A home loan for customers who are homeowners age 62 or better and want to purchase a primary residence or need to supplement cash needs.
Dependent on when the home is sold or no longer used as a primary residence
Up to $625,500
Interest Rate Type:
- Adjustable - fixed interest rate for initial term, adjusting annually thereafter
Maximum Loan To Value (LTV):
Dependent upon age of the homeowner
There is no monthly payment required to the lender for as long as it's occupied as the primary residence of the borrower. The home itself will be the source of repayment. The loan is underwritten based on the value of the home and the life expectancy of the borrower. The loan must be repaid when the borrower sells their home, no longer lives there as their primary residence or becomes deceased.
No annual fee
- Comfort and safety of a government program
- Available for a single family home, 1 - 4 unit home where 1 unit is occupied by the borrower, condominium, modular home, manufactured home or planned unit development
- Use the loan to pay off an existing mortgage balance, afford health care, make home renovations or prepare for the unexpected
Loans are subject to credit approval and property appraisal.