Types of Advances

You can opt to receive a one-time advance (an Initial Advance), Single Advances, and/or Recurring Advances. Having the flexibility with how you receive your funds is important.

If you would like to take your maximum eligible amount as a one-time advance:

  • That means you would be taking all your funds upfront
  • You’ll need to decide on an adjustable or fixed interest rate term
  • You may have access to lower Lump-Sum rates

If you decide not to take your maximum eligible amount, you have options for the remaining funds (keep in mind there's a minimum initial advance of $25,000):

  • You can choose between adjustable and fixed interest rate reset terms
  • Set up scheduled recurring advances
  • Leave room to add single advances at a later date (at a $50 fee per advance)

Recurring Advances

  • Are only available for an adjustable interest rate term
  • Can be scheduled at any time for up to 20 years
  • The minimum advance amounts vary by the frequency chosen:
    • $500 monthly
    • $1,500 quarterly
    • $3,000 semi-annually and
    • $6,000 annually
  • Are subject to the adjustable interest rate in effect at the time of each advance (no fees for scheduled advances)

Single Advances

  • Are available for adjustable and fixed interest rate terms
  • Can be disbursed on request any time after closing (at a $50 fee per advance)
  • The minimum advance amount is $5,000 (or the whole remaining amount if less than $5,000)
  • May be subject to a blended interest rate for fixed interest rate terms