Determining Eligibility:

• All borrowers on title must be at least 62 years of age
• No income or credit requirements
• No health requirements
• Property must be the borrowers' primary residence
• Borrower should have some equity; approximately 50%

Borrower profile:

Seniors who:

• Are looking for increase in monthly cash flow
• Value independence and do not want to rely on others
• Want to stay in their homes
• Wish to modify their homes to "age in place"
• Majority are single woman

Program Features:

• Income is Tax Free
• No monthly mortgage payments
• Borrowers must continue to pay property taxes & hazard insurance (T&I)
• The loan amount accrues interest as long as borrowers live in the house
• Borrowers can take funds in the form of a lump sum, line of credit (LOC), monthly payments or any combination of these withdrawal options
• Note rates are based on index plus a margin
• Loan is due and repaid upon permanent move out of all borrowers on title to include: 1.Sale of property, 2. Consecutive period of 12 months away from the residence, and 3.  Death of last borrower on title
• Principal, interest and service fees are repaid upon loan maturity
• Loan is "non-recourse", meaning borrower(s) or heirs can never owe more than the appraised market value at time of repayment