There were two options on the Penn enhanced mortgage. This is probably the
difference.
I took the forgivable loan. I got a smaller amount all at once at
settlement. An equal portion of this is forgiven each year for seven years,
and that is why I had to pay back when I wanted out of the requirement.
The other option was to receive a grant each year for seven years. If you
took this option, it makes perfect sense that you didn't have to pay any
money back. You simply would not receive those last two grants you might
have received had you held the house two more years.
That is probably the reason for our different answers unless the program was
different at the times we got it.
Glenn
----- Original Message -----
From: "Gail Defendorf" <[EMAIL PROTECTED]>
To: <[email protected]>
Sent: Friday, July 13, 2007 3:01 PM
Subject: Re: [UC] exiting the UPenn enhanced mortgage program
I did not find this to be true in my case. I sold my Penn mortgage program
house after living in it for 5 years and didn't have to give back anything
to Penn.
gail
Glenn wrote:
Now, the enhanced portion, if it is still the same, is yours to keep as
long as you do not move or sell the house for the term. I ended up
moving to a different building for a time and had to give back much of
that too. I think if you're on a temporary leave for something like a
one year post, you can be excused but not if you leave Penn like I did.
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