment is conducted to ensure borrowers’ ability to meet their obligations under the loan agreement including property taxes, insurance, and home maintenance. ‘Set-asides’ may be allocated from loan proceeds to help cover these obligations.

2. Reverse mortgage loan balances accrue interest monthly but no payments on the loan are due until the borrower vacates the home. Homeowners must remain current on property taxes, homeowner's insurance, and maintain the home in accordance with FHA requirements to retain ownership and not risk foreclosure.