Finance of America Reverse Offers HomeSafe Select in Florida

Jul 16, 2019

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.”

About the author

Phil Hall

Link copied

Published

Jul 16, 2019

Analysis and Data

Late Pays Rising for Student, Auto Loans

More of those with strong credit records have gone delinquent

Delinquencies are building across two major food groups — student loans and automobile financing — the feed credit scores and are sure to impact the ability of would-be home buyers to obtain a mortgage. The Education Department hasn’t updated its official student loan rep...

Analysis and Data

Buyers Faced Bigger Down Payments in 2024

Buyers paid an average of 14.4% of the purchase price, up from 14.2% in 2023

Down payments reached record highs in 2024, both in dollar amounts and as a share of purchase price, according to a new report from Realtor.com. The typical down payment in Q4 was $30,250, slightly below Q3 but about $3,000 higher than a year earlier. "As inventory recove...