Senior Equity Loans
Unlock the Value of Your Home to Supplement Your Income
Good news for our seniors: If you’re 62 or older, you can use the equity in your home to supplement your income. Whether you need funds for day-to-day living expenses, home repairs, or unexpected emergencies, we have a solution that works for you.
Key Benefits:
- Flexible Usage: Use the funds for daily expenses, home renovations, medical bills, or any other needs.
- No Monthly Payments: You don’t have to worry about monthly payments, giving you peace of mind.
- Primary Residence Requirement: This loan must be tied to your primary residence, ensuring that your home remains your home.
Each situation is unique, so we encourage you to contact a Real Estate Loan Consultant for personalized assistance and to explore how this loan can meet your specific needs.
Loan Features:
Ready to explore your options? Our Real Estate Loan Consultants are here to help you understand how a Senior Equity Loan can work for you. Reach out today for a free consultation.
- Term Length: 20-year loan term, providing a structured timeframe.
- Loan-to-Value (LTV) Ratio: Maximum LTV of 65%. This means you can borrow up to 65% of your home’s appraised value.
- Loan Amount:
- Minimum: $50,000
- Maximum: $970,800
- Interest Rate Details:
- Adjustable Rate: The interest rate is subject to change every six months.
- Rate Cap: The interest rate can’t increase or decrease by more than 1% on any change date.
- Lifetime Cap: The maximum lifetime interest rate is limited to your initial rate plus 6%.
Important Considerations:
- 20-Year Term: After 20 years, the loan will mature. At that time, repayment of the loan balance will be required, typically through the sale of the home, refinancing, or other arrangements.
- Loan Repayment: The loan is usually repaid when you sell the home, move out permanently, or pass away. Any remaining equity after the loan repayment belongs to you or your heirs.
- Eligibility: You must be at least 62 years old.
- Available on California and Idaho properties only.
Contact Us Today!
Ready to explore your options? Our Real Estate Loan Consultants are here to help you understand how a Senior Equity Loan can work for you. Reach out today for a free consultation.
Subject to credit approval.
Available on California and Idaho properties only.
NMLS ID #649058. Mortgages available in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington.
For mortgages in all other states click here
APR = Annual percentage Rate.
ARM = Adjustable-Rate Mortgage.
Fees and charges - A one-time only loan fee of 1% of the loan amount will be charge at the conception of the loan. The member will not be charged any other fees at the conception of the loan. There will be no monthly servicing fees.
Interest Floor - 4%
Monthly Payments to the Credit Union - None will be required.
Taxes and insurance premiums are not included in the payment and the actual payment obligation may be greater.