Finance of America Reverse LLC has launched HomeSafe Select, a proprietary HELOC reverse mortgage loan offered exclusively by Finance of America Reverse LLC and its approved partners. HomeSafe Select is a non-FHA adjustable-rate mortgage (ARM) that offers an initial closed-end draw of 25 percent of loan proceeds at closing. The remainder of funds are available to borrowers as an open-ended line of credit with a five percent internal rate of growth to be drawn and repaid at any time. Like the HECM, HomeSafe Select is a non-recourse loan.
“As people evaluate how home equity fits into their retirement plans, we know they are increasingly looking for options that offer both flexibility and growth,” said Kristen Sieffert, President of Finance of America Reverse. “In building this latest addition to our product suite, we saw an opportunity to bridge the last gap between HECM and existing proprietary products while also staying true to our mission to help people get to work on retirement. HomeSafe Select can help people leverage part of their home equity today while at the same time growing their available funds for future needs. We are incredibly excited to continue to be a trusted partner in removing the barriers that prevent people from achieving a fulfilling retirement.”
HomeSafe Select will be available through FAR’s retail and wholesale channels to borrowers in California, with additional states expected to be available in the coming months.
“We have worked hard to build what has become the most comprehensive suite of proprietary products available in the industry,” said Sieffert. “While driving this innovation is a big part of moving our industry forward, getting these tools into the hands of people who can benefit is also incredibly important. Our tremendous partnership with AAG and their contribution of volume has played a significant part in enabling us to build the HomeSafe suite and we look forward to continued success together.”
