SixtyFive’s home equity investment product offers homeowners aged 62 and above the ability to access the equity locked within the value of their homes. We provide monthly income deposits of up to $3000 through a simple and transparent process with affordable terms. SixtyFive is different in that we don’t charge origination fees, monthly repayments or prepayment penalties. Instead we charge a management fee, based on standard interest rates, that is not required to be paid monthly and accrues only with use.
It doesn’t take too much to be eligible for SixtyFive’s program. You can pre-qualify If you are aged 60 and above and own a residential property in Florida with more than $120,000 available equity. In the future, we will launch our program in additional states across the United States.
From pre-qualification to completion, our easy application process is quick and easy.
There are many options on the market today to unlock the value of your home, SixtyFive differs in that we don’t charge origination, closing costs, appraisal, nor any recording fees. Instead we charge only a service fee and our management fee, based on standard interest rates, that is not required to be paid monthly.
Service Fee - SixtyFive charges a fixed fee based on your approved monthly income which can be either automatically deducted each month or paid directly.
From $0-$1000 we receive $20
From $1,000-$1,500 we receive $30
From $1,500 - $2000 we receive $40
From $2000 - $2500 we receive $50
From $2500-$3000 we receive $60
Management Fee - To keep things fair, SixtyFive charges a management fee that is based on the aggregated amount of funds used that compounds each month from the beginning of the program ie. PRIME + 400 bps x 1/12.
For example, if your monthly approved income is $1800, and you only use $1200 then only $1200 will be added to the aggregated amount that is compounded as a management fee over the year. Our fee is not required to be paid monthly and there are no prepayment penalties.
Here are your options for payment:
1 - Pay back the amount whenever you want within your lifetime
2 - Upon sale of property (default event)
3 - The death of the homeowner
Typically, once you are approved and all the documents are signed, it will take one business day to receive access to your virtual card and four business days to receive your physical card.
SixtyFive might not be the best option if you need a large lump sum to fund a specific event such as a home renovation or your grandchild’s wedding. The maximum amount we can provide is $10,000 and each request is assessed on a case by case basis.
You can use your SixtyFive card, physical or virtual (Apple or Google Pay) to withdraw cash at an ATM or anywhere you wish to make a purchase.
You can choose to provide some or all of the required information online, or you can contact our dedicated call center to speak with a representative. During the application process we will provide access to a personalized virtual notary who will work with you to notarize the deed and add the SixtyFive trust to the title.
SixtyFive is committed to providing total flexibility to our clients. At any point you can decide to end the agreement and pay us back or automatically convert the debt, without repayment, to a portion of home equity owned by SixtyFive.
The SixtyFive home equity investment product is not based on a lien. Instead, we have created a trust investment structure where the total value of the house is split into portions known as “trust units” that each have the same value e.g. if the house is worth $100, the trust will be made up of 100 units at a value of $1 each. Upon establishment of the trust, a homeowner holds 100% of the trust units. Each month that SixtyFive provides a monthly income, that amount is converted into trust units that are allocated to SixtyFive e.g. If every month a homeowner receives the maximum amount of $3,000, each month 3,000 trust units (with a value of $1 per unit) will be allocated to SixtyFive. Plus the management fee Prime + 400 bps.
SixtyFive is able to offer its home equity investment product as an additional income that is separate to an existing mortgage on a case by case basis.
Yes, second homes are eligible as long as all of the other eligibility requirements are fulfilled.
Upon the passing of the homeowner, the accumulated debt owed to SixtyFive will need to be paid back by the heirs within 365 days. If within 180 days, SixtyFive has not been paid back nor has SixtyFive been given any indication that the heirs are planning to pay back the accumulated debt, then SixtyFive as a primary beneficiary, has the right to prepare and list the property for sale. If after one year since the passing of the homeowner, SixtyFive has not been paid back the accumulated amount of debt, then SixtyFive has the right to initiate the sale of the property.
You can sell your home at any time and repay the outstanding balance to SixtyFive based on the aggregate number of converted trust units that reflect the total debt accumulated.
