Qualifications:

• Homeowners (if married) must be 62 years old or older.
• No second/vacation or investment home.
• Must have considerable home equity or must provide monetary investment at closing from allowable funding source.
• Home meets minimum  appraisal property standards.
• Occupy property as primary residence.
• Mandatory Counseling session.
• Taxes & home insurance paid by client and cannot be escrowed.
• Both borrowers must be included on the Deed (if married)
• Refer to Tax Professional.
• This is a NON-Recourse Loan
• Borrower can pay off loan at any time and there is no pre-payment penalty.
• Up to 20 acres of residential land with the property.

Advantages:

• No mortgage insurance required.
• No capital gain tax.
• Access all of your loan proceeds in one lump sum.
• enjoy the predictability of fixed interest rate.
• no monthly mortgage payment.

The Key item that must be included to request an exception to the 6 Million Dollar maximum home value is the appraisal.

We can do a loan for property up to Six Million US Dollars. Then based case by case  exception on properties over six million.