Finance of America Reverse (FAR) has launched its proprietary reverse mortgage product, HomeSafe Select, in Florida.
The reverse mortgage originator made its HomeSafe Select product, which is a proprietary HELOC reverse mortgage loan, available via its retail and wholesale channels. The product also offers up to 75% of open credit that gives borrowers the option to tap into a part of their home equity while being able to access additional funds when they need it.
“As people evaluate how home equity fits into their retirement plans, they are increasingly choosing to only draw the funds they need initially and access the remainder through a line of credit,” FAR President Kristen Sieffert said. “Doing so allows homeowners to protect their equity longer so that they have more options well into the future as their needs change. We are proud to remain at the forefront of the industry as the only provider of this type of proprietary financial tool, which represents a tremendous opportunity for suitable borrowers.”
“HomeSafe Select is an attractive alternative to a HELOC particularly since there is no monthly mortgage payment required,” said Jonathan Scarpati, vice president of wholesale at FAR. “Through this offering -- and the industry’s most comprehensive suite of proprietary products -- we are greatly enhancing options for borrowers in Florida, particularly in pockets of the state with a concentration of high-home values.”