For business and professional use only. Not for consumer distribution. | The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe products are available in every state. Please contact us for a complete list of availability. | ©2023 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 |AZ Mortgage Banker License #0921300 | Licensed by the Department of Business Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | 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 | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org Find out how HomeSafe Second puts you & your clients first FARWholesale.com/HomeSafeSecond A Second Mortgage That Puts Cash Flow First Meet HomeSafe Second, a second lien and HELOC alternative that unlocks home equity without additional monthly payments. Interest Rate Type Fixed Variable Minimum Credit Score 600 (with financial assessment) 680 Monthly Payments Required No. But you can make a payment at anytime without penalty to preserve equity Yes. Interest only for 10 years, then fully amortizing over 20 years Minimum Age Yes. 55, 60, or 62 depending on your state No Borrower Still Owns Home Yes Yes Repayment Options Due when the borrower moves, leaves the property, fails to pay taxes or insurance or violates the terms of the loan 30 years. Interest only for 10 years, then fully amortizing over 20 years. HELOC 1 1 This is an educational example of one HELOC. Requirements, payment, and other terms may vary between lenders.
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