Finance of America Expands HomeSafe Second to 19 States as Retirees Tap Home Equity
Updated
Updated · HousingWire · Jul 7
Finance of America Expands HomeSafe Second to 19 States as Retirees Tap Home Equity
1 articles · Updated · HousingWire · Jul 7
Summary
Four new markets—Louisiana, Missouri, Rhode Island and Washington, D.C.—were added Tuesday, extending Finance of America’s HomeSafe Second reverse mortgage to 19 states plus the district.
The second-lien product lets homeowners 55 and older tap home equity while keeping an existing first mortgage, a draw for borrowers trying to avoid refinancing low-rate loans or taking on monthly payments.
Borrowers still must cover property taxes, homeowners insurance and other home-related costs; minimum eligibility rises to 60 in Washington and 62 in Texas.
Finance of America said demand is coming from both homeowners and loan officers as retirees face higher living costs, insurance premiums and property taxes despite rising housing wealth.
The move follows a March expansion into Indiana, Ohio and Michigan, underscoring growing interest in second-lien reverse mortgages as a retirement liquidity tool.