Do you have a low-interest mortgage that you don’t want to give up — but still wish you could access some of the equity in your home? You’re not alone. As retirement expenses continue to rise, many homeowners are looking for smart, flexible ways to improve cash flow without increasing their monthly obligations.
If you’re 55 or older, there’s a new solution you should know about: the HomeSafe Second reverse mortgage. This innovative loan is designed for homeowners with substantial equity who want access to funds without refinancing their existing mortgage — and without taking on a new monthly payment.
Here’s how it works.
What Is the HomeSafe Second?
The HomeSafe Second is a reverse mortgage that sits in second lien position behind your existing first mortgage. That means you don’t have to touch your current home loan — especially important if you’ve locked in a low rate you want to preserve. Instead, this is a fixed-rate second mortgage that allows you to tap into a portion of your home equity without any monthly repayment requirement.
It’s a unique option that’s only available to homeowners who meet a few criteria:
- You must be at least 55 years old
- Your home must be your primary residence
- You must have a first mortgage with principal and interest payments that you’re current on
- You must have a minimum FICO score of 600
- You should have significant equity in your home
Why Consider a Reverse Second Mortgage?
Many retirees and near-retirees are feeling the pressure of rising costs — from health care and long-term care to property taxes, home insurance, and everyday expenses. The HomeSafe Second gives you the ability to turn some of your home equity into tax-free cash that you can use however you like.
Common uses for the funds include:
- Paying off high-interest credit card debt
- Eliminating a HELOC or second mortgage
- Covering long-term care or in-home assistance
- Making home improvements or renovations
- Funding travel, hobbies, or bucket list adventures
- Simply creating a cash cushion for peace of mind
Unlike a traditional home equity line of credit (HELOC), the HomeSafe Second doesn’t require you to make monthly payments — and it’s at a fixed rate, so you won’t be affected by future rate hikes.
Who Is This Program For?
This program is ideal for homeowners who want to access their equity without disrupting their existing mortgage or increasing their monthly expenses. If any of these statements sound familiar, the HomeSafe Second might be worth exploring:
- “I don’t want to take money from my investments in a down market.”
- “I’d like to access some of my equity, but I’m worried about another monthly mortgage payment.”
- “I have a great low rate on my mortgage and don’t want to lose it.”
Whether you’re looking to reduce financial stress, enhance your lifestyle, or create a financial buffer as you age, this program could be a game-changer.
Let’s Talk
As a local reverse mortgage specialist, I’ve helped many Colorado homeowners explore flexible options for retirement financing. If you’re curious about the HomeSafe Second, I’d be happy to walk you through the details and help you determine if it’s the right fit for your situation.
Call me today to schedule a free, no-obligation consultation. I’ll answer your questions, provide personalized guidance, and help you feel confident about your next steps.
Your home has worked hard for you — now it’s your turn to benefit from it.
