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7750 Okeechobee Boulevard, West Palm Beach, Florida 33411, United States
‍
(844) 200-8573

SixtyFive

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Partner

Financial professionals 65 referral program

7750 Okeechobee Boulevard, West Palm Beach, Florida 33411, United States
‍
(844) 200-8573

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SixtyFive Program Disclosure

_{SixtyFive’s program is simple to use and very easy to get started. To start the process, you will go onto SixtyFive’s website and create an online profile and answer our questions. Once we’ve determined you qualify, you’ll get an offer. In this offer, you can receive up to $3,000 (but no more) each month. In turn, we’re entitled to be repaid for the funds you receive and spend, plus fees (described below). However, you choose when and how to repay us. You can choose to repay us at any time from any source of funds you have, or you can wait until your home is sold, either during your life or once you have passed, and then we can be repaid from the sale proceeds.
To determine how much is made available to you each month, we determine your home’s value and whether there are any mortgages or liens on your home. SixtyFive uses automated valuation models (i.e., AVMs) to determine your home’s value. SixtyFive also conducts a lien search to determine if any liens exist on your property. Don’t worry. We pay for the costs associated with your AVM and title searches out of our pocket. You are not responsible for reimbursing us for these costs.
Once SixtyFive determines your home’s eligibility to participate in our program, you will be notified of our decision via email or text message along with instructions on next steps. Assuming your home qualifies, you will need to transfer your home to a trust to initiate the program. Once the transfer of your home to the trust is complete, we provide you with the approved amount of funds (up to $3,000) each month. We will load the monthly funds for you on a debit card or make them available to you via an automatic clearing house transfer or wire.
Although you transfer your home to the trust as part of the program, you keep the beneficial interest in this trust, and you continue to live in your home and make decisions about your home. You are responsible for maintaining your home and keeping your hazard and flood insurance policies up to date. Under the trust, we are automatically allocated units of value. These units represent our right to be paid, either repaid by you at any time you wish to repay us, or paid out of the future sale of your home. While your home is in the trust, you cannot do a mortgage or similar lien on your home or transfer your home until SixtyFive’s interest is repaid or SixtyFive consents to the new mortgage, lien or transfer.
You will not incur any fees other than servicing and management fees. The servicing fee is a fixed amount that is withheld from each month’s funds made available to you. The management fee will vary based on market conditions (Prime+400 bps). The management fee accrues each month and is added to the amount SixtyFive is repaid. These fees will be provided to you in a fee schedule. However, your total fees will not exceed 18% on an annual basis.
SixtyFive will re-assess your eligibility for the program every three (3) years. If you opt to repay SixtyFive during the program or at the time the program ends, the payoff amount is based on the total monthly funds you received from SixtyFive, and the accrued management fees. However, you can opt}_not_{to repay SixtyFive at this time. If you opt not to repay during the program or at the end of your eligibility for the program, SixtyFive’s interest in the trust (its units) convert and represent a right to be paid based on a percentage of the last assessed value of your home.
After you pass away (or if there is an event of default that is not cured), then your estate or your family members can choose to pay off any amounts owed to SixtyFive. Your estate or family members will have a year to pay off amounts owed to SixtyFive. If your estate or family members indicate they do not wish to pay off the amounts owed to SixtyFive, then SixtyFive may arrange for the property to be readied for sale and listed 180 days after your passing, but the home will only be sold after 365 days, to give them time, unless they agree to a shorter time. At the sale, the sale proceeds are divided between SixtyFive and you (or your estate or family members) based on what is owed to SixtyFive.
At any time, you (or your estate or family members) may pay off SixtyFive. The payoff amount is computed differently if you are part of the program or at the end of the program and opt to repay SixtyFive at that time. In that event, the payoff amount is based on the total monthly funds you received from SixtyFive and the accrued management fees. If you opt to defer repayment of SixtyFive, at the end of the program, SixtyFive’s interest in the trust (its units) convert and represent a right to be paid based on a percentage of the last assessed value of the home. After that point, if you (or your estate or family members) wish to payoff SixtyFive, the payoff amount is based on that percentage (or the units SixtyFive received) of the last assessed value of the home, or that percentage of the sale price, if the home is being sold.
SixtyFive will provide a summary of the transactions that occur each month. This summary will show the number of units allocated to SixtyFive, the value of your home and the year to date service and management fees.
Because most financing programs require payment by you, failure to make a payment is an event of default. With this program, because you have the option during your lifetime whether or not to repay SixtyFive, your failure to make a payment is not an event of default. However, there are other actions that can be an event of default and will trigger SixtyFive’s right to payment if not cured. Examples of an event of default are (1) you fail to maintain your home (for example, you receive notice of an ordinance violation, you fail to pay real estate taxes or you fail to pay a contractor who’s made improvements to your property and they file a lien), (2) all or a significant part of your home is destroyed, such as in a hurricane, fire, or wind storm, (3) you file for bankruptcy, or (4) if someone already has a lien or mortgage on the property and they file foreclosure or equivalent legal proceedings against your home. You have sixty (60) days to correct or cure any default.
‍}^{Tax Disclosure}_{Please note that SixtyFive’s product is not a mortgage loan. Due to the unique nature of SixtyFive’s program, the tax benefits associated with interest payments on a traditional mortgage will not be available to you. To understand the tax consequences of using SixtyFive’s product fully, you will need to contact a tax professional. SixtyFive is unable to provide tax related advice to you.}

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