| Here are some ways in which the Home Ownership Accelerator Outperforms a reverse mortgage:
LESS EXPENSIVE
The Home Ownership Accelerator costs About half as much to set up as the reverse Mortgage does.
INSTANT ACCESS TO FUNDS WHEN YOU NEED MONEY
You can use checks, ATM/POS Card or online bill pay to access cash, just like a regular checking account.
MORE FLEXIBLE
The Accelerator allows you to repay the loan Instantly when you deposit funds from other sources (Social Security, IRA, etc.) A reverse mortgage Credit line option does not have automatic balance Reduction.
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HIGHER CREDIT LINES
The Accelerator allows credit lines as high as 90% of your home’s value, or up to $2.5 million. Reverse mortgages credit lines start much lower, often around 20%, and are limited to much, much lower maximums.
NO AGE REQUIREMENT
People of all ages can apply for a HOME OWNERSHIP ACCELERATOR. You must be at least 62 to apply for reverse mortgage.
INTEREST IS DEDUCTIBLE YEARLY
HOME OWNERSHIP ACCELERATOR
interest is deductible in the year it is paid. Interest on a reverse mortgage is not.
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