|
Profile
for CASH ACCOUNTS |
Min.
Age |
62
years old |
Rates |
6
month LIBOR plus 3.5% margin – no lock in policy |
Lifetime
Cap |
6.5
points above initial rate |
Eligible
Properties |
Single
Family Residences, PUD, Condo, Manufactured homes |
Maximum
Home Value |
No
Maximum!!! JUMBO PRODUCT |
Credit
Line |
Growth
on credit line is 5% per annum |
Taxable |
NOT
TAXABLE |
Servicing
Fee |
$20.00
per month (automatically financed in account) |
Credit Line Option |
·
Unused portion of cash account grows by 5% per annum until
maturity.
·
Minimum Draw $500
·
Line of credit or lump sum option
·
No prepayment penalty |
Cash Out Option |
·
Origination Fee – None
·
Draw at Closing= 100% of maximum available
·
Closing Costs – none
·
No prepayment penalty |
Combo Option |
·
Origination fee – None
·
Minimum draw at closing- 75% of maximum available
·
Minimum Draw $500
·
Closing Costs – not to exceed $3,500 |
