Finance of America Reverse LLC has unveiled HomeSafe Second Line of Credit, which is being promoted as the “industry’s first second-lien reverse mortgage line of credit.”
According to the Plano, Texas-based company, the product enables homeowners age 55 and older to draw funds over a 10-year period after making an initial 25% draw at time of origination. The product is designed so homeowners can preserve their existing first mortgage while avoiding the need to make new required monthly payments on a traditional home equity line of credit.
The product is now available in California, with a further rollout planned in the coming weeks.
“HomeSafe Second Line of Credit could solve a real market need in California,” said Kristen Sieffert, president of Finance of America. “The cost of living is rising amid continued market volatility, and homeowners are looking for solutions. This product gives borrowers the ability to access their home equity on their terms – when they need it – without adding a new monthly mortgage payment.”
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