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Product
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Fannie Mae "HomeKeeper"
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Minimum Age
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62 years old
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Rates
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Based on the 6 month CD + margin
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Eligible Properties
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Must be homeowner’s principal residence (1-4 family units is acceptable – provided borrower lives in one unit)
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Maximum Home Value
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max value is the conventional loan limit. It doesn't really refer to the maximum home value allowed, but to the maximimum amount of equity that can be leveraged.
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Taxable
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NOT Taxable
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Servicing Fee
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$35.00 per month (automatically financed in account)
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Counseling
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Counseling is required by someone other than the lender
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Insured
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Federally insured
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Origination and closing costs
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Loan origination and closing costs can be financed in the loan
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Tax free
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Loan Proceeds are tax free
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Distribution options
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Line of credit, lump sum, monthly payment, or combination
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Line of credit
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No growth
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Social Security and Medicare benefits
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Social Security and Medicare is NOT affected
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Appraisal Fee
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Fee collected up front is rolled into balance at closing
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Credit qualifications
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No credit qualification
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Income Qualifications
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No income qualification
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Repayment
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No repayment is required until the last surviving borrower moves, sells or dies.
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