General FAQs
A reverse mortgage loan allows you to unlock a portion of equity in your home with no requirement to pay back the loan month after month.* The loan balance grows over time and is typically repaid when you sell the home, no longer use it as your primary residence, pass away, or don’t comply with the loan terms.
*The borrower must meet all loan obligations, including 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.
HECM FAQs
A HECM reverse mortgage is a loan exclusively available to homeowners 62+ that converts a portion of home equity into usable cash with no required monthly mortgage payments.*
*The borrower must meet all loan obligations, including 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.
HomeSafe FAQs
HomeSafe is a proprietary jumbo reverse mortgage available to homeowners 55+* that converts up to $4 million in home equity into usable cash.**
*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.
**Loans up to $4 million available for HomeSafe products. The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe products are available in every state. Please contact us for a complete list of availability.
HomeSafe Second FAQs
In addition to interest, reverse mortgage costs can include a property appraisal fee, origination fee, closing costs, servicing fee, and a modest charge for independent counseling. Most of these upfront costs can be rolled into the loan itself, and while closing costs vary based on the type and size of the loan, they’re similar to those for any traditional mortgage.
HomeSafe Second is a second lien and HELOC alternative that turns a piece of home equity into cash without the burden of a new monthly 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.
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