Keep your qualifying first mortgage
Its existing terms and required payment remain in place. A rate below 4% can be a reason to compare this option, but it is not an eligibility cutoff.
Compare the choicesHomeSafe Second · Florida homeowners 55+
Keep the mortgage you like.
Put some equity to work.
Have a low rate first mortgage and a reason to access your home equity? HomeSafe Second may let you keep that qualifying mortgage while receiving a lump sum, without adding a required monthly principal and interest payment on the new second loan.
Your existing first mortgage payment continues. You also remain responsible for property taxes, insurance, upkeep and other loan obligations.
A different way to access equity
A good mortgage can still leave you needing cash.
You may be comfortable with your current mortgage payment and have no desire to replace its interest rate. Still, a home improvement, expensive consumer debt or a planned family expense can call for money that’s tied up in the house.
HomeSafe Second is a private reverse mortgage from Finance of America that sits behind an eligible first mortgage. The first stays in place. The new second provides funds as a lump sum, with a fixed interest rate and no required monthly principal and interest payment on that second loan.
Receive a lump sum
The program has a $50,000 minimum principal limit and a maximum of $1 million. Actual proceeds depend on age, home value, first mortgage balance, costs and qualification.
See the illustrationThis is borrowing against your home. Interest accrues on the second loan. Without voluntary payments, its balance grows and reduces the equity that would otherwise remain for you or your heirs. HomeSafe Second is not FHA insured and has no mortgage insurance premium. It provides a lump sum rather than a line of credit. You can request less than the maximum, subject to program minimums and underwriting approval, but funds you decline cannot be drawn later under this loan.
Hypothetical illustration · October 2026
One home. Two separate loans.
Consider an illustration for a borrower around age 69, with a $700,000 home and a $225,000 qualifying first mortgage. The first mortgage remains outstanding, and its payment continues.
| Home value | $700,000 |
|---|---|
| Existing first mortgage kept in place | $225,000 |
| New HomeSafe Second principal limit | $175,000 |
| Illustrated closing costs | $7,662.50 |
| Illustrated net cash to homeowner | $167,337.50 |
| Combined starting mortgage balances | $400,000 |
| Starting equity after both loans | $300,000 |
The $225,000 first mortgage is not paid off with these proceeds. The illustrated $175,000 second loan covers its estimated closing costs and leaves $167,337.50 in net cash.
Adapted from a lender illustration supplied in October 2026. This is a hypothetical example, not a closed loan, current rate quote, commitment or guarantee of proceeds. Actual loan amounts, costs and terms vary. Starting equity does not reflect future interest accrual, first mortgage repayment, property value changes or selling costs. Request a current written comparison showing the interest rate, APR, fees and projected balances before deciding.
Which payment are you trying to change?
Keep the first and access cash
HomeSafe Second may fit when your existing payment is manageable and you need a lump sum. You must qualify with the first mortgage payment continuing.
Review a second mortgage scenarioReplace the first and address its payment
A first lien reverse mortgage generally pays off the existing mortgage. That changes the cash flow picture, available proceeds and cost over time.
Explore payment optionsA HELOC, conventional home equity loan, cash out refinance or use of savings may also deserve a look. Compare the funds received, required payments, interest and fees over your expected time in the home. Keeping a low rate is useful only when the complete plan works.
When it may be worth a conversation
You want to improve the home.
A roof, renovation or accessibility project needs funding, and you want to keep your existing mortgage terms.
You’re comparing debt payoff options.
You want to examine whether addressing expensive consumer debt could improve cash flow. Moving unsecured debt onto your home creates a secured obligation and deserves careful review.
You have a planned expense.
You’d like to compare using home equity with drawing from savings or investments. Include your CPA or advisor when the funding decision affects the broader plan.
You’re considering a HELOC.
You want cash without another required monthly principal and interest payment. Compare the second loan’s accumulating balance with a HELOC’s payments and draw flexibility.
Nonrecourse protection for you and your heirs
HomeSafe Second is a nonrecourse loan. You and your heirs have no personal liability for this second mortgage; the lender’s recovery is limited to the home securing the loan. This protection does not change the separate first mortgage’s terms or obligations.
The loan must still be resolved when it becomes due. If your heirs want to keep the home, they’ll need to address both mortgages. Interest accruing on the second can reduce the equity available to them.
Questions worth answering before you decide
Who may qualify in Florida?
The minimum borrower age is 55. The home must be an eligible primary residence, with sufficient equity and an eligible first mortgage. Credit, mortgage payment history and financial assessment requirements apply. Manufactured homes are not eligible. Age and equity alone do not establish approval.
Can any first mortgage stay in place?
No. Fully amortizing fixed rate mortgages are a common fit. Certain fully amortizing adjustable rate mortgages and first lien HELOCs in their repayment period may qualify. Mortgage history, remaining terms, modifications and forbearance can affect eligibility. Richard will review the existing loan early.
Does this eliminate my current mortgage payment?
No. You continue making your existing first mortgage payment. There is no required monthly principal and interest payment on HomeSafe Second, but interest accrues. You can make voluntary payments if you wish. Taxes, insurance, maintenance, occupancy and other loan obligations continue.
Can I choose a smaller amount or draw funds later?
HomeSafe Second has a fixed interest rate and provides a lump sum at closing, after applicable payoffs, costs and set-asides. It does not provide a line of credit. You can request a lower loan amount than the maximum you qualify for, subject to program minimums and underwriting approval. You must sign an addendum acknowledging that funds you choose not to take now cannot be drawn later under this loan. That choice is final for this loan.
When does the second loan become due?
It generally becomes due when the last borrower dies, sells the home or no longer uses it as a primary residence. Failure to meet loan obligations can also cause it to become due. Review the actual loan documents, including any non borrowing spouse provisions, before closing. Default on either mortgage can put the home at risk.
What happens to my heirs?
HomeSafe Second is a nonrecourse loan, meaning borrowers and heirs have no personal liability for that loan. This does not erase the separate first mortgage. Keeping or selling the home requires addressing both liens and the applicable loan terms. Accruing interest on the second can reduce the equity available to heirs.
Is your low rate mortgage worth keeping?
Let’s look at your current payment, the funds you need and the costs of each option. Bring your mortgage balance, rate, approximate home value and the age of the youngest borrower.