FAR Launches HomeSafe Second

The Only Second-Lien Reverse Mortgage Product Empowering Older Americans to Tap Home Equity Without Making Monthly Payments - Seite 2

HomeSafe Second loans may be used for any purpose except to pay off the first mortgage balance, and it can only be used behind a traditional forward mortgage. Loan proceeds are income tax-free and funds are distributed via a lump-sum payment at closing with a maximum loan amount of $4 million. The homeowner or their heirs will never owe more than the value of the home, as it is a non-recourse loan, and there is no minimum home value to qualify.

Potential loan uses include:

• Paying down high-interest credit card or medical debt;
• Investing in a vacation home, rental property, or business venture;
• Funding home improvement projects or renovations;
• Covering tax obligations or purchasing insurance policies or annuities.

Britany Luth, Senior Vice President of Business Optimization at FAR, said, “We remain focused on growing our potential customer base and introducing more homeowners to the benefits of home equity, and this exciting product will help us accomplish those goals. FAR is agile about responding to market conditions, and we're proud to help even more homeowners thrive in their later years with this loan option.”

Additional information about HomeSafe Second, including full product details and loan terms, is available on the product section of the FAR website.

*HomeSafe Second customers in Texas must be 62 or older to qualify.

About Finance of America Reverse

As a retirement solutions company and part of the Finance of America Companies (NYSE: FOA) family of companies, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement. Through its team of Licensed Loan Officers and network of professional and wholesale partners, Finance of America Reverse offers products and services designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).

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The Finance of America Companies Incorporation Registered (A) Stock at the time of publication of the news with a fall of -3,83 % to 1,760USD on NYSE stock exchange (31. Januar 2023, 22:15 Uhr).