Finance of America Reverse LLC (FAR) has announced the rollout of its proprietary HomeSafe Standard product in New York State.
HomeSafe Standard is a full-draw, fixed rate product that offers a lump sum payment with no initial limitations on available funds and no prepayment penalties. New York is the 24th state to approve the sale of this loan product.
“Given areas of New York have some of the highest home values in the nation and the large population of baby boomers both entering and enjoying retirement, the need for this product is staggering and the potential impact for borrowers is very exciting,” said Jonathan Scarpati, vice president of wholesale at San Diego-based FAR. “We’re proud to provide a new solution to our partners and advisor channels who haven’t had an option like this before.”