Finance of America Reverse Launches the Only Proprietary Reverse Mortgage Offering in the State of New York
HomeSafe® Standard Provides New Yorkers Attractive Option to Optimize
Home Equity, Boost Retirement Planning
“True to our ongoing innovation and leadership within the industry, we are thrilled to provide homeowners in
In a 2018 study by
“Given areas of
HomeSafe® Standard is a proprietary reverse mortgage loan offered exclusively by FAR and its approved partners in 24 states. This is a full draw, fixed rate product with the flexibility to customize features for those looking for low costs or those looking for maximum proceeds. It offers a lump sum payment with no initial limitations on available funds and no prepayment penalties. Like all reverse mortgages, HomeSafe® Standard is a non-recourse loan.
As an example, a 72-year-old in
Additional Features of HomeSafe® Standard include:
- Loan structure available up to
$10,000,000 , actual property value can be higher - Loan proceeds up to
$4,000,000 - No monthly mortgage payment required
- No monthly or annual mortgage insurance premium
- No FHA approval required for condos valued over
$500,000 - No out-of-pocket funds required at closing
FAR is the leading provider of propriety reverse mortgage products and offers the most diverse suite of products, including; HomeSafe® Standard, HomeSafe® Flex, HomeSafe® For Purchase, HomeSafe® Second and HomeSafe® Select. The firm just announced the launch of its HomeSafe® Select product in
Note to editors: demographics and home prices
New York’s top zip codes boast seven-figure median sale prices according to a PropertyShark study:
- Median sale prices in 2018 for the top zip-codes in
Suffolk County ranged from$2,800,000 -$5,500,000 - Median sale prices in 2018 for the top zip codes in
New York City were more than$3,000,000
About
As one of the largest reverse mortgage originators,
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:
View source version on businesswire.com: https://www.businesswire.com/news/home/20190723005572/en/
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