Under the Tenure option, you may receive equal monthly income for as long as you occupy your home as your primary residence.
For example, if you want to stay in your home for the rest of your life and you want monthly income that won't ever run out - no matter how long you live in your home - this option gives you that monthly income.
Remember, FHA insures both the lender and you, the Homeowner, against loss in this transaction. The lending institution won't lose because it is insured against loss. And if you, the Homeowner, live 'forever' the monthly income is insured and continues 'forever'.
Also, a Reverse Mortgage is a non-recourse home loan, which means there is no personal liability ever - to you or your Heirs.
If you wish further information, or if you have any questions or comments, please call
1-800/250-4959 or e-mail us by
clicking here.
Countrywide Bank, FSB and Countrywide Home Loans, a Division of Countrywide Bank, FSB are Equal Housing Lenders. © 2008 Countrywide Financial Corporation. Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. Countrywide Home Loans, Inc. is headquartered at 4500 Park Granada, Calabasas, CA 91302. Arizona Mortgage Banker License Number BK8805; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Georgia Reg. #5929; Illinois Residential Mortgage Licensee; Massachusetts Mortgage Lender License No. ML 1623; this is not an offer to enter into an interest rate lock-in agreement under Minnesota law; Licensed by the New Hampshire Banking Department; New Jersey (818) 313-6526, Licensed Mortgage Banker, NJ Department of Banking and Insurance; Licensed Mortgage Banker, NYS Banking Department; Registered with the Pennsylvania Banking Department; Rhode Island Lender’s License. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.