Finance of America launches HomeSafe Second Line of Credit

Finance of America (FOA) Reverse announced the launch of HomeSafe Second Line of Credit, a new solution designed to give homeowners greater flexibility in how – and when – they access their home equity, without adding a new monthly expense or giving up a possibly low mortgage rate. Available in California beginning April 1, HomeSafe Second Line of Credit is the industry’s first second-lien reverse mortgage line of credit, allowing homeowners 55+ to draw funds over time, as needs arise, after an initial 25% draw at time of origination – while preserving their existing first mortgage and without taking on the new required monthly payments of a traditional HELOC.