It depends on the provider. Each provider is different, except that you must:
The loan does not generally have to be repaid until the last surviving member of the household pass away and the estate has six months to repay the loan;
The mortgagee must be 62;
The home must be free and clear;
Age and the value of the home generally set the loan limits.
These are the basic rules set forth by the FHA but each provider will add some of their own in area that they are allowed to by the FHA.
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