“I feel very relaxed, and I enjoy having the company in the house and the things we get to do together and the time we get to spend together. I just love it.”
— Martha, real HomeSafe Second customer
Meet Martha
Martha is used to setting her own course. After running her own insurance agency for 36 years, she carried that independent streak into retirement—and into a new idea she and her daughter Jen had for their homes.
The two have always been close. And maintaining separate houses in gated communities came with what Martha called “a lot of overhead.” So, they asked: What if, instead of living apart, they created one space that worked for them both?
Rethinking how they want to live
Their vision was specific. Martha would expand her home to create a “house within a house,” with a bedroom, bathroom, living area, and separate entrances for Jen. The addition would bring them under one roof without giving up the privacy and personal space they were used to.
For Martha, the project checked several boxes at once. As she puts it, “I wanted to use my home equity to improve my home, add value to the home, and provide a space for my daughter to live.”
Her Naples house had grown significantly in value since she bought it, leaving Martha with substantial home equity to help fund the project. The next question was how to put it to work.
Finding the right path forward
Martha looked closely at her options, most of which she didn’t care for. She did know one thing for sure, saying, “I didn’t want to touch my first mortgage because the interest rate is quite low.”
The decision wasn’t Martha’s alone. She had long conversations with Jen about using home equity that might otherwise become a part of her inheritance. Jen’s answer was straightforward: “I don’t need it. I don’t want it.”
With Jen’s support, Martha chose HomeSafe Second, a second-lien reverse mortgage from Finance of America. It allowed her to keep the first mortgage that was already working and access home equity without adding a new monthly mortgage payment.
Martha has always been clear that understanding the “nuts and bolts” matters, and the responsibilities that came with the loan fit the life she wanted. She planned to stay in the home as her principal residence and maintain the property. She would continue to meet the terms of her first mortgage and pay property charges, including taxes, fees, and hazard insurance. She also knew that if she no longer met these obligations, the loan would need to be repaid.
Watching the plan take shape
Once she made her choice, she was ready to get going. The loan officer she worked with was available “night and day, pretty much,” helping her through the process and keeping things moving. Before long, she was able to hire a contractor and get started.
With construction underway, their idea for a new chapter under one roof was finally becoming a reality. The home equity Martha had built was more than just value to hold onto for someday. It was helping her and Jen create the life they want to live today.
