Three year review may repeat itself. When able to repay, then the Direct Loan requirements go into effect. Secured with a mortgage. No repayment until home is sold or otherwise vacated by recipient. This loan is interest free.
Loan is secured by a mortgage.
Total amount is due when house is sold by recipient or heir. No repayments are made on Forgiven Loan. Loan is evenly reduced on a monthly basis over a 10 year period. This loan is interest free. Loan is completely forgiven after 10 years of continuous habitation by recipient.