SIMPLE 60 A revolutionary reverse mortgage for homeowners, starting at age 60.
Features
Interest Rate
Adjustment
Monthly
Index
1 - Month LIBOR
Maegin
4.0%
Interest Cap
12% above initial start rate
Interest Floor
Margin
Mortgage Insurance Premium (MIP)
None
Qualifications
Age Requirement
60 years of age or older
Maximum Limit of Home Valuation
$2,500,000
Minimum Loan Amount
$50,000
Maximum Loan Amount
$150,000
Property Valuations
FHA-approved appraiser required. Lender has the option of ordering a second appraisal.
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
Provided by an independent contractor, paid for by lender and is conducted via telephone during the loan process. (Specific to our product)
(Can be done during loan process except CA which must be done before any charges are incurred on the borrower's behalf.)
Program Specifics
Servicing Fees
$35 per month
Prepayment Penalties
None
Minimum Draw
$500
Rate Lock
N/A This is a prevailing rate.
Payment Disbursement Options
Lump Sum, Line of Credit Combo Plan of Lump sum with line of credit
Credit Line Growth Feature
Unused portion grows at 5% annually
Title Insurance
The lesser of 3x Maximum Loan Amount or 100% of the appraised value.
Closing Costs (not including states taxes & recording fees)
