Skip to main content

Finance of America Reverse Launches New Reverse Product

NationalMortgageProfessional.com
Oct 26, 2018
Finance of America Reverse LLC (FAR) has appointed Jessica Hanson as an account executive in the Wholesale Lending Department

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.”

 
Published
Oct 26, 2018
More from
Reverse
Reverse Mortgages Aren't Expanding Into Broader Mortgage Business

The reverse mortgage sector has remained strong accounting for more than 4,000 loans a month, according to Reverse Mortgage Daily, however, growing the business further has been on the back burner.

Reverse
Jul 28, 2021
FHA Adds COVID-19 Recovery Options For Forward And Reverse Borrowers

The Federal Housing Administration announced additional COVID-19 recovery options to help both forward and reverse homeowners who are facing hardships as a result of the pandemic.

FHA
Jul 26, 2021
RMF Revamps Its Borrower Qualification Process To Increase Efficiency

Reverse Mortgage Funding, LLC (RMF) is taking a new approach to the borrower qualification process for those seeking a reverse mortgage. The process was created to drive efficiency during the approval process and increase reverse mortgage market growth.

Reverse
Jul 20, 2021
Reverse Mortgage Endorsements Slide By More Than 4 Percent In June

Reverse mortgage endorsements decline by 4.4% to 4,160 loans, increasing the streak of more than 4,000 loans per month, according to Reverse Mortgage Daily.

Reverse
Jul 06, 2021
Liberty Reverse Mortgage Becomes Full Service Reverse Lender Following RMS Acquisition

Last week Ocwen Financial Services announced the acquisition of Reverse Mortgage Solutions. In a recent interview with Reverse Mortgage Daily, Mike Kent shared how the acquisition will affect the company.

Reverse
Jun 22, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021