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Reverse mortgages, maximum benefits: HomeSafe®
Harness the power of your home’s unlocked equity. Our proprietary suite of HomeSafe reverse mortgage products, including standard and jumbo reverse mortgage loans, can provide you with the financial footing to pursue a retirement path that is right for you.
Looking to write your next chapter in your retirement story? A HomeSafe reverse mortgage can help you:
- Pay off existing mortgage
- Stay in your home long-term
- Increase your buying power for purchasing a new home or condo
- Supplement income for regular expenses
- Diversify overall retirement strategy
- Cover medical expenses
- Pay for in-home care
- Renovate your home
- Purchase insurance
- Go on the trip of a lifetime
- Start a new business
- Help your grandchildren pay for college
- Or simply have savings available for the future
How HomeSafe can help
Understanding Reverse Mortgages
It is a loan that converts your home equity into cash. The unique benefit is that you don’t need to pay it back month after month. Interest and fees are added to the loan balance over time.
Borrowers must continue to pay taxes and insurance as always while upholding the terms of the loan.
Live your retirement dreams now that your biggest asset is working for you.
The loan is payable at the time you leave the home, and it is a non-recourse loan which means you or your estate cannot owe more than the value of the property.
With HomeSafe you can maximize your equity and enjoy loan amounts significantly higher than a HECM– up to four million dollars are available for qualified borrowers.
- HomeSafe loan limits are higher than the government insured HECM loans, up to four million dollars, while offering similar protections and features to the borrower.
- HomeSafe borrowers enjoy no mortgage insurance premiums, competitive fixed interest rates and no out-of-pocket funds required beyond the appraisal (except for purchase).
- Plus, condominiums appraised at $500,000 or more do not require FHA approval.
Which HomeSafe tool is right for you?
“I want to increase cash flow without paying fees.”
HomeSafe Standard is for the borrower who wants to increase their cash flow without paying a lot of fees.
“I want to leverage my current equity to buy a home.”
Ideal for increasing your potential buying power to purchase a home with a significantly higher purchase price (up to four million dollars), a HomeSafe for Purchase can be an excellent financial tool.
“I want the freedom of a line of credit.”
The only proprietary HELOC reverse mortgage loan, the HomeSafe Select gives you the flexibility to access funds through a line of credit. This financial tool also gives you the choice to make payments or not, providing a new world of opportunities in retirement.
Frequently Asked Questions
Still not sure about something? Click below to get quick answers on some of our most frequently asked questions.
How does HomeSafe work?
- Must be a homeowner 55* or older with some equity.
- The amount of loan proceeds depends on age of borrower, appraised value of home, and the type of HomeSafe® you choose.
- Proceeds pay off your current mortgage, and you can get the remainder as cash.
- As long a you continue to pay your taxes and insurance and to uphold the terms of the loan, you keep the title to your home and live there payment-free†. The loan is not due until the last living borrower leaves the home.
- With room in your budget after eliminating monthly mortgage payments, and with cash in hand, create a retirement you feel good about.
*For certain HomeSafe® products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62.
†The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
How is HomeSafe different from a traditional reverse mortgage?
- HomeSafe loan limits are higher than the government insured HECM loans, up to four million dollars, while offering similar protections and features to the borrower.
- HomeSafe borrowers enjoy no mortgage insurance premiums, competitive fixed interest rates and no out-of-pocket funds required beyond the appraisal (except for purchase).
Is HomeSafe available in my state?
HomeSafe products are offered in the following states.
HomeSafe Standard
- Arizona
- California
- Colorado
- Connecticut
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Louisiana
- Massachusetts
- Michigan
- Minnesota
- Nevada
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Texas
- Utah
- Virginia
- Washington
HomeSafe Select
- California
- Colorado
- District of Columbia
- Florida
- Georgia
- Hawaii
- Illinois
- Minnesota
- New Jersey
- Nevada
- North Carolina
- Oregon
- Rhode Island
- South Carolina
- Texas
- Utah
- Virginia
What is a reverse mortgage?
A reverse mortgage is a loan that enables homeowners and homebuyers age 55* or older to convert some of their home equity into cash or a line of credit. Some loans also let homeowners finance a new home purchase. With a reverse mortgage, you make no loan payments†. You continue to live in and own your home.
Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a reverse mortgage until the home is sold** or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home. The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance.
*For certain HomeSafe® products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62.
Download the HomeSafe® Brochure
