Finance of America Reverse LLC announced an enhancement to its proprietary reverse HomeSafe Second loan product. The company lowered the interest rate for this offering from 9.99% to 9.49%.
In addition to the rate reduction, Finance of America broadened the availability of the HomeSafe Second loan to four new states. These states include Arizona, Nevada, Oregon, and Utah.
These changes aim to provide more homeowners aged 55 and older with a flexible alternative for financing their retirement. The enhancements are designed to make home equity-based financing solutions more attractive and accessible to a wider senior demographic.
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