Most PTD programs have a minimum age of 65 and are limited to homeowners with low or moderate incomes. If you live in one of the states listed above, contact the local government agency to which you pay your property taxes. This agency can tell you if the program is available in your area, and what you must do to qualify. It can also give you details on how the program works. The amount of the annual PTD loan advance is generally limited by the amount of your property tax bill for that year.
Some programs limit the annual advance to some part of the tax bill, or to a specific amount.
The total amount you can borrow over the life of a PTD loan is limited in most programs. In other words, you may become ineligible for additional annual loan advances at some point in the future. So you cannot have a PTD loan and another reverse mortgage at the same time. Like deferred payment loans, PTD loans generally charge no origination fee, no insurance premium, and minimal, if any, closing costs. The interest rate is usually fixed, but it varies from program to program.