Similar to a
jumbo loan, clients age 55 or older can now access significantly more home equity than the HECM loan limits allow. That could help them fund a more comfortable and secure retirement while keeping productive assets invested under your management.
HomeSafe loan proceeds are tax-free,*
with a competitive fixed interest rate that’s lower than you might expect.
Compared to a Home Equity Conversion Mortgage (HECM), HomeSafe offers these great advantages
- Loan lifts of up to $4 million —significantly higher than a HECM allows
- No mortgage insurance premium
- Borrowers now have the Flex1 option to receive part of their proceeds as monthly term payments (over a 12-60 month period), OR as a lump sum
- Condominiums appraised at $500,000 or more do not require FHA approval
Clients can use proceeds as they choose: Fund a more comfortable and secure retirement.
For example:
- Pay off existing mortgage debt, have no monthly mortgage payments**
and improve cash flow
- Preserve invested assets
- Cover medical or in-home care expenses
- Refinance an existing reverse mortgage to access a larger pool of funds
*Not intended as tax advice. Please consult a tax specialist
**Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees