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HOME EQUITY INVESTMENT - NO MO PYMT - NO AGE LIMIT - MIN 500 FICO (California)
license info:
DRE 01117664, NMLS 1825863
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When you receive a quote, you’ll see how much cash you can receive now and based on your area’s home appreciation rate, how much your home may appreciate in the future. The amount you will pay back on your HEI will depend on your home’s future value.
This loan product is not like a home equity loan or HELOC, where you pay interest and monthly payments.
Here is an example based on the average home equity loan in southern California: For a 15 year home equity loan, you'd need a minimum FICO credit score of 680+. If the interest rate is 9% (APR 9.1%-9.5%), and the loan size is $325,000, the monthly payment would be $3,296.37 per month. This amount added to a 1st mortgage loan payment on the property, means a lot of homeowners wouldn't qualify for the home equity loan. The homeowner has equity and still wants a loan, so they start searching for an alternative.
Here are the benefits of the HEI:
• NO monthly payments / NO interest
• NO age limit
• NO out-of-pocket costs
• NO income or employment requirements
• NO debt-to-income requirements
• NO early pay-back penalties
• The HEI can be funded up to 75% of the value of the property
• The Term can match your remaining mortgage, up to 30 years
• Use of Funds: The cash you receive can be used for any purpose
• The HEI can help a homeowner with funds needed to catch up back payments on their current loan (Notice of Default is ok).
• The HEI can transfer to the heirs (they don’t have to pay back the HEI upon transfer)
• It’s OK if the property is held by a revocable Trust or LLC
• The HEI can be used for owner-occupied homes and non-owner-occupied rental property
• The HEI can record as a 2nd lien on the property if there is a 1st loan in place
• The HEI can record in 1st lien position if there is no mortgage loan on the property now
• Homeowners retain full ownership and title to the home and can keep it, sell it or refinance it as always
Qualifying the homeowner:
• FICO credit score must be at least 500 minimum
• Have no more than (1) Notice of Default foreclosure notice within the last year
• Bankruptcy must be discharged at least 4 yrs for Chapter 7 and 2 yrs for Chapter 13
• No Foreclosure within the last 7 yrs (your home was sold at a trustee sale or auction)
Qualifying the property:
• The property must be a single family home, condo, townhome or multi-family 2-4 units
• The current appraised value must be between $200,000 and $5,000,000.
• The property must be located in California
• The property cannot be on 5 acres or more
• The property cannot be a manufactured home or vacant land
• The property cannot be zoned for commercial or agricultural use
To find out within minutes, how much cash your property qualifies for, please call, text or email and give me:
• Your name, email and phone number
• The property address (so I can verify the approximate value and that you are the owner on title to the property)
Visit www.recapitalloans.com to see all loan programs.
Call, Text or Email anytime. I respond on weekends.
Cheryl Gollnick
Mortgage Loan Broker
RE Capital Loans
(951) 318-6420