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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

So what exactly does SixtyFive offer?

SixtyFive offers retirees a simple and flexible way to turn their home equity into a reliable source of income, without any monthly repayments or time constraints, until the property is sold. The SixtyFive card gives homeowners the ability to convert their home's accumulated equity into supplemental income on demand, using a debt-based model that ensures transparency and certainty. No origination fees, no prepayment penalties, no strict exit points, no kidding.

Who's eligible?

It doesn’t take too much to be eligible for the SixtyFive card. If you're 62 and above and own a clean-title residential asset in Florida that is worth over $250,000, you can pre-qualify. In addition, your property must be insured. We'll be launching our services in other states soon. Stay tuned. 

What's the application process?  

It’s simple and easy. 

  1. Pre-qualification - You can pre-qualify online or by speaking to a representative or your financial advisor. Provide us with your basic personal info, and SixtyFive will pre-qualify you and make you an estimate. 
  2. Verification - For your final offer, we'll do some quick verifications to make sure you get what you really deserve. 
  3. Notarization - We'll work with you to rapidly notarize the deal paperwork. At this stage, you'll sign on the sub-trust agreement and the deed transfer. SixtyFive will assume co-ownership of the home, while the home equity will be held by a trustee who will serve as a beneficial owner. This means, we won’t have a lien on your home and you'll remain the primary owner of the property. 
  4. Approval - Upon completing the paperwork, your SixtyFive virtual card will let you to access your funds immediately. You'll receive a physical card within 4 business days.
What are the costs associated with the SixtyFive's card?

At SixtyFive we correlate costs and fees with your usage. There are no origination or initial fees to sign up for a SixtyFive card, and once you stop using the card you stop accumulating fees and costs. You pay a variable rate of interest (PRIME+350 bps) only on the amount used each month, and a 2% usage fee on the monthly limit that will be deducted from your next monthly income, so you won’t have any out-of-pocket expenses.

How soon will can I access my funds?

Once you complete the qualification process and sign all the necessary documents, it will take up to 4 business days before you’ll be able to access your funds.

For what uses is SixtyFive not the best solution?

If you need a substantial substantial amount of money to finance a big event, such as home renovation or grandchild's wedding, SixtyFive might not be the best option for you.

How can I access available funds with the card?

You can use your SixtyFive card, both physical and virtual, at a bank, an ATM or wherever you wish to make a purchase.

Do I have to provide my information online?

You can opt to provide some or all of the necessary information online, or if you prefer, you can contact our dedicated call center to speak with a representative. During the application process we’ll provide you with a personal notary, either in person or via Zoom conference, who will work with you to notarize the remaining deal documentation. 

If there are no monthly repayments, when do I repay the loan?

Repayment is completely flexible and based on your needs. The default scenario is paying SixtyFive back upon the sale of your property. Until then, you alone decide if, when and how much to pay on the outstanding balance.

Does SixtyFive take a lien on my home?

SixtyFive will not take a lien on your home, but rather will assume co-ownership through a tenancy-in-common (TIC) beneficial-ownership arrangement through a trustee; the trustee will be added to the title of the home. The trustee will not require repayment or sale of the home until one year after the borrower and any surviving spouse pass away, letting the family stay in the home for as long as they wish.

What if I already have a mortgage?

At this time, only borrowers without an existing mortgage will be eligible for the SixtyFive card, although we may revisit this policy in the near future.

Are second homes or investment homes eligible for the card?

Yes, second homes are eligible as long as there is no existing mortgage on the home in question.

What if the homeowner passes away?

If the homeowner passes away, we will work closely with the family to settle any outstanding balance. Any surviving spouses can remain in the home for as long as they wish, based on the terms of the agreement. Repayment of the loan and/or the sale of the home is not required during the agreement's three-year window, nor before the surviving spouse passes away, if a reasonable monthly usage is reached.

What happens if I want to sell the home?

You can sell the home at any time and repay the outstanding balance using the proceeds of the sale.

Are there restrictions on how I use my available funds?

No. How you choose to use your monthly funds is completely up to you.

Will I receive monthly statements showing my outstanding balances?

Yes. Through our website, you’ll be able to see your current available funds, all monthly transactions and a record of historical spending. There will be complete transparency on costs and you’ll get insights on spending patterns. You can grant other family members, including children, access to the account and its financial data. 

Does the SixtyFive qualification process impact my credit score?

No. We ask for your FICO only in order to get the best offer available for you. It’s a soft inquiry and won’t affect your score.

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

No. We may ask you to notify us if you plan major renovations to the home, but you retain full flexibility and discretion to make any changes you wish to the home. 

