EQUITYKEY™ |
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Reverse Mortgage |
Not a debt. The money you receive is yours to keep,* in exchange for a percentage of the future appreciation of your property. |
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Debt transaction with interest. Requires repayment. Erodes the equity you’ve worked so hard to build! |
| No closing costs: Small Application Fee of $300.00 which is refundable if you don’t qualify!
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Closing costs: Depending on the size of the loan and value of the house, closing costs could be 10 to 15 thousand dollars or more!
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| You do not have to live in your property, You can rent your home at any time as long as you maintain your ownership interest in the property!
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Requires that you occupy your home. If you vacate your home for more than 365 days, under most reverse mortgages, your loan becomes due!
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| Eligible Properties: Not only your primary residence, but rental, second homes, investment and commercial properties as well!
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Eligible Properties: Primary home – Owner Occupied Residence ONLY!
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| The Amount you can receive is based on the appraised value of your property, the percentage of your property's future appreciation that is offered to EquityKey™ and your insurability. No payments are due with the EquityKey™ program, because the money you receive is not a debt.
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How much you can receive is determined by age, current value of the home, and prevailing interest rates. Proceeds must first be used to pay off all existing loans on the home and the payments are made from the remaining equity amount in the home.
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| Minimum age requirement: 65 and only one property has to qualify!
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Minimum age requirement 62 and all homeowners must qualify.
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| EquityKey™ Purchases a life insurance policy on a qualifying property owner. To qualify, applicants must be approved by a life insurance carrier.
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No life insurance qualification is required |
| Payment is a lump sum |
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Payment options are lump sum, monthly payments or a line of credit.
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