Many older homeowners turn to reverse mortgages as a way to tap into their home equity—boosting retirement cash flow, covering rising expenses, or simply gaining peace of mind—without the need to sell the home they love.
Traditional reverse mortgages typically require paying off your current mortgage first, often using loan proceeds. HELOCs come with variable rates and required monthly payments that can rise over time.
But what if you want to keep that low-rate mortgage?
That’s where HomeSafe Second comes in. Watch this explainer video or read the transcript below to learn more!
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Video Transcription of “HomeSafe Second: A Second Lien Reverse Mortgage That Puts You First“

Your home holds a lifetime of memories. Now it can help support the next chapter of your life. For many older homeowners, reverse mortgages offer a smart way to access home equity, providing extra cash flow, covering rising expenses, or simply offering peace of mind—all without having to sell the home you love.

But traditional reverse mortgages require paying off your current mortgage first, often using the loan proceeds. So what if you’ve locked in a great rate and you want to keep it? That’s where HomeSafe Second comes in.

HomeSafe Second is a second lien reverse mortgage designed for homeowners age 55 and older. It allows you to access a lump sum payout of your home equity without refinancing your existing mortgage or adding new monthly mortgage payments.

You’ll still be responsible for key property expenses, including your first mortgage, property taxes, and homeowners insurance. Interest is added to the balance over time with repayment deferred for as long as you live in the home and meet your loan obligations. And if you’d like to reduce your balance along the way, you can make voluntary prepayments at any time.

How you use the funds is entirely up to you. Renovate your home to age in place, pay off high interest debt, cover healthcare or long-term care costs, travel, make a major purchase, or simply create a financial safety net for added peace of mind.

You may be eligible if you meet the age requirement, own a home in an eligible state, have a first mortgage in good standing, and meet basic credit and income guidelines.

You might be wondering how a HomeSafe Second stacks up against a traditional HELOC?

Well, here’s the key difference.

While most HELOCs come with variable rates and required monthly payments that can rise over time, HomeSafe Second offers a fixed interest rate and no required monthly payments. That’s a major advantage for retirees focused on maintaining stable cash flow. A HELOC is typically a revolving line of credit with a draw period and an amortization schedule.

HomeSafe Second, by contrast, provides a one-time lump sum payout. And while HELOCs are available to borrowers of all ages, HomeSafe Second is built specifically for older homeowners.

In most eligible states, you can qualify at 55, but in Texas you must be at least age 62. As long as you live in the home and meet the loan’s terms, repayment is deferred. When the last borrower moves out permanently or passes away, the loan is typically repaid through the sale of the home.

Thanks to non-recourse protection, you or your heirs will never owe more than the home’s value at the time of sale. And if your heirs wish to keep the home, they can pay off the balance, usually by refinancing the loan.

HomeSafe Second may not be the right solution for everyone, but for the right homeowner, it’s a powerful home loan to unlock equity, ease financial pressure, and stay comfortably in the home you love.

Because the home that’s given you so much can still give you more when you need it most.

Is HomesSafe Second Right for You?

At Fairway, we understand that each of our customers has unique needs. If you’re interested in learning more about HomeSafe Second loans and whether one might be a good fit for your situation (or a loved one’s situation), Fairway can help.
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Please note, not all condos are eligible for Reverse Mortgage Loans.

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This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site. Copyright©2026 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289 http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289. MA Loan Originator License #MLO1439499. 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.
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