HomeSafe Proprietary Reverse Mortgages
The HomeSafe proprietary reverse mortgage is a private loan for seniors through Finance of America Reverse that is not FHA-insured. HomeSafe proprietary reverse mortgages are not bound by the HECM lending limit or standard FHA requirements; they have their own set of qualifications that differ from the FHA-insured HECM program.
The HomeSafe proprietary reverse mortgage does have some of the same features as the FHA HECM program:
- Negative amortization
- Non-recourse
- No required monthly mortgage payments
- A line of credit could be available
Reach out to us today for a custom snapshot of your options. Rates can change weekly and can affect your eligibility and benefit amount so it's important to get updated information often.
Proprietary HomeSafe reverse mortgages were created to meet the needs of clients who are aged 55+ and want to purchase or refinance a property that:
- Is or will be their primary residence
- Needs a loan amount of up to 4 million
- Is not FHA-eligible
HomeSafe proprietary reverse mortgages can be used to purchase or refinance a higher-valued home.
- Available to people 55 or older (in most states) on their primary residence
- Lower closing costs than a traditional HECM
- No mortgage insurance premium
- Gain access to more equity on high-value properties
- No capital gains tax*
- Access all of your loan proceeds in one lump sum OR a line of credit, in some states
- Can be used for some non-FHA-approved condo projects
- Max loan amount of $4 million
Compared to a HECM, HomeSafe has low upfront costs and no mortgage insurance premiums, which can save clients thousands over the life of the loan. With similar borrower protections as the standard HECM and fewer restrictions, the HomeSafe proprietary reverse mortgage may be the ideal fit for you.
Wondering how much you may qualify for or if this program is a good fit for you? Call us at 503-427-1667 to discuss or answer the questions below for an estimated loan snapshot:
Other Information:
Restrictions, terms, and conditions apply. Not available in all states.
The HomeSafe is Finance of America Reverse's proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. HomeSafe is available to qualified borrowers who may also be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. HomeSafe is available only for eligible properties in select states. Please contact us to see if it is currently available in your state. Visit https://www.financeofamerica.com/solutions/homesafe/ for more details and additional disclosures.
*Capital gains taxes are only due upon a sale. A proprietary reverse mortgage is a loan, secured by a mortgage on your home, and does not require the sale of the home. The proceeds of a loan are not taxable as income.
