Finance of America Reverse now offers a larger line-of-credit option without monthly payments and interest
Finance of America Reserve has announced the latest enhancements to its suite of HomeSafe products, which aims to help homeowners reach their retirement goals.
The reverse mortgage lender updated HomeSafe Select to let homeowners access their home equity later in retirement. The new HomeSafe Select also enables borrowers to access a larger credit line without having to accrue interest.
“While our HomeSafe Select product is already popular with homeowners, they now have the peace of mind that a line of credit can provide, without the burden of a required monthly principal-and-interest payment,” said Dan Hultquist, vice president of organizational development at FAR. “When you factor in the line-of-credit growth, the elimination of a monthly repayment obligation and no term limits on repayment, the additional advantages of HomeSafe Select over a traditional HELOC are crystal clear.”
Additionally, Moody’s Investor Services recently affirmed FAR’s average assessment as an originator of jumbo reverse residential mortgage loans. FAR also received an above-average assessment on the strength of its property valuation, closing practices, and technology.
“We are especially proud to have received above-average ratings in the areas of property valuation, technology, and closing practices. Undergoing an annual Moody’s rating demonstrates our commitment to building a strong foundation that can provide lasting value to our consumers and investors,” said FAR President Kristen Sieffert.
