Cash Account
Financial Freedom's proprietary Cash Account
Advantage Plan reverse mortgages have been designed
especially for senior with substantial home equity
or higher-valued homes. No other reverse mortgage
lender offers a jumbo loan product comparable to the
Cash Account Advantage Plan and its options.
Financial Freedom Cash Account Advantage Plan
reverse mortgages have virtually no limit on home
value or the amount of the loan. As a result, the
amount of money available to the homeowner may be
substantially greater with a Cash Account Advantage
Plan reverse mortgage than with other options.
Cash Account Advantage Plan features a number of
options that allow you to maximize the benefits
depending on your unique needs, including
eliminating upfront fees and closing costs.
Currently there are three available options: the
Credit Line Option, the Combo Option, and the Cash
Out Option. With all Cash Account Advantage Plan
reverse mortgage options, the rate is reset
semiannually; there is also a lifetime interest rate
cap. A servicing fee is automatically financed on
the account each month; there is no such fee in
Illinois and Maryland.
In addition, there is no equity or appreciation
sharing and no maturity fee.
Available for all Cash Account Options, Equity
Choice Feature allows the borrower to limit the loan
obligation to a stated percentage of the full market
value of the home resulting in the amount of the
loan or line of credit being less than the amount
for which the borrower otherwise qualifies.
Borrowers may choose to protect a minimum of 10% and
a maximum of 50% of their home equity. This permits
greater flexibility assuring a percentage of equity
remaining to benefit the borrower or heirs upon loan
maturity.
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