A GROUNDBREAKING RETIREMENT TOOL BUILT FOR YOU
EquityAvail is a new retirement mortgage for those looking to refinance into a lower monthly mortgage payment but do not qualify for a reverse mortgage. Free up cash flow without downsizing or committing to payments on a traditional 30-year refinance.Get Started
WHAT EQUITYAVAIL DOES
Live Where You Love
Stay in the home and neighborhood you love, on your terms.
Reframe Your Career
Prepare for your perfect retirement by transitioning from working a little too much to working a little less.
Own Your Life
You’ve worked hard for the things in your life. Now’s the time to focus on the experiences and people that matter most by being available to them.
When you’ve lightened the burden of monthly mortgage payments, there is an opportunity to accomplish goals and achieve independence.
AT A GLANCE*
- Lowers monthly mortgage payments for ten years
- Eliminates required monthly mortgage payment from year 11 on
- Plus there's potentially a lump sum cash out on day 1
*See below for important information on this loan product.
HOW EQUITYAVAIL DOES IT
FEELING GROUNDED DESPITE ECONOMIC UNCERTAINTY
With a global pandemic and the resulting economic uncertainty, Todd, a 62-year-old customer, wanted to stay in his current home but faced the challenge of meeting income demands. Based on his home value and current mortgage situation, Todd was able to refinance with EquityAvail to reduce his monthly mortgage payment for 10 years and eliminate the required monthly payment for the remainder of the loan. EquityAvail secured a significant monthly cash flow boost for Todd. Now, he has better stability living off part-time work, retirement savings, and Social Security.
How it Works
See how EquityAvail helped Todd put his $850,000 home to work.
FACE ECONOMIC UNCERTAINTY HEAD-ON.
Because EquityAvail is designed to reduce your monthly payment obligations, Todd is able to see more money every month. His mortgage payment went from $3,675 to $1,129. So for the first ten years of EquityAvail, Todd frees up $2,546 per month.**
MEET THE CHALLENGE OF INCREASING CASHFLOW AS YOU AGE.
With EquityAvail, Todd is only obligated to make mortgage payments for ten years. After that, the $1,129 payment evaporates entirely. Todd’s cashflow, however goes up. He keeps the money he would have had to spend on a mortgage payment in his pocket. From year eleven on, Todd gains even more flexibility as he steps further into retirement.**
GET CASH UP FRONT, LIVE RETIREMENT ON YOUR TERMS
Not only did Todd reduce his monthly mortgage payments, but he also received a lump sum payment. That meant he could use the cash as he wished. For Todd, that means money for family, travel, remodeling, hobbies, or building savings.**
EQUITY THAT'S YOURS
Even though Todd’s loan balance is growing over time, with estimated appreciation levels, he is still able to maintain equity in the house. Regardless of his equity position, as long as Todd upholds his loan obligations, he can stay in the home as long he chooses. And EquityAvail is also non-recourse — the debt can never be greater than the value of the home.**
DISCLAIMER: The monthly mortgage payments listed here do not include taxes and insurance, which must also be paid, and any actual monthly payment will be higher. See Escrows for Taxes and Insurance below for additional information. Illustration is for educational purposes only and assumes a borrower age 62 who resides in California with a home value of $850,000, a non-jumbo loan with a fixed interest rate of 5.930% (5.954% APR), financed closing costs of approximately $9,785 (of which $1,465 are finance charges). Borrower receives a $91,167 lump sum distribution at closing and has a beginning EquityAvail loan balance of $544,000. Rate quote generated on 4/1/2022; this rate could change or not be available at commitment or closing. Existing traditional 30-year mortgage being compared assumes a 3.25% interest rate (3.35% APR) with a $443,048 remaining principal balance and 192 fully amortizing payments remaining on the loan term.
The borrower is required to make non-amortizing payments for the first ten years (120 months) of the loan term. These payments will not cover the full amount of interest accruing and interest will be added to the principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. The loan balance after negative amortization depends on the loan term, which varies by borrower. The loan balance continues to grows over time as interest is added to the loan. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to sell the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan.
Important information about this loan product.
*Borrower is required to make non-amortizing payments for first ten years of loan term. These payments will not cover the full amount of interest accruing and non-paid interest will be added to principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. Borrower is required to pay taxes and insurance. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan. Primary occupancy only. Not available in all states. Additional terms and conditions apply. Ask a licensed loan officer for more details.
FREQUENTLY ASKED QUESTIONS
- Existing Single Family Residence
- 2-4 units
Interested in freeing up monthly cash flow without selling your home? EquityAvail is an innovative, new option that can help you get to work on retirement -- on your terms!