This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant, or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.
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The HomeSafe® Reverse Mortgage is a proprietary product from our investor, that provides cash on hand through a line of credit with a growth feature, while requiring no monthly payments.
- HomeSafe® is a Jumbo reverse loan with loan proceeds up to $4 million.
- This reverse loan is available to most borrowers that are 60 years old instead of 62 yeas old.
- No Mortgage insurance premium (MIP).
- No FHA approval required for Condos.
- Pay off debts at closing to help qualify.
- Available on Both Purchases & Refinances
- This is a non-recourse reverse loan.
- You are responsible for maintaining your home and paying your property taxes & Home Insurance.
- The loan does not have to be repaid until the last borrower leaves the home.
The EquityAvail™ Reverse Mortgage is a proprietary product from our investor, that allows you to refinance your existing mortgage and significantly lower you month mortgage payment for 10 years, then the monthly payments evaporate entirely.
- The loan is fully disbursed at closing with a maximum loan amount up to $4 million.
- A tax and escrow account are required for the first 5 years
- The EquityAvail™ Reverse Mortgage meets the needs when the existing mortgage balance exceeds available proceeds from a regular revers loan.
- The minimum age is 60 years old versus the minimum 62 years on a traditional reverse loan
- You must have a tradition mortgage to refinance with at least 10 years remaining on the primary home.
- The loan requires a 680-credit score, a DTI of 43% or less and a $100,000 minimum loan amount.
A Home Equity Conversion Mortgage (HECM) from Financial Solutions Home Loans can be better than a conventional Home Equity Line of Credit (HELOC):
- A HECM is a reverse mortgage that instead of requiring monthly mortgage payments, the loan balance is repaid when you sell or leave the home.
- You get to use the money anyway you want, and any unused fund can grow over time.
- And best of all, you continue to live in and enjoy your home.
- The line of credit cannot be frozen.
- There are no prepay penalties or annual fees.
- This is a non-recourse loan.
- You are responsible for maintaining your home and paying your property taxes and homeowners insurance.
Reverse Loans Can Help
If you are ready for retirement, it’s time to optimize your home equity. With a Reverse Mortgage from Financial Solutions Home Loans, we can help you:
Payoff your current loan, have no monthly mortgage payment, and improve you cash flow.
Supplement your retirement income with tax-free funds.
Pay for home improvements.
Cover medical or in-home care expenses.
Set-up a standby line of credit to access whenever you may need it.
Purchase a new home.
Help to separate the equity of your home in the event of a divorce.
Take the trip of a lifetime.