* The homeowner and all co-borrowers must be a minimum of 62 years old.
* The home must have a very low mortgage balance or be owned free and clear.
* The owner must occupy the home.
The equity is calculated based on three factors:
* The youngest borrower's age
* The appraised value of the home
* The FHA maximum loan limit
Fees involved:
* Origination fee
* Appraisal fee
* Title fee
* Escrow fee
* Recording fee
* Monthly servicing fee
