What a HomeSafe Second is
The HomeSafe Second is a reverse mortgage that takes second position behind the mortgage you already have. Your first mortgage doesn't change. You keep its rate, its payment, and its payoff schedule.
The new loan gives you a lump sum of cash. There's no monthly payment on it — interest is added to the balance over time, and you repay it when you sell, move out for good, or pass away.
It's a proprietary product from Finance of America Reverse (FAR). That means it's privately funded, not FHA-insured like a HECM. Want the full picture? Read the complete HomeSafe Second guide.
Who this calculator helps most
If you locked in a 2.5%–4% mortgage a few years back, refinancing it away to reach your equity is usually a bad trade. This calculator shows you the other path: keep that loan, and see how much cash a second-lien reverse mortgage could add on top.
It's built for homeowners 55 and older (62 in Texas) with meaningful equity beyond their first mortgage. If your home is paid off, or you don't mind replacing your current rate, the HECM calculator may fit your situation better.
How the estimate works
The math uses your age and home value. At ages 55–61, the loan can reach 20% of your home's value, as long as your combined loans stay under 55% of the value. At 62 and up, those numbers rise to 25% and 65%. The loan itself runs from $50,000 up to $1 million.
From that maximum, the calculator subtracts any existing second mortgage or HELOC you'd pay off, plus a flat $6,650 closing-cost estimate. What's left is your available cash.
Your protections: you keep title to your home. The loan is non-recourse — you and your heirs never owe more than the home is worth at sale. HUD-approved counseling is required before closing, so an independent counselor walks you through it. You keep paying your property taxes, insurance, and your existing first mortgage.
Where the numbers go from here
The calculator gives you an honest ballpark — that's its job. Your exact numbers depend on your appraised value, current pricing, and underwriting. That's what a personalized proposal is for. It takes me about a day to put together, and it costs nothing.
Run your estimate above, and I'll follow up with next steps. Or skip ahead and grab a time on my calendar — we'll walk through your numbers together.
The HomeSafe Second is a proprietary reverse mortgage product from Finance of America Reverse (FAR). It is not FHA-insured. Minimum age 55 (62 in Texas). Not available in all states. HUD-approved counseling is required.