Look out Reverse, there is another player on the horizon.  The EquityKey program is for seniors between the ages of 65 to 85.  The benefits of EquityKey are 1.  Owner recieves debt free cash equal to 12-15% of initial home value(24-30% of initial home value is both homeowners qualify).  2.  No closing costs-just a simple $300 application fee.  3,  Property can go to your heirs.  4.  Eligible properties: primary residence, rental, commercial, or second home.  5.  You can do anything you want with the money you recieve from EquityKey  6.  EquityKey does not affect any of the original equity in your property(unlike a reverse mortgage) and all you are doing is selling a 50% share(100% if two qualify) in the future appreciation of your properties.

The reverse mortgage is still a great product for seniors, but there are high origination costs and fees, creats new accelerating debt, erodes valuable equity, interest rate is variable(there is a fixed product now), must live in house full time and only applies to primary residences.

Who can participate in the EquityKey Program?  Property owners that are 65-85 years old.  Property owners need to be in good health with no smokers, no type 1 diabetes and no recent bouts with cancer.  They can not owe more than 70% of the home's value.  There is no credit check or minimum income requirement. 

Don't look at a reverse without looking at the EquityKey product also.  With EquityKey you can get debt-free cash from $60,000 to $1,000,000.  You can email me or call me at 916-705-3580 to find out how much you can qualify for or if you have more questions. 

Call me or email me if you are in the mortgage business and would like to make commissions offering the EquityKey program or if you are a Realtor, Financial Planner or Trust Attorney and would like to make referal income from the EquityKey program.  916-705-3580.

The EquityKey program is only available in California and New York.  It is coming soon to Florida and then the rest of the US.