Millennium provides a loan for a maximum percentage of either the house's purchase price or its appraised value, depending on whichever is lower. The difference between the loan amount and the purchase price is called equity and is paid by you. The maximum term of the loan varies according to the age of the older holder. For example, if you are under 30 years old, the maximum term is 40 years. Between the ages of 31 and 34, the maximum term will be 37 years. From the age of 35, the maximum term will be 35 years, provided that none of the holders exceeds the age of 72 at the end of the loan. The longer the term, the lower your monthly payment (as long as the rest of the conditions remain unchanged).