No. How you choose to use the monthly approved amount is completely flexible and up to you.
Yes. On our website, you will be able to view your monthly income amount, all monthly transactions and a record of historical spending. There will be complete transparency on all-in costs and you will also receive insights on spending patterns. You can also choose to have other family members, including children, added to the account to stay up to date.
No. We are asking for your FICO only in order to obtain the best offer and it won’t affect your score.
Yes. There might be some additional fees based on the type of ATM.
All documentation can be shared via email or a designated box in your user space. In case you experience any difficulties, please contact us and we will find the best solution for you.
Yes, you can opt in and out as you wish, under your obligations as stated in the trust agreement.
Some examples are
- Anyone that has not reached 62+ years of age
- Anyone that does not own their home
- A property not located in Florida
SixtyFive reserves the right to reject any application for qualification for any reason, at its sole discretion.
The owner or heirs are at liberty to list and negotiate the sale of the property without any involvement or written consent by SixtyFive. Only in the final stages of the property’s sale, are the homeowner or heirs required to direct the trustee to sell the property with the written consent of Sixtyfive
Yes, the maximum management fee is 18%.
Yes, this option is available upon request on a case by case basis. Please note that a lump sum payment may affect your monthly approved income and an additional service fee will be applied.
Yes, you can refinance or take out another mortgage with SixtyFive’s written consent.
No. We may ask you to notify us if you plan major renovations to your home, but you have full flexibility and discretion to make any changes to your home.
Yes. As the primary beneficiary, you can rent, lease or collect any earnings within your lifetime from your property as long as it is maintained, and all property taxes and homeowners insurance policies are paid. We may ask for updated photos of the property to ensure there are no significant changes to its condition during the engagement period.
Every three years we will conduct a reassessment of the monthly approved amount that incorporates housing prices, interest rates and other macroeconomic factors. Our goal is to maintain a long-term perspective and provide stability with your monthly approved amount based on the value of your home equity.
Since the SixtyFive program does not require you to pay any monthly payments, your income will be protected during a recession or market downturn. Every three years we will conduct an assessment of the monthly approved amount which will take into consideration housing prices, interest rates and other macroeconomic factors. Our goal is to maintain a long-term perspective and to provide stability with your monthly approved amount. The flexible repayment options noted above do not change based on changes to the broader economy.
SixtyFive’s home equity investment program offers homeowners aged 60 and above the ability to access the equity locked within the value of their homes to fuel their retirement. Using our unique trust investment structure, we provide a monthly income during your retirement years that can be repaid at your own pace or upon sale of the property. SixtyFive is different in that we don’t charge origination fees, monthly repayments or prepayment penalties. Instead we charge a management fee, based on standard interest rates, that is not required to be paid monthly and accrues only with use.
At the moment, SixtyFive operates in Florida, with plans to expand its services to more geographic regions in the near future. If you would like to be updated about our expansion into other states, please send us an email to [email protected].
SixtyFive is a multidisciplinary team of experts with a background in technology, law, finance, longevity and real-estate, backed by elite technology investors. As we are all living longer, we saw a need for a different kind of financial offering that gives homeowners more flexibility and confidence to enjoy their senior years. We’ve started in Florida and plan to expand all over the US.
SixtyFive uses a proprietary algorithm determined by our automated valuation model (AVM) for its appraisals. We look at comparable sales within the area of the property and other factors and provide a good faith decision of the fair market value.
We will not have a lien on the home and therefore no legal right to foreclose. Our objective is always to enable the borrower and spouse to continue to live in the home as long as they want or need, and/or until both pass away. Only then would we work with family members or heirs to determine how the accumulated debt will be repaid from the sale of the home. The monthly approved amount can also be used to help ensure property taxes or pay other expenses required to maintain your home.
The final repayment is required within one year after the homeowner and/or surviving spouse both pass away, providing adequate time for children or heirs to sell the home or determine how any outstanding balance will be repaid.
