Leading reverse mortgage lender Finance of America Reverse (FAR) has lowered the minimum qualifying age for its “HomeSafe” suite of proprietary reverse mortgage products to 55 in the majority of the states in which the suite is available, Reverse Mortgage Daily has learned.
This makes FAR the second major reverse mortgage lender in the nation to lower the minimum age requirement on its proprietary, non-agency products. While the new threshold applies across a very prominent brand in the private-label reverse mortgage space, the new hybrid forward/reverse mortgage proprietary product that FAR introduced earlier in the year maintains its existing requirements related to the period which requires payments.
Read more details of the change to FAR’s HomeSafe product suite at Reverse Mortgage Daily.
