Introducing powerful NEW HomeSafe® product options that allow your clients to maximize home equity: the HomeSafe reverse mortgage, exclusively from Finance of America Reverse LLC (FAR). Now, your clients age 62 or older who either own or are looking to purchase a property can potentially finance maximum loan amounts of up to $4 million.
HomeSafe offers these exceptional advantages over a Home Equity Conversion Mortgage (HECM):
- Loan amounts of up to $4 million—significantly higher than a HECM allows.
- Maximum claim amounts up to $10 million.
- No mortgage insurance premium.
- Condominiums appraised at $500,000 or more do not require FHA approval.
- Improved product restructuring allows homes valued at more than FHA’s HECM maximum claim amount of $679,650 to potentially qualify for FAR’s HomeSafe reverse loan.
- No out-of-pocket funds required at closing. (Does not apply to Purchase.)
Unique HomeSafe Product Option Advantages
- HomeSafe Save: 5.99% fixed interest rate; lowest interest rate/lowest LTV.
- HomeSafe Standard: 6.49% fixed interest rate; offers the most funds available the first year.
- HomeSafe Plus: 6.99% fixed interest rate; offers most in proceeds.
NEW HomeSafe Flex
- The primary benefit of the Flex is that the borrower has access to future funds! They pay no interest on the amounts until the payments are received. The borrower can protect their home equity longer if they have no immediate need for the full lump sum.
- Allows a minimum draw of at least 60% of the principal limit at closing, with an option to take the remainder of the proceeds as a fixed rate term payment over a 12-60 month period. This helps borrowers maintain a consistent cash flow for up to 5 years post-closing.
- Call your AE as to which states Flex is currently available.
To learn more about FAR’s HomeSafe® reverse mortgage, state availability and how you can help clients maximize their home equity – please contact us today at email@example.com or 855-778-7226.