<br>Offered exclusively by Finance of America Reverse (FAR), HomeSafe is a proprietary reverse mortgage that allows your clients who are homeowners and homebuyers 62 and older to borrow amounts up to $4 Million. HomeSafe offers these additional advantages over traditional reverse mortgages or Home Equity Conversion Mortgages (HECMs): <br/>
- No mortgage insurance premium.
- No initial disbursement limitation—consumers receive the full amount at closing.
- Condominiums appraised at $500,000 or more do not require FHA approval.
- If the consumer is buying a house or condo, seller concessions and lender credits are allowed.
HomeSafe offers a competitive fixed interest rate and a lump-sum draw. As with traditional mortgages and HECMs, borrowers can use the proceeds to pay off existing mortgage debt, to eliminate monthly mortgage payments,* and to pay for home improvements, medical bills, or in-home care expenses. Borrowers may also use the funds to buy a house or condo in an upscale area or to refinance an existing reverse mortgage to access a larger pool of funds.
To learn more about the FAR HomeSafe reverse mortgage—and how it can help you more fully serve clients with higher-value homes—contact us today at email@example.com or 855-421-4745.