Access cash without getting HELOC’d into new monthly payments*
HomeSafe Second is a reverse second mortgage for homeowners who love their current first lien mortgage rate and want to tap home equity without adding a new monthly payment*
- Access up to $1 million in home equity
- No new monthly payment*
- Preserve the rate and terms of your current first mortgage**
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
**Terms and conditions on the first lien loans apply. Must meet combined loan value requirements based on a satisfactory appraisal.
A+
Better Business Bureau® rated and accredited
Best Reverse Mortgage Lender1
4.6 Stars by
verified customers2
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HomeSafe Second is helping homeowners access home equity with no new monthly payment.*
HELOC | ||
---|---|---|
Monthly payment3 | No | Yes4 |
Interest rate type | Fixed | Variable |
Funds disbursement | Lump sum | Line of credit |
Minimum credit score5 | 600 (plus financial assessment) | 580-680 (minimum scores vary) |
Prepayment penalties | No | At lender discretion |
Minimum age | Yes
(55 for AZ, CA, CO, CT, FL, NV, OR and SC. 62 for TX.) | No |
Collateral | Secured by home | Secured by home |
This is general information about HELOCS but HELOC terms vary by lender.
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
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1 Finance of America is listed as Best Reverse Mortgage Lender by Bankrate in this article, published January 2024.
2 As of June 2024. Top Reverse Mortgage Lenders must have verified reviews on ConsumerAffairs, an overall satisfaction rating of at least 4 stars, and at least a 2:1 ratio of 5-star to 1-star reviews. Finance of America Reverse LLC pays a monthly fee to participate in the ConsumerAffairs Authorized Partner Program.
3 This is the monthly payment on the second lien; still must pay monthly payment on the first lien.
4 If no balance on the line of credit there may be no monthly mortgage payment required and some HELOCS allow interest-only payments during the draw period.
5 Minimum credit score is 720 for limited financial assessment.