SENIOR SECURITY HOME ADVANTAGE
Questions and Answers
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Who qualifies for Senior Security Home Advantage?
Senior homeowners 62 years of age and older with equity in their homes.
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Will I have any tax liability for Senior Security Home Advantage proceeds?
The IRS treats these monies received as loan advances and not taxable income. However, please consult your tax advisor for more detailed information.
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How will I receive my money?
You can select one of the following payment options:
- Lump Sum Cash Option—receive all cash up front at closing.
- Line of Credit Option—you draw upon the available cash for which you qualified. The unused cash grows 5% annually.
- Tenure Option—receive equal monthly payments guaranteed for life while you continue to live in your home as your principle residence.
- Modified Tenure Option—set aside a portion of loan proceeds as a line of credit and receive the rest in equal monthly payments or receive greater monthly payments by reducing the payment period.
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How much money can I borrow?
The maximum amount you can borrow (the principle limit) is based on three factors:
- The number of borrowers.
- The ages of those borrowers (older borrowers can receive greater funds).
- The adjusted property value. The adjusted property value is the lesser of the appraised value of your home or the Federal Housing Association (FHA) loan limit. FHA maximum lending limits vary based on the state and county in which your home is located. Senior Security Home Advantage also has programs for cooperative apartments and high-value properties that allow you to receive funds greater than the adjusted property value.
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Does the money received from Senior Security Home Advantage affect Social Security, Medicare or pension benefits?
No, the proceeds do not affect these benefits. However, please consult your financial advisor for specific information regarding your situation.
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Will I ever owe more than my home is worth?
No. Senior Security Home Advantage loans are “non-recourse” loans, which means that the borrower can never owe more than the value of the home regardless of the loan balance.
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Will the lender take my house?
No. You, your family or your estate retain ownership of the home and title.
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Can I make early payments or pay off the Senior Security Home Advantage loan sooner?
Yes. You can make early payments with most programs and full payments with all programs.
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When must I repay this loan?
No repayment is required for as long as you live in your home. Funds (principal and interest) needn’t be repaid until the last surviving borrower passes away, sells the home or moves out. You’ll even have enough equity remaining to leave your heirs.
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For more information on the many benefits of Senior Security Home Advantage, call our toll-free #: 1-888-267-7900. It’s quick and easy!
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