HomeSafe® Second Proprietary Reverse Mortgage

HomeSafe® Second Proprietary Reverse Mortgage

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HomeSafe® Second Proprietary Reverse Mortgage

Introducing a new reverse mortgage unlike any other! The new HomeSafe® Second proprietary reverse mortgage from Finance of America Reverse is a private loan for senior homeowners aged 55+. This reverse mortgage occupies 2nd lien position behind a regular mortgage. We only broker the HomeSafe® Second proprietary reverse mortgage in California at this time. This loan is a fixed-interest rate product only and funds are available in one lump sum.  The HomeSafe® Second proprietary reverse mortgage would be a good option for people who:

-Are aged 55+

-Have a low mortgage balance/equity in their home

-Want to keep making monthly mortgage payments on their first mortgage

-Want extra funds without having to make any additional monthly mortgage payments

-Have considered taking out a credit card or getting an auto loan but the additional monthly payments would stretch their current budget

Access Your Home Equity As Cash

Most homeowners desire to pay off their mortgage before retirement but many aren’t able to pay it off until after they retire. This requires them to carry their mortgage balance into retirement and use the funds they had saved for retirement to pay their monthly mortgage payments. Having a paid-off mortgage is a goal of many and if they aren’t struggling with the monthly mortgage payments, they may not desire to get rid of them. There are many reasons why someone could want to keep their current mortgage including:

-They have a low balance with a low-interest rate

-They do not have issues making their monthly mortgage payments

-They desire to carry no first mortgage someday soon and have a plan to attain this goal

The new HomeSafe® Second reverse mortgage allows people to continue chipping away at their current mortgage while still accessing some equity as a lump sum with a fixed rate. The funds from a reverse mortgage, even this new HomeSafe® Second can be used for anything you want or need! The maximum loan amount is $4 million, minus the first lien balance. Consider what you could do with extra cash that didn’t require any additional monthly mortgage payments:

  • -Remodel or upgrade your home to meet your changing needs
  • -Pay off other debts
  • -Purchase a new car or new appliances
  • -Get in-home care
  • -Afford the medical care/appliances/furniture/prosthetics you need
  • -Take time off work
  • -Buy an RV
  • -Put cash away for an emergency fund
  • -Help out family
  • -Take a nice vacation
  • -Buy an investment property
  • -Build a shop
  • -Install an ADU to rent out
  • -Start a business

The list could go on and on because reverse mortgages make it possible for seniors to make their dreams become reality. The new HomeSafe® Second is a reverse mortgage unlike any other in that it doesn’t require your first mortgage to be paid off for you to access this benefit, but like the FHA-insured HECM, it is a non-recourse loan and neither the borrower(s) nor their heirs shall have personal liability. All other reverse mortgages allow for purchase transactions but the proprietary HomeSafe® Second is only available as a refinance on a primary residence. Even though this loan is a brand-new option as of February 2023, the benefits are clear. Compared to a traditional HELOC, this loan option is optimal for seniors because it has no fixed term, no payment requirement, and no rate adjustments.

If you are 55 or older and live in California, call us today at 503-427-1667 or fill out the form to the right to see if the new proprietary HomeSafe® Second reverse mortgage is something that you may qualify for.

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© 2019 Northwest Reverse Mortgage, LLC NMLS #1834787

Licensed in Oregon, Washington, California and Idaho

Office: (800) 806-1472
Toll Free: (800) 806-1472
Fax: (541) 253-4370

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Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015
Phone: (503) 427-1667

Gresham Area

Northwest Reverse Mortgage, LLC. ML- 5797/ CL-1834787/ DFPI# 60DBO-140333. Equal Opportunity Mortgage Broker licensed in Oregon, Washington, Idaho and California. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.