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Product
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Generation Plus
(Jumbo Product)
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Min Age
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62 years old
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Rates
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1 month LIBOR plus margin - Rates adjust monthly – lifetime cap
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Eligible Properties
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Owner-occupied single family homes, Planned unit developments, condominums and 1-4 unit homes.
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Maximum Home Value
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Maximum: $4 million ($6 million in CA)
Minimum: $200,000
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Taxable
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Not Taxable
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Servicing Fee
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$35.00 per month (automatically financed in account)
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Counseling
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Independent Counseling Required
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Origination and closing costs
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Loan origination and closing costs can be financed in the loan
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Tax free
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Loan Proceeds are tax free
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Distribution options
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All cash out, line of credit or a combination of both
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Line of credit
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Grows at 6%
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Social Security and Medicare benefits
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Social Security and Medicare is NOT affected
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Appraisal Fee
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Fee collected up front is rolled into balance at closing
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Credit qualifications
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No credit qualification
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Income Qualifications
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No income qualification
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Repayment
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No repayment is required until the last surviving borrower moves, sells or dies.
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