Generation Plus Product Guide

Eligible Property Type
• Single Family Residences
• Townhouse (Row House)
• PUD (Planned Unit Development)

Property Values
Minimum $500,000 Maximum $6-miillion
10% Reduced PLF for loans > $3-million
20% Reduced PLF for loans > $5-million

Amortization Type / Payment Plan
Fixed Rate Only with all loans to be paid as a cash Advance.
(Intial draw only)

Counseling
HECM Counseling Certificate. Telephone counseling acceptable.

Origination Fee
1.5% of the principal limit at Closing.

Servicing SetAside
$25 monthly charge only (no servicing SetAside).

Preliminary Title Report
Subject Address Certificate and Tax Certifificate are required.

Appraisal Requirements
GMC Corporate Underwriting will flow standard FHA/HECM appraisal guidelines. GMC will require internal photos on all subject properties.

Second Appraisal Requirements
All loans require a second appraisal. The cost of which will be incurred by GMC. Any adjustment to value required by the underwriter will be taken off the lowest appraisal.

Repairs
All FHA/HECM repair guidelines apply to the GenPlus Product.

Mortgage Type
Purchases and Refinances are allowed.

Credit Issues
Credit Report: Minimum 700 FICO score average is required for each borrower to be eligible for the GenPlus Product.

Bankruptcies (BK)
Borrowers with currently active or ‘Dismissed’ / ‘Discharged’ BK in the last five years are not eligible for the GenPlus product.