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Welcome to the SixtyFive
education center.

Being financially well-informed is an essential part of a peaceful retirement. Here you'll find all the information you need to plan it best.

Blog

All the financial know-how you need for retirement

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Comparative chart

Reverse mortgage
HELOC
Credit card
Annuities
Process
length
4 days
60 days
45 days
Immediate
30 days
Monthly payments
No
No
Yes
Yes
N/R
Effective APR
6.5%
amount used
5-6%
full amount
+7%
amount used
+18%
amount used
Management fee
for full amount
FICO/Income requirement
No
No
Yes
Yes
Available funds
of min. $30,000
Closing
costs
$0
6-8% of loan amount
3-5% of loan amount
$0
5% of investment
amount

FAQs

What is SixtyFive?

SixtyFive’s home equity investment product offers homeowners aged 60 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.

How do I know if I am eligible for SixtyFive’s program?

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.

How do I apply for SixtyFive’s program?

From pre-qualification to completion, our easy application process is quick and easy. 

  • Pre-qualification - Click on Get an estimate to start the application process and receive an estimate of your monthly amount. There is no commitment.
  • Verification - For an accurate final offer, fill out our application form which helps us get to know more about you and your property.
  • Signing - Review the legal materials which include the trust and sub-trust agreement and the deed where the SixtyFive trust is added to the title. Invite family, friends or any legal consultation to join you on a phone call with our staff.  When you are ready, use our electronic signature and notary platforms to sign all the documents.
  • Completion - Once you are approved, you will be on your way to financial with your physical debit card within four business days later.

What are the costs associated with the SixtyFive program?

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

How quickly will I have access to my monthly income?

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.

Can I start with the regular plan and take a lump sum payment a few months later?

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.

Can I get a reverse mortgage later on to pay off SixtyFive?

Yes, you can refinance or take out another mortgage with SixtyFive’s written consent.

Do I have to consult SixtyFive if I make renovations to the property?

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.

Can I rent the property?

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.

What if the value of the home decreases?

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.

What happens if there's a recession?

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. 

What is SixtyFive?

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.

In what states does SixtyFive currently operate?

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].

Who are we?

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.

The appraisal method is not well defined.

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.

What protects me from foreclosure of my home?

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.

If my children inherit my home, what is the time limit to repay SixtyFive?

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.

What is the rate and how is it paid?

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.

Will my maximum income change over time?

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.

What documentation needs to be provided?

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.

Can the SixtyFive Trust impair my homestead exemption?

The trust agreement with SixtyFive should not affect this at all. You will still own beneficial interest in the trust and have sole right of possession and use of the residence under the trust agreement. With these two incidents of ownership, assuming you are occupying the property as your primary residence, you will still qualify for real estate tax exemptions for primary residence.

What is the definition of “net value” of the contributed property?

The value is determined by SixtyFive’s AVM (automated valuation model) for each three year arrangement.

Is there a maximum % of trust expense that a sub trust must bear?

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.

How many sub trust holders exist?

SixtyFive and the contributor(s).

Is there a cure procedure for a default?

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.

As an authorized legal representative, or otherwise, am I personally liable for anything?

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.

Can a second co-trustee, assigned by the homeowner, be added to the trust?

No.

Why do we do a trust instead of a lien?

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.

My property is already in a trust. How will our trust agreement work in this scenario?

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.

What happens with the trust agreement if your company files bankruptcy?

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.

Does my property need to pay for any amount owed to SixtyFive?

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.

Which parties are involved in the transaction?

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).

Will the SixtyFive’s interest in the property show up on a title search or impede any proposed sale or refinancing of the property?

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.   

Is the management fee tax deductible?

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.

What rights does the trustee have in the property?

The trustee holds legal title to the property. The trustee follows the terms of the trust agreement.

What is a trustee?

The trustee administers the real estate according to the terms of the trust agreement.

What are the implications of transferring the property into the trust?

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.

What type of ownership will SixtyFive have in my property?

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.  

Estimate for yourself

Home Equity
value$
$1,500,000
value$
Property Value
Average
Decline
No
Change
Average
Appreciation
High
Appreciation
Average Decline

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No Change

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Average Appreciation

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gg3

High Appreciation

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After 3 Years
Monthly Approved Amount
Personal Equity
412,000$
120,000$

$1,000

Management fee: PRIME + 400 bps
Client's age at origination: 70 years old
Outstanding balance if the entire amount is exhausted
Based on 4% annual appreciation rate
Get an estimate
Thanks for the numbers, they could be going to your emails. But they're going to mine... Thanks ;D
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