A monthly payment that’s more affordable
EquityAvail is an innovative new retirement mortgage for people looking to refinance into a lower monthly mortgage payment but don’t qualify for a reverse mortgage. Free up cash flow without downsizing or committing to a traditional 30-year refinance.
What EquityAvail can do for you
Live where you love
Stay in the home and neighborhood you love on your terms.
Reframe your career
Prepare for your perfect retirement by transitioning from working too much to what’s just right.
Own your life
You have worked hard for the things in your life. Start focusing on the experiences and people who really matter.
When you lighten the burden of monthly mortgage payments, you gain the freedom to accomplish new goals and achieve independence.
Angela is feeling grounded despite economic uncertainty.
For illustrative purposes, let’s look at a hypothetical situation. With a pandemic, Angela wanted to stay in her home. She’s 62 years old and struggling to make the income she needs. Based on her home value and current mortgage situation, Angela was able to refinance with EquityAvail to reduce her monthly mortgage payment for 10 years and eliminate the required monthly payment for the remainder of the loan. EquityAvail secured a significant monthly cash flow boost for Angela. Now, she has better stability living off retirement savings, part-time work, and Social Security.
How EquityAvail frees up cash
Face financial challenges head-on.
Because EquityAvail is designed to reduce monthly payment obligations, Angela is thriving. Her mortgage payment went from $3,675 to $1,327. So, for the first 10 years of EquityAvail, she frees up $2,348 every month.
Scenario is for illustrative purposes only. For loan assumptions and additional disclosures related to this scenario, click here.
Important information about this loan product.
*The borrower is required to make non-amortizing payments for the first ten years (120 months) of the loan term. These payments will not cover the full amount of interest accruing and interest will be added to the principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. The loan balance after negative amortization depends on the loan term, which varies by borrower. The loan balance continues to grow over time as interest is added to the loan. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan. Primary occupancy only. Not available in all states. Additional terms and conditions apply. Ask a licensed loan officer for more details.
There is no minimum home value for EquityAvail, only a minimum loan amount of $100,000. The maximum lending limit is $4,000,000 although the home value may exceed the lending limit.
The following property types are eligible:
– Existing Single Family Residence
– 2-4 units
EquityAvail requires partial interest payments for the first 10 years, but after that, there are no monthly mortgage payments required for the remaining life of the loan. The borrower is responsible for all property tax and insurance obligations.
People 55+ who own and occupy their home as their primary residence, who have an existing forward mortgage, and who would be short to close on a reverse mortgage.
EquityAvail is currently available in Arizona, California, Connecticut, Florida, Georgia, New Jersey, Nevada, South Carolina, Texas, and Virginia.
EquityAvail is a revolutionary retirement mortgage that allows people in or nearing retirement to significantly lower their mortgage payments for 10 years and then eliminate the need to make monthly mortgage payments altogether. It’s a single, fixed-rate mortgage with partial interest payments required for the first 10 years, after which no more monthly payments are required. As long as the borrower upholds the terms of the loan, which include living in the home as their primary residence, staying current on taxes and insurance, and upholding the terms of the loan, the loan does not need to be repaid until the last borrower passes away or sells the home. The loan is fully disbursed at closing, with a maximum loan amount of up to $4 million.
*The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.