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Frequently Asked Questions

What are the benefits?

What if my property does not appreciate in value?

How does it work?

How is it different from a regular mortgage?

Who is eligible?

What are the fees?

For what purpose can I use the proceeds of the contract?

What are my ongoing responsibilities?

What is the process?

How long does the process take?

Can it be used for investment properties?

Can it be used for 2nd home properties?

How does it impact my first mortgage?

How long is it for?

Can I decide to terminate?

Do I still own my condo?

Can I still deduct the mortgage interest and Real Estate Taxes?

Can I take additional financing?

What if I lose my job?

Can I sell my property?

What happens when I sell?

What is "right of first refusal"?

What happens when I refinance?

How is the Option Repurchase price determined?

How is the Fair Market Value determined?

What if my property value goes down?

What if I cannot pay my mortgage, Taxes or Common Charges or Assessments?

What if I default on my mortgage?

Do I have to have homeowners' insurance?

What happens if the property is damaged by fire or water?

Do I have to have title insurance?

What if I have to terminate in the first 24 months?

What constitutes a default on the REACH contract?

What happens in the event of a default?

What happens at the end of the 10 years when the contract expires?

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