Everyone has different goals and financial situations when they reach retirement. You may have been waiting your whole career to travel, you may want to start a small business, or renovate to make your house perfect for your golden years. Whatever your retirement goals entail, you need a solid financial plan to enjoy the peace of mind that you deserve in retirement.
You could be looking for financially savvy investment strategies or you could be just trying to supplement your Social Security income – everyone has a very specific set of requirements that cannot be covered with a single financial solution. To accommodate these varied needs, Finance of America Reverse LLC (FAR) introduced a premier suite of jumbo reverse mortgage products, called HomeSafe®, that empower our customers with personalized plans to meet their retirement financing needs. The HomeSafe suite include the HomeSafe Select, HomeSafe Standard, and HomeSafe for Purchase.
The HomeSafe reverse mortgage loan offers borrowers more flexible options than ever before. You can choose to take your loan proceeds as a line of credit; monthly advances for a set up period of time; a monthly stream of funds for as long as you live in your home; a single lump sum; or a combination of these options. HomeSafe tools provide solutions from standard to jumbo reverse mortgage loans. Here are some overview details for each of the HomeSafe suite financial tools.
HomeSafe Select gives you the freedom and flexibility to access your funds as you wish by providing cash on hand through a line of credit with no monthly mortgage payments.** People who are considering a home equity line of credit (HELOC) will find that this may be a better alternative.
The HomeSafe Standard is ideal for borrowers who want to increase their cash flow without paying a lot in fees.
The HomeSafe® for Purchase is ideal for borrowers who are looking to relocate or right-size to a new home. It allows borrowers to increase their buying power when purchasing their ideal retirement home while eliminating their monthly mortgage payments**.
Consult an expert
Just like your 401K, IRA, or annuities, home equity is a powerful financial tool that can greatly enhance your retirement funding plan. Contact a Finance of America Reverse, LLC (FAR) representative today to learn more about reverse mortgage benefits and how they may help you secure long-term financial freedom.
DISCLOSURES:
Oregon Only:·When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. FAR may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan).·The balance of the loan grows over time and FAR charges interest on the balance.· Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
©2019 Finance of America Reverse LLC is licensed in 50 states and D.C. | Equal Housing Opportunity | NMLS ID # 2285 | www.nmls.consumeraccess.org | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 Not all products and options are available in all states | Terms subject to change without notice | AZ Mortgage Banker License #0921300 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee | Illinois Residential Mortgage Licensee | Kansas Licensed Mortgage Company | MA Lender/Broker #MC2855 | Licensed by the Mississippi Department of Banking and Consumer Finance | Licensed by the New Hampshire Banking Department | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | HUD HECMS REQUIRE PAYMENT OF INITIAL AND PERIODIC MORTGAGE INSURANCE PREMIUM.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
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