Overview
- Finance of America announced on Tuesday that HomeSafe Second is now available in Louisiana, Missouri, Rhode Island and Washington, D.C., bringing service to 18 states plus the District of Columbia.
- HomeSafe Second is a second‑lien reverse mortgage for generally homeowners 55 and older that lets borrowers access equity while keeping an existing first mortgage and without taking on new required monthly mortgage payments.
- Borrowers must still meet ongoing obligations such as paying property taxes and homeowners insurance, living in and maintaining the home, and minimum age requirements vary by jurisdiction including age 60 in Washington, D.C. and age 62 in Texas.
- FOA says it has embedded its AI platform, Joy, and a proprietary technology stack to automate workflows and guide borrowers through origination to speed decisions and simplify customer interactions.
- The product was reintroduced in 2023 and has been rolled out in phases, most recently into Indiana, Ohio and Michigan in March, and the company frames the expansion as a response to retirees’ rising costs, large untapped housing wealth, and reluctance to refinance low first‑lien rates.