Finance of America Reverse has launched its proprietary HomeSafe reverse mortgage product in New York.
The lender says it’s the first of its kind to be approved in the state in a decade and is the first proprietary reverse mortgage product in New York; and it expects strong demand.
“Given areas of New York have some of the highest home values in the nation and the large population of baby boomers both entering and enjoying retirement, the need for this product is staggering and the potential impact for borrowers is very exciting,” said Jonathan Scarpati, Vice President of Wholesale at FAR. “We’re proud to provide a new solution to our partners and advisor channels who haven’t had an option like this before.”
HomeSafe is a non-recourse loan and is now offered by FAR and its approved partners in 24 states. The product offers a lump sum payment with no initial limitations on available funds and no prepayment penalties.
The loan structure is available up to $10,000,000, although the actual property value can be higher and loan proceeds can be up to $4,000,000.
“We are proud to see such strong demand for our proprietary offering from suitable borrowers and believe that our commitment to them lasts through the entire life of their loan. Advisors and wealth managers now have access to a tool with a proven ability to put their client’s hardest earned asset to work,” said Kristen Sieffert, President of FAR.
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