HomeSafe Second · Homeowners 55+

Give your budget a second to breathe.

HomeSafe Second is a fixed-rate second mortgage that lets you tap a portion of your home equity, with no change to your first mortgage and no new monthly mortgage payment required.†

See if you qualify

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What is HomeSafe Second?

HomeSafe Second is a second loan that complements your existing mortgage, unlocking a piece of your stored equity without the burden of a new monthly mortgage payment or the need to refinance. Your first mortgage stays exactly as it is, and you keep the title to your home.

You could use the funds to:

How HomeSafe Second works

1

You're a homeowner

You have a traditional mortgage in good standing and want to access a portion of your home equity.

2

Talk with your loan officer

Discuss how a second mortgage could help and how much you could be eligible for.

3

Apply

Complete the application, meet with an independent third-party counselor, and have your home appraised.

4

Receive your funds

Get your money and have room to breathe, with no new monthly mortgage payment required.†

HomeSafe Second loans you a portion of your home equity via a second mortgage. There are no additional monthly mortgage payments required until you leave your home, stop paying property charges, or do not meet the terms of the loan. When you leave the home, the loan must be repaid or settled by the sale of the house. The balance of your loan will grow over time, but you or your heirs will never be liable for more than the home’s value.

HomeSafe Second vs. a HELOC

HomeSafe Second is a smart alternative to a traditional home equity line of credit (HELOC) because no additional monthly mortgage payment is required. Take a closer look at how the two compare.

	HomeSafe Second	HELOC¹
Interest rate type	Fixed	Variable
Loan type	Lump sum	Line of credit
Minimum credit score	640 (with financial assessment)	680
Monthly payments required	No, but you can preserve equity by making a payment at any time without penalty	Yes
Minimum age	Yes. 55, 60, or 62 depending on your state	No
Borrower still owns home	Yes	Yes
Repayment	Due when the borrower moves, leaves the property, fails to pay taxes or insurance, or violates the terms of the loan	Interest-only for 10 years, then fully amortizing over 20 years

¹ This is an educational example of one HELOC. Requirements, payment, and other terms may vary between lenders.

Who qualifies for HomeSafe Second?

HomeSafe Second is designed for homeowners who are current on their mortgage and want to put a portion of their equity to work without adding a monthly payment.

Borrower requirements

Must be 55 or older (62 in Texas, 60 in Washington)
Must be current on your first mortgage
Property must be your primary residence
Minimum FICO score of 640 (with financial assessment)
Must maintain the property and stay up to date on property taxes, insurance, and any HOA fees

Loan requirements

Meet all loan obligations, including using the property as your primary residence
Pay property charges, including your first mortgage payment, property taxes, fees, and hazard insurance
Maintain the home
Meet all loan obligations under the first-lien mortgage
If these requirements are not met, the loan will need to be repaid

Find your financial flexibility without a new payment.

A short conversation with your loan officer is all it takes to find out how much you could be eligible for. No obligation, and no application needed to talk.

^† The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and 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. Terms and conditions on the first lien loan apply. Must meet combined loan value requirements based on a satisfactory appraisal.

The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not related to the Home Equity Conversion Mortgage (HECM) program. HomeSafe products are only available in certain states. Please contact us for a complete list of availability. HomeSafe Second is offered through Nationwide Mortgage Bankers, Inc. NMLS# 819382.

These materials were not provided by HUD or FHA and were not approved by FHA or any government agency.

To learn more, please visit the CFPB’s Reverse Mortgage: A Discussion Guide.

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Nationwide Mortgage Bankers, Inc NMLS# 819382 (www.nmlsconsumeraccess.org). COPYRIGHT 2023 NMBNOW | ALL RIGHTS RESERVED | DISCLAIMER & LICENSING | NMLSCONSUMERACCESS.ORG Nationwide Mortgage Bankers (NMB) is in no way affiliated with Nationwide Mutual Insurance Company.

HomeSafe Second Disclosure: HomeSafe Second is a proprietary second-lien reverse mortgage product of Finance of America Reverse LLC, offered through Nationwide Mortgage Bankers, Inc. It is not an FHA-insured Home Equity Conversion Mortgage (HECM) and is not a government benefit. It is a loan that must be repaid. Borrowers must meet the minimum age for their state, keep the home as their primary residence, and stay current on the first mortgage, property taxes, homeowners insurance, and home maintenance. Failure to meet these requirements may cause the loan to become due and payable. Not available in all states. This is not a commitment to lend; all loans are subject to credit and property approval. Nationwide Mortgage Bankers, Inc. NMLS# 819382 (www.nmlsconsumeraccess.org). Equal Housing Lender.