Equity Key(EK) is not a debt. The money you receive is yours to keep, in exchange for a percentage of the future appreciation of your property. (Of course you have to abide by the terms of your agreement.)

Reverse Mortgages(RM) are debt transactions with interest. Requires repayment.

EK has no closing costs: small application fee ($300), which is refunded if you do not qualify or your transaction funds.

RM closing costs: depending on the size of the loan and value of the house, closing costs could be $10,000 to $15,000, or more.

EK you do not have to live in your property you can move out or rent your home at any time as long as you maintain your ownership interest in the property.*

RM requires that you occupy your home. If you vacate your home for more than 365 days, under most reverse mortgages your loan becomes due.

EK the amount you can receive is based on the appraised value of your home, the percentage of your home’s appreciation offered to EquityKey, the expected term of your agreement and your insurability.

RM how much you can receive is determined by age, current value of the home, and prevailing interest rates. Proceeds must first be used to pay off all existing loans on the home.

EK eligible Properties: Primary residences, Rental, commercial, or investment properties

RM eligible Properties: primary owner-occupied residences only.

EK minimum age requirement: 65 (only one homeowner must qualify)All owners on title must be at least 50 years old.

RM minimum age requirement: 62 (all homeowners must qualify)

EquityKey purchases a life insurance policy on each qualifying homeowner. To qualify, applicants must be approved by a life insurance carrier.

RM no life insurance qualification is required.

EK payment options: lump sum

RM payment options: lump sum, monthly payments, or line of credit.