Adjustment

Monthly

Index

1 - Month LIBOR

Maegin

3.50%

Interest Cap

12% above initial rate

Interest Floor

Margin

Mortgage Insurance Premium (MIP)

None

Age Requirement

Minimum - 62 years of age (age 60 in NY)

Property Valuations
An AVM and our appraisal must be within 10% of the value

$1,000,000 and over - 2 appraisals required. FHA approved appraiser " as is'

Occupancy

Primary residence only

Lien Position

First Lien Position

Eligible Property Types

• Single Family Residence
• Condominiums (see our proprietary condo affidavit)
• PUDs (Planned Unit Developments)
• Multi-unit Properties

Borrower Counseling

LLS will order counseling
(Can be done during loan process except CA, which must be done before any charges are incurred on the borrower's behalf)

Servicing Fees

$30 per month

Prepayment Penalties

No prepayment penalties

Maximum Home Valuation Amount

$2,500,000

Minimum Initial Principal Balance

$100,000 (at closing)

Payment Disbursement Options

Lump Sum, Line of Credit or a combination of the two

Credit Line Growth Feature

Unused portion grows at 5% annually

Minimum Draw

$500 (after closing)

State Availability

Please refer to the dashboard or call your Account Manager

Origination Fees

2% of the Principal Loan Limit

Rate Lock

Not available. This is a prevailing rate.