SAN DIEGO--(BUSINESS WIRE)--Finance of America Reverse LLC (“FAR”), one of the largest reverse mortgage lenders in the U.S. and a leading provider of retirement solutions, today announced the launch of HomeSafe Select in Hawaii, Texas and Colorado, an expansion of its popular HomeSafe suite of products already available in those states.
HomeSafe Select, which was enhanced last month, offers a level of flexibility not previously available for borrowers, providing access to a revolving line of credit where up to 75% of funds can grow and compound over time. HomeSafe Select is now available to homeowners in Hawaii, Texas and Colorado for the first time. Moreover, qualified borrowers in Colorado will have access to HomeSafe Flex and HomeSafe Second, proprietary products that create even more options for homeowners age 60-62+. The revolving line of credit and growth feature enhancement to HomeSafe Select is now effective in Florida, where the product launched in June 2019.
A Look at HomeSafe Select in Hawaii and Texas
With median home values of more than $1.2 million, according to gobankingrates and Realtor.com, eligible homeowners in Hawaii and Texas are uniquely suited to take advantage of FAR’s launch of HomeSafe Select, which can provide available credit via a combination of an initial draw and revolving line of credit of up to $4 million depending on the value of the property.
High property values combined with growing elderly populations make these states key growth markets for FAR in 2020. The number of retirees in Hawaii continues to rise, with one in four residents expected to be 60 years or older by the end of the year, and Texas remains an attractive state for retirement with the third largest elderly population in the U.S.
FAR Introduces Entire HomeSafe Suite to Colorado
In addition to launching HomeSafe Select in Colorado, FAR is excited to introduce two other proprietary products: HomeSafe Flex and HomeSafe Second. This completes FAR’s HomeSafe offering and now the entire suite of products is available to eligible Colorado homeowners.
Boasting one of the best performing housing markets in the country and with a senior population expected to grow 61% by 2030, Colorado has the potential to be a primary driver of growth for FAR as more retirees consider reverse mortgages as part of a diversified retirement strategy.
FAR’s HomeSafe Flex product gives homeowners the unique ability to split the distribution of a loan into a large lump sum and monthly payments. The product allows homeowners to draw 60% of proceeds upfront and then receive the other 40% as monthly payments, which are spread out over a period of no more than 5 years.
HomeSafe Second allows homeowners with debt in retirement to access part of their home equity via a reverse mortgage while still maintaining their forward mortgage. The product is a fixed-rate, lump sum loan and appeals to borrows who cannot qualify for a home equity line of credit or other types of financing.
Enhancements to HomeSafe Select in Florida
FAR continues to see tremendous demand for its proprietary suite of HomeSafe products in Florida, which is among the top five states utilizing the retirement solution. The enhancements to HomeSafe Select allows eligible Florida homeowners to receive a portion of loan proceeds as an open-ended line of credit that doesn’t require monthly payments, a new feature that makes the product ideal for retirees seeking more cash flow in retirement.
Florida ranks as one of the top states for retirement and is home to one of the greatest concentrations of seniors, with over one-fifth of its population over the age of 65. Over the past year, home prices have risen more than 3% and the housing market in Florida is rated “very hot” according to Zillow, making it a priority market for FAR in 2020 and beyond.
“Demand for our proprietary HomeSafe products was incredibly high last year. Qualified homeowners with million-dollar properties are responding quite favorability to the flexibility that these products afford them when building a well-balanced retirement plan,” said Kristen Sieffert, President of FAR. “We have an ambitious roadmap for bringing HomeSafe to new markets across the U.S. and I am confident that our new offerings will be received with the same enthusiasm we’ve seen in existing markets.”
This announcement builds on FAR’s growth in 2019, following the successful expansion of HomeSafe products in new markets, including the launch of the only proprietary reverse mortgage products approved in New York and Massachusetts.
About Finance of America Reverse LLC (FAR)
As a retirement solutions company, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement. Through its team of Licensed Loan Officers and network of professional and wholesale partners, Finance of America Reverse offers products and services designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information, please visit www.fareverse.com or find us on Facebook, LinkedIn or Twitter.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. FAR may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and FAR charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
Finance of America Reverse LLC NMLS #2285 (www.nmlsconsumeraccess.org); Corporate Office: 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Arizona Mortgage Bankers License #0921300, Mortgage Bankers Branch License #0117862 – 625 West Southern Ave., Suite E171, Mesa AZ 85210; Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act ; Licensed under the California Department of Business Oversight under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Illinois Residential Mortgage License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 1201 Walnut, Suite 975, Kansas City, MO 64106; Licensed Mortgage Banker – NYS Department of Financial Services, 888 Veterans Memorial Highway, Suite 300, Hauppauge, NY 11788. Finance of America Reverse LLC is known as FAReverse LLC in NY in lieu of true name Finance of America Reverse LLC. Licensed by the New Hampshire Banking Department; Oregon License #ML-4805; Nevada Mortgage Banker License #4297. 2300 West Sahara Ave, Ste 800, #835, Las Vegas, NV 89102, 702-592-6538; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed By the Virginia State Corporation Commission #MC-5413; Washington Consumer Loan Company License #50202. Also conduct business in AL, AR, CT, FL, HI, ID, IN, KY, LA, ME, MD, MI, NE, NM, NC, OH, OK, PR, SC, TN, TX, UT, VT, WV, WI, and WY. Not all products and options are available in all states. Terms subject to change without notice. ©2018 Finance of America Reverse LLC. All Rights Reserved. EQUAL HOUSING LENDER.