FAR Expands Proprietary HomeSafe Loan to Massachusetts

Finance of America Reverse (FAR), the third largest reverse mortgage lender by volume, has expanded the availability of its proprietary reverse mortgage product “HomeSafe Standard” to the state of Massachusetts, according to a company statement to RMD.

“Up until now, the 62+ Massachusetts homeowner was unable to take full advantage of their equity in neighborhoods with high property values,” said Jonathan Scarpati, VP of FAR wholesale lending in a statement to RMD. “HomeSafe was created to address that unmet need in the market and with every new state we add, we create opportunities for our partners to grow their business.”

With the addition of Massachusetts, HomeSafe Standard is now available in 25 states, having recently added New York to the list of territories in which the primary product in the HomeSafe suite is available.


HomeSafe Standard is a full draw, fixed rate loan that offers the ability to customize features for borrowers seeking low costs or maximum proceeds. It offers a lump sum payment with no initial limitations on available funds, no prepayment penalties and, like a traditional Home Equity Conversion Mortgage (HECM), is a non-recourse loan.

HomeSafe Standard loans within Massachusetts will be limited to a maximum $1.5 million principal limit, though there are no other differences between the offering in Massachusetts and the rest of the states in which it is available. The principal limit in all other territories is $4 million.

The product was first made available to borrowers in September of 2014, while FAR operated under the name Urban Financial of America. The initial HomeSafe offering would prove to become the first in a suite of other proprietary reverse mortgage options introduced by FAR. The original HomeSafe became “HomeSafe Standard,” which is also offered by American Advisors Group (AAG) on a correspondent basis under the name “AAG Advantage” in retail and “AAG HomeSafe” in wholesale.

HomeSafe Standard was followed upon in June 2018 by “HomeSafe Flex,” which allows for more flexible draw of the loan’s proceeds. The company added “HomeSafe Second” that September, the first-ever second-lien reverse mortgage. Just a month after that in October, the company introduced “HomeSafe Select” to the product suite.

According to the Zillow Home Value Index, Massachusetts has an average home value of $408,100, which is significantly higher than the national average home value of $231,000. The market has grown 1.7% over the past 12 months, and Zillow predicts that it will grow an additional 1.4% over the course of the next year.

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