Home Equity Conversion Mortgage
HomeSafe Second: A Second-Lien Reverse Mortgage That Puts You First
For many older homeowners, tapping into home equity through a reverse mortgage can be a smart way to enhance retirement income, manage rising costs, or simply enjoy greater financial peace of mind—without giving up the home they love.
Traditional reverse mortgages typically require paying off your existing mortgage using the loan proceeds. But what if you’re benefiting from a low-rate first mortgage that you’d prefer to keep?
Enter HomeSafe Second.
This innovative second-lien reverse mortgage allows you to access a lump sum of cash from your home’s equity—without refinancing or disrupting your existing mortgage. It’s a flexible solution designed to work alongside your current loan, helping you preserve what’s working while gaining the financial freedom you need.
What Is HomeSafe Second?
HomeSafe Second: Unlock Equity Without Refinancing Your First Mortgage
HomeSafe Second is a second-lien reverse mortgage designed to sit behind your existing mortgage or Home Equity Line of Credit (HELOC). It allows you to access a portion of your home’s equity without refinancing your current first mortgage or taking on a new monthly mortgage payment.
You’ll still be responsible for property taxes, homeowners insurance, and any payments on your existing mortgage—but you won’t have to alter your current loan terms.
As a smart alternative to a HELOC or traditional home equity loan, HomeSafe Second gives you the flexibility to maintain your low-rate mortgage while putting your equity to work—offering a cash flow-friendly way to boost retirement income or cover rising expenses.
Key Benefits of HomeSafe Second:
Unlock Equity Without Refinancing
With HomeSafe Second, you can access a lump sum of cash from your home’s equity—without refinancing your existing low-rate mortgage or adding a new monthly mortgage payment.* This second-lien reverse mortgage lets you preserve favorable loan terms while gaining extra financial flexibility.
*Borrower must live in the home, maintain it, and pay critical property charges like taxes and insurance.
Repayment on Your Terms
While HomeSafe Second must eventually be repaid with interest and fees, you won’t need to make monthly payments as long as you meet the loan obligations. Repayment is deferred until you move out of the home or pass away, giving you greater freedom to manage cash flow and protect your retirement savings.
General Requirements:
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Be 55+ (60+ in WA, 62+ in TX)
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Own a home in an eligible state (AZ, CA, CO, CT, FL, MT, NV, OR, SC, TX, UT, WA)
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Meet minimum credit and income requirements
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Have an existing first mortgage in good standing
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Attend an approved financial counseling session to help you determine if the loan is a good fit
Common Uses of HomeSafe Second
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Consolidate High-Interest Debt
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Manage Everyday Expenses
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Cover Medical and Long-Term Care (LTC) Needs
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Upgrade Your Home for Comfort and Safety
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Enhance Your Lifestyle
Built-In Non-Recourse Protection
When the loan becomes due, it’s typically repaid through the sale of the home. Thanks to the loan’s non-recourse feature, if the sale doesn’t cover the full loan balance, neither you nor your heirs will be responsible for the shortfall.
Eligible Properties:
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Single-Family Homes
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Planned Unit Developments (PUDs)
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Condos and Townhomes
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2-4 Unit Properties
NOTE: Manufactured homes and modular properties do not qualify
How does HomeSafe Second compare to a HELOC?
*This is an educational example of one HELOC. Requirements, payment, and other terms may vary between lenders.
**This does not constitute tax or financial advice from Fairway. Please consult a tax professional or financial advisor regarding your specific situation.
The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program.
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Copyright©2025 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.