Offer clients a flexible alternative to a standard HELOC with HomeSafe Second. It’s a reverse second mortgage that sits behind a first mortgage–no additional monthly mortgage payment required. 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.
HomeSafe Second lets borrowers 55+ access a portion of their home equity and receive funds in a lump sum, without refinancing their first mortgage or taking on additional monthly payments. Excluding Washington, where the minimum age is 60, and Texas, where the minimum age is 62.
HomeSafe Second could improve client cash flow while complementing their current mortgage. And a streamlined financial assessment and easier processing could help them get funds faster.
Register for the Pro-Series training to close HomeSafe Second business quickly and confidently.
You’ll get:
- Details on market trends and borrower behavior
- Real-use scenarios to see how HomeSafe Second works
- Proven strategies to help you pitch HomeSafe Second and stand out in your market
Help clients combat rising costs and find relief with this unique option from Finance of America.
Finance of America is a division of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess. org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | For licensing information go to: www.nmlsconsumeraccess. org.. The company does not do business as Finance of America in CA, NM, NY, and OK.
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