Simply Zero Cash Account Reverse Mortgage
With the Simply Zero Cash Account, Borrowers are required to draw 100% of their maximum available benefit at loan closing, however Financial Freedom™ has kept the interest rate structure the same as its standard Cash Account™, and remains the only "jumbo" reverse mortgage products available.
Simply Zero was developed following a successful roll out of the Zero Point Cash Account in 2003.
Both products provide homeowners age 62 and older with the ability to convert their home equity into cash without having to sell their home or assume monthly payments. In addition, both boast numerous consumer safeguards that have become standard in the industry, including third party counseling to ensure the borrower understands the terms of the loan and that the loan is appropriately matched to the borrower's needs.
Currently, the program is not available in every state. Please visit Financial Freedom's website for more complete details
Cash Account Features and Benefits:
Simply Zero™ Option:- Origination Fee = none
- Draw at Closing = 100% of maximum available
- Closing Costs = none (excluding local or state taxes, if any)
- No prepayment penalty. Partial prepayment not allowed first five years. Full payment permitted
- Adjustable interest rate = 6 month LIBOR (index) + 5% (margin). Rate is reset semiannually
- Origination Fee = none
- Minimum draw at closing = 75% of maximum available
- Minimum draw after closing is $500
- Unused line of credit grows by 5% per annum
- Closing Costs = actual 3rd party costs not to exceed $3,500 (excluding local or state taxes, if any)
- No prepayment penalty. Partial prepayment not allowed on minimum draw at closing for first five years. Full payment permitted
- Adjustable interest rate = 6 month LIBOR (index) + 5% (margin). Rate is reset semiannually