HomeSafe Second is a new loan that enables eligible homeowners to access a portion of their home equity.
Two things make HomeSafe Second Shine:
First, HomeSafe Second does not change the existing home mortgage, which is excellent for those with low-rate mortgages.
Second, borrowers have no new obligatory monthly payments, they simply need to pay the property charges like taxes and insurance that they already had to pay.
More About HomeSafe Second
Who Is HomeSafe Second For?
Anyone who wants to access their home equity—up to $1 million—without decreasing their cash flow going forward.
How Does It Work?
HomeSafe Second is a fixed-rate loan that acts as a second lien, carries no mortgage insurance points (MIPs), and provides a lump sum payment.
How Is It Repaid?*
The loan is typically paid by the sale of the home when the last borrower moves out or passes away, and as a non-recourse loan, the loan amount cannot exceed the sale price, ensuring no debt for heirs.
Eligible States and Minimum Ages
HomeSafe Second is available in select states and borrowers need to meet certain age requirements. Look below to see if you could take advantage of HomeSafe Second.
Arizona (55 minimum)
California (55 minimum)
Colorado (55 minimum)
Connecticut (55 minimum)
Florida (55 minimum)
Illinois (60 minimum)
Montana (60 minimum)
Nevada (55 minimum)
Texas (62 minimum)
Oregon (55 minimum)
South Carolina (55 minimum)
Utah (60 minimum)
Washington (55 minimum)
See How HomeSafe Second Could Work for You!
In this scenario, a 57 year-old couple owns a house worth $600,000, and owes $100,000 on a mortgage with a 3.25% interest rate. They want to access $150,000 of their home equity:
- $75,000 for their daughter’s graduate school education
- $50,000 to pay off high-interest credit card debt (19% APR)
- $25,000 for home renovations
HomeSafe Second Solution:
- Loan amount: $150,000
- Fixed-Rate Loan
- No changes to their existing monthly mortgage payments
- No new monthly payments required
HomeSafe Second could help free up a significant amount of home equity without affecting the borrower’s monthly cashflow. This not only could provide the cash the borrowers want right now, it could help set them up for a better retirement in the future.
Your Future Financing Starts Here
Whether you’d like better cash flow, want to move closer to family or need to make your home accessible, I’m here to help.
*Borrower is still responsible for property charges, such as taxes, insurance and home upkeep. The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, 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.