The Cash Account (CA) plan is available to seniors 62 years or older who own their home with a minimum value of $75,000. It provides an open-end line of credit (i.e., the consumer can borrow, repay, and borrow again) that is available for as long as the borrower occupies the home. The senior can draw on the line of credit in full or part at any time; the minimum draw is $500. The unused portion of the credit line grows by 5 percent annually until maturity.

Eligible home types are owner-occupied single-family detached, manufactured, condominium, Planned Unit Development units, 1- to 4-unit residences if one is owner-occupied.

The size of the line of credit depends on the value of the home and the borrower's age. The interest rate charged to the senior -- adjusted semi-annually and assessed on the amount borrowed -- is equal to the current 6-month London Interbank Offered Rate (LIBOR) plus 4 percentage points for the High Benefit Option and 5 percentage points for the Standard Option. The rate may never rise more than specified percentage above the initial rate. A special introductory rate applies for the first six months.

Cash Account is currently available in 24 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, Virginia, Washington, and Wyoming.

The Cash Account is available in two forms: the Standard Option and the High Benefit Option. The Standard and High Benefit origination fee is equal to a scaled percentage of the home's value, up to a maximum of 2 percent. The monthly servicing fee for both options is $20 (no fee in Illinois and Maryland). Under the High Benefit Option, the borrower receives a larger line of credit in exchange for 5 percent of the home's value at payoff, which isn't collected if the loan is repaid in the first two years.