Loan Specifications

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Loan Specifications: Features and Benefits

Countrywide offers a variety of reverse mortgage products. Our team of Reverse Mortgage Specialists can work with you to help you understand the different product features that may best fit your needs. When you meet with your Reverse Mortgage Specialist, you will be given a detailed program summary and an amortization schedule. These documents will also show you the costs associated with your loan, which are described more fully in the next section.

Eligibility

To qualify for a reverse mortgage, all borrowers on title to the home must be at least 62 years of age and occupy the home as their primary residence. Properties that qualify for a reverse mortgage include "Planned Unit Developments" (PUD), one to four unit owner-occupied residential buildings, single family residences, condominiums and co-ops in eligible counties.

Benefit Options

There are several payment options which enable you to access your home equity through a reverse mortgage. The payment options summarized below may vary based on the product you choose.

  • Lump Sum
    A withdrawal of your available benefit at loan closing, typically to pay off the existing mortgage balance, if any, and to provide you with cash.
  • Tenure
    A guaranteed, fixed monthly payment for as long as you remain in the home.
  • Term
    A fixed monthly payment for a specific term of months or years. This option is usually selected when a borrower needs access to a larger monthly payment than the tenure option will allow.
  • Line of Credit
    A credit line that you can access at any time to meet your financial needs. You submit a written request to Countrywide's loan servicing department and they send the funds to you. The unused balance of the line of credit grows over time at a rate specified when you take the loan, which means you can have access to additional money the longer you remain in the home.
  • Combination of Payment Options
    A combination of any of the above may be chosen. Even after the loan closes, you may change the payment plan. Options vary depending on the product chosen and a minimal change fee might apply.

In all plans, whenever you make any partial prepayments, the amount of your available credit will increase, either in the form of a new or larger line of credit or new or larger monthly payments, at your election.

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To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.