Finance of America Reverse LLC (FAR)
, a San Diego-headquartered reverse mortgage originator and provider of retirement loan products, has launched its HomeSafe Select offering in the Florida market.
According to FAR, the proprietary HomeSafe Select is a non-FHA adjustable rate reverse mortgage that offers up to 75 percent of loan proceeds as an open-ended line of credit. The company added this is the only reverse mortgage product that offers borrowers a line of credit.
“HomeSafe Select is an attractive alternative to a HELOC particularly since there is no monthly mortgage payment required,” said Jonathan Scarpati, vice president of wholesale at FAR. “Through this offering–and the industry’s most comprehensive suite of proprietary products–we are greatly enhancing options for borrowers in Florida, particularly in pockets of the state with a concentration of high-home values.”