General FAQs
To be eligible for a reverse mortgage, you typically need to be a homeowner 62+. However, Finance of America also has an exclusive range of reverse mortgage options available in many states to homeowners 55+. In addition to meeting the age requirement, you’ll need about 50% equity in the home to qualify. You’ll also need to undergo a financial assessment to help determine your ability to meet the terms of the loan. Learn More
A reverse mortgage loan allows you to unlock a portion of equity in your home with no required monthly mortgage payment.* The loan balance grows over time and is typically repaid when you sell the home, no longer use it as your primary residence, pass away, or don’t comply with the loan terms. Learn More
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
HECM FAQs
A HECM loan is repaid when the homeowner moves out, doesn’t meet the loan conditions, or passes away. The loan can be settled by selling the house or by using other assets if the borrower or heirs prefer to keep the house. Most importantly, the borrower or heirs won’t owe more than the home’s value.
HomeSafe and HECMs are two types of reverse mortgages designed for different situations. HECMs are available for homeowners 62+, offer loan amounts based on a lower government limit, and have a mortgage insurance requirement. HomeSafe is a jumbo reverse mortgage for homeowners 55+** who want to borrow up to $4 million without paying mortgage insurance or an origination fee.
**For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
A HECM is for homeowners 62+ who want to use their home wealth to maintain or even improve their lifestyle. It can be a strategic option for boosting income, covering medical costs, funding home improvements, or achieving retirement goals.
A HECM eliminates your monthly mortgage payment, if applicable, and loans you a portion of your home equity with no monthly mortgage payments required.* You can receive these funds via a lump sum, monthly payouts, a line of credit, or a mix of all three. Learn More
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
A HECM reverse mortgage is a loan exclusively available to homeowners 62+ that converts a portion of home equity into usable cash with no required monthly mortgage payments.* Learn More
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
HomeSafe FAQs
A HomeSafe loan is repaid when the homeowner moves out, doesn’t meet the loan conditions, or passes away. The loan can be settled by selling the house or by using other assets if the borrower or heirs prefer to keep the house. Most importantly, the borrower or heirs won’t owe more than the home’s value.
HomeSafe and HECMs are two types of reverse mortgages designed for different situations. HomeSafe is ideal for homeowners 55+* who want to borrow up to $4 million without paying mortgage insurance or an origination fee. HECMs are available for homeowners 62+, offer loan amounts based on a lower government limit, and have a mortgage insurance requirement.
*For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
HomeSafe is for homeowners 55+* who wish to maximize the power of their home equity. For those with higher home values and substantial equity, it can be a strategic option for creating liquidity, preserving investment accounts, purchasing a new home, and achieving retirement dreams.
*For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
HomeSafe eliminates your monthly mortgage payment, if applicable, and loans you up to $4 million in home equity, with no monthly mortgage payments required.* You can receive these funds via a lump sum, monthly payouts, a line of credit, or a mix of all three.
*The borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home, and paying property charges, including property taxes, fees, hazard insurance. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
HomeSafe is a proprietary jumbo reverse mortgage available to homeowners 55+* that converts up to $4 million in home equity into usable cash. Learn More
*For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
HomeSafe Second FAQs
A HomeSafe Second loan is repaid when the homeowner moves out, doesn’t meet the loan conditions, or passes away. The loan can be settled by selling the house or by using other assets if the borrower or heirs prefer to keep the house. Most importantly, the borrower or heirs won’t owe more than the home’s value.
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, 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.
HomeSafe Second and home equity line of credit (HELOC) offer homeowners different options for accessing a portion of their home equity. HomeSafe Second provides a one-time lump sum payment with no new monthly mortgage payment required.* A HELOC offers ongoing access to home equity, requiring a monthly payment on the money withdrawn. Learn more
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, 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.
HomeSafe Second is for homeowners 55+** who want to preserve their current mortgage rate while gaining access to a portion of their home equity. For those considering a HELOC, it can be a strategic alternative with the unique advantage of not requiring a new monthly mortgage payment.*
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, 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.
**For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
HomeSafe Second loans you a portion of your home equity as a second mortgage. You receive these funds via a lump sum and are not required to make an additional monthly mortgage payment on this cash.*
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, 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.
HomeSafe Second is a second lien and HELOC alternative that turns a piece of home equity into cash without the burden of a new monthly mortgage payment or the need to refinance.*
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, 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.
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