HomeSafe Second is for homeowners 55+** who want to preserve their current mortgage rate while gaining access to a portion of their home equity. For those considering a HELOC, it can be a strategic alternative with the unique advantage of not requiring a new monthly mortgage payment.*
*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.
**For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.