A:
Yes, there are no credit or income requirements, since borrowers don’t assume any
payment obligation. To be eligible for the major programs, owners must be 62 or older, and
must occupy the home as their permanent residence. Eligible properties generally include
one- family units, condominiums, manufactured housing, and houses in planned unit
developments. 2-4-family units may or may not qualify. Mobile homes and co-ops are not
eligible.
Jack Guttentag is Professor of Finance Emeritus
at the Wharton School of the University of Pennsylvania.
Visit the Mortgage Professor's
web site
for more answers to commonly asked questions.
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