"The Indepence Plan™" (TIP)

The first new reverse mortgage in over a decade!
The Independence Plan™, TIP for short.

Reverse mortgages are growing in popularity as seniors seek alternative resources to provide cash, supplement income and fund their dreams. We are now providing opportunity for older homeowners with high value homes to take advantage of the incredible equity that has built up in their home over the years. The Independence Plan™ provides the peace of mind which comes with financial independence. It is unique because it places no limit on the value of the home and amount of the loan available. This results in greater access to equity and provides additional accessible cash to the borrower.

What Makes the Independence Plan™Unique?
Eligibility requirements are similar to the FHA-insured Home Equity Conversion Mortgage (or HECM) and the Fannie Mae HomeKeeper reverse mortgage programs. Like other reverse mortgage loans, there are no income or credit qualifications. Only the age of the borrower and the amount of home equity qualifies them for the loan. Plus, no repayment is required until the borrower(s) permanently leaves the home.

The Independence Plan™ allows borrowers to choose the amount of money they want with terms that best suit their needs. This is the only reverse mortgage for owners of higher value homes that does not force borrowers to draw a set percentage of their available credit line to enjoy the benefits of no loan fees and reduced closing costs. In addition, all fees may be financed into the loan.

How is This Different From a Home Equity Conversion Mortgage?
The Independence Plan™ is very similar to a Home Equity Conversion Mortgage except there is no mortgage insurance premium due. Both loans follow similar guidelines, providing available equity to borrowers. Both loans require that the borrower(s) be 62 or older and that the home is either paid in full or has a mortgage balance that can be paid off with the proceeds of the reverse mortgage.

The Independence Plan™ may offer a borrower more available cash than the HECM and HomeKeeper products. Like the HECM it is a non-recourse loan, meaning the homeowner will never owe more than the fair market value of the home.

The Independence Plan™ is available as a line of credit or lump sum only, no payments. Unused portion of line credit grows at 5%.

Is The Independence Plan™ Right for You?
This plan is best suited for homeowners with an appraised home value of $700,000 and higher. Since each borrower is unique, we will help explain the programs available, advise the borrower of the best option to fit their needs and then direct them to an independent counselor.

Counseling is required for all reverse mortgage loans and a counseling certificate of completion must be submitted prior to signing the final loan application. This is a protection to the borrowers, ensuring they are fully informed and making the right decision based on their personal circumstances.

Let Your Home Work For You!

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