Can I rent out the property?

Yes, you can rent out the property, as long as it maintained and all property taxes and homeowners insurance policies are paid. We may ask for up-to-date photos of the home to ensure there are no significant changes in its condition during the rental period.

What if the value of the home falls?

Every three years we’ll conduct an annual re-assessment of the deal, that incorporates data on housing prices, interest rates and other macroeconomic factors. Our goal is to maintain a long-term perspective and keep your monthly income stable. The flexible repayment options noted above don't change based on movements in the broader economy.

What happens if there's a recession?

Since you don't make any monthly repayments, in a recession or economic downturn your income would be protected. Every three years we’ll conduct an annual re-assessment of the deal, that incorporates data on housing prices, interest rates and other macroeconomic factors. Our goal is to maintain a long-term perspective and keep your monthly income stable. The flexible repayment options noted above don't change based on movements in the broader economy.

So what exactly does SixtyFive offer?

SixtyFive offers retirees a simple and flexible way to turn their home equity into a reliable source of income, without any monthly repayments or time constraints, until the property is sold. The SixtyFive card gives homeowners the ability to convert their home's accumulated equity into supplemental income on demand, using a debt-based model that ensures transparency and certainty. No origination fees, no prepayment penalties, no strict exit points, no kidding.

In what states does SixtyFive currently operate?

SixtyFive currently operates in Florida, with plans to expand services to more states in the near future. Want to know when we'll be available in your state? Join our waiting list!

Who are we?

SixtyFive is a fintech company on a mission to help elder Americans retire with less financial stress and more day-to-day flexibility. We offer the first and only supplemental source of income based on home equity, on demand.

What protects my home from foreclosure?

We will not have a lien on your home and therefore no legal right to foreclose on it. we always aim to enable the borrowers and their spouses to continue live in their homes for as long as they wish, or until both pass away. Only then would we work with family members and heirs to determine how any outstanding balance would be repaid, including from the potential sale of the home. The funds that will be provided to you by SixtyFive can also be used to ensure property taxes and home maintenance expenses required continue to be paid.

If children inherit the home, is there a time limit within which they must be repaid?

The final loan 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's the interest rate and how is the interest rate paid on outstanding loan balance calculated?

The APR is based on a floating index (similar to the PRIME rate) plus 350 basis points. Interest is paid only on the amount of funds used.

Will the maximum loan value I can borrow change over time?

The deal will be assessed every three years. The monthly allocation may change based on this assessment. Our goal is to maintain a long-term perspective and keep your monthly income stable.

What documentation do I need to provide?

To qualify, all you need to provide are your basic personal details: contact information, date of birth, and zip code. For final approval, you’ll need to provide proof of identity, and the title of your home. Don’t worry - if you're missing something, we'll be happy to assist you.

Does my estate need to pay for any amounts that I owe to SixtyFive’s lending partner?

Yes, the estate can pay for any amounts that you owe to SixtyFive’s lending partner on your monthly allocations. However, SixtyFive intends to repay this obligation through the sale proceeds from your property.  

What parties are involved in the transaction?

The trust trustee, SixtyFive and you. Of course, we may engage with third-parties to provide services on our behalf (e.g., title company, entity to pull your credit or appraiser).  

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 interest paid on your monthly allocation to SixtyFive’s lending partner tax deductible?

Because your monthly allocation is not secured by a lien on the property, the interest you pay is not tax deductible. However, Sixty-Five’s co-ownership model offers other benefits that currently do not exist with traditional reverse mortgages. For example, the eligible properties for Home Equity Conversion Mortgages or 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 also must be your primary residence to qualify for a HECM. Sixty-Five’s product is available for all these property types. Sixty-Five’s product also is available for cooperative units. And, we don’t care if the property is your primary or secondary residence.

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 loan agreement with SixtyFive’s lending partner.

What type of ownership will Sixty-Five have in your property?

When a trust owns real estate, multiple people can have ownership interests in the same parcel of land, but those ownership interests can be different.  Sixty-Five’s ownership or beneficial interest in the property is a right to sale proceeds, if any, and a right to direct the sale of the property one (1) year after you pass or if you default on your loan agreement with SixtyFive’s lending partner. These rights and privileges will be documented in a trust agreement.  

Estimate for yourself

You'll be surprised by how simple it is.
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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High Appreciation

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After 3 Years
Monthly Proceeds
Personal Equity
412,000$
120,000$

$1,000

Interest rate: PRIME + 350 bps
Client's age at origination: 70 years old
Total debt 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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