SixtyFive charges its management fee based on PRIME + 400 bps x 1/12. This fee is applied to the aggregate value of trust units allocated to SixtyFive that compounds each month from the beginning of the program. For example, if your monthly approved income is $1800, and you only use $1200 then the management fee will only be applied to the $1200 you use. Our fee is not required to be paid monthly nor are there any prepayment penalties.
SixtyFive is committed to providing total flexibility to our clients. Every three years the terms of the agreement are reassessed to establish renewed income terms which may be more favorable as the value of your property increases.
To qualify, all you need to provide are your basic personal details: Contact, date of birth mortgage status, and zip code. For final approval, you’ll need to provide proof of identity in the notarization session, and proof of homeowners insurance. In case you already have a mortgage on your home, or your property is held by a trust or an LLC, additional documentation may be required.
The value is determined by SixtyFive’s AVM (automated valuation model) for each three year arrangement.
The management fee (PRIME+400 bps) accrues on the amount used, while the maximum charge at the repayment event will not exceed 70% of the property's value. There are no other fees or expenses besides the management and service fee, which is also documented in the agreement.
SixtyFive and the contributor(s).
If an event of default occurs, the client will be notified and receive 60 days to cure the default before SixtyFive will initiate legal procedures.
No. Authorized legal representatives have no personal liability. The purpose of the authorized contact is to provide a point of contact in the case of the homeowner’s death or absence for any reason.
SixtyFive was created to help retirees age in place with a flexible supplemental income without incurring additional costs or risk of foreclosure. Using our unique trust investment structure, we provide a monthly income during your retirement years that can be repaid at your own pace or upon sale of the property.
Our trust agreement works in the same way although we will need your trust, i.e. whoever holds your beneficial interest in the land trust, to be documented in both the deed and the trust (if it’s not the owner). The homeowner will remain the sole contributor. Due to the fact that the land trust is a private agreement, we may need additional documents that prove the owner's ownership of the property.
In the event that SixtyFive declares bankruptcy, the trust will continue to operate. A new trustee will be appointed following the bankruptcy proceedings and any beneficial interest or units held by SixtyFive will be held or assigned to another trustee.
The accumulated debt can be paid off by the homeowner from any financial source within their lifetime or by their heirs within 365 days upon the death of the homeowner.
The trust’s trustee, SixtyFive and you. We may also engage with third-parties to provide services on our behalf (e.g. registering company title, credit checks and appraisals etc).
The trust will show up as the owner of the property, but you will have the right to direct any actions taken by the trustee including selling your property. This means SixtyFive’s interest will not impede the sale of your home. Other actions—such as a refinance—will require SixtyFive’s consent.
The management fee you pay is not tax deductible since the monthly approved amount is not secured by a lien on the property. However, SixtyFive’s co-ownership model offers other benefits that are currently unavailable with traditional reverse mortgages. For example, the eligible properties for Home Equity Conversion Mortgages (HECMs) are as follows: (i) single-family homes; (ii) manufactured homes; (iii) condominiums; (iv) townhouses; and iv) properties held in a living trust. The property must also be your primary residence to qualify for a HECM. SixtyFive’s product is available for all of these property types. We also provide our investment product for primary and secondary residences.
The trustee holds legal title to the property. The trustee follows the terms of the trust agreement.
The trustee administers the real estate according to the terms of the trust agreement.
The trust becomes the owner of the real estate, but you have the right to direct the trustee. You also have the exclusive right to use, occupy, and make decisions regarding the real estate during your lifetime as long as you do not default on your agreement with SixtyFive.
SixtyFive has created a trust investment structure where the total value of the house is split into portions known as “units.” Our trust and sub-trust agreement ensure total transparency about our portion of the holding property. As long as you are alive, you will remain the owner of your home and SixtyFive is a designated beneficiary of the trust with a right to sell the property (1) one year after the homeowner passes or (2) if the homeowner defaults on the agreement with SixtyFive. These rights and privileges will be documented in a trust agreement.