Every lender will tell you why their product is right. No lender will tell you when their competitor's product is the better fit. That's what this page is for, a straightforward, side-by-side look at five senior home equity products from someone who offers them all.
The full comparison tables are below. If you want a quick read before diving into the detail, start here.
"I need a meaningful lump sum of cash, but I absolutely cannot add a new monthly payment to my budget."
Proprietary reverse second lien. No monthly payment required. Your existing first mortgage stays exactly as it is.
Learn about the HomeSafe Second →"I want to keep a line of credit available, not a lump sum, without the risk of payment shock when the draw period ends."
Revolving access for homeowners 62+. Interest-only payments for the life of the loan, not just a draw period.
Learn about the HELOC For Seniors® →"My income is real but it doesn't look like a W-2. Lenders keep shaking their head at my DTI, even though I have plenty of equity."
Equity-first underwriting. DTI tolerance up to 50%. Payment options that flex around your cash flow each month.
Learn about the EquitySelect™ →"I need this done fast. I have a contractor starting next week, or a bill that can't wait for a six-week process."
Approval in approximately 5 minutes. Funded in roughly 5 business days. Fully digital, no appraisal required for most borrowers.
Learn about the Figure HELOC →"Someone approached me offering cash with no monthly payment in exchange for a share of my home's appreciation."
These products carry CFPB-flagged effective APRs and give up future appreciation. For most borrowers with other options, there's a better fit above.
Read the full HEI analysis →"I'm not sure which situation describes me. I just know I have equity and need options."
A 30-minute conversation is all it takes to figure out which products you qualify for, what the numbers look like, and which one actually fits your plan.
Schedule a free conversation →How each product is structured: payment requirements, rate types, how you receive funds, and what triggers repayment.
| HomeSafe Second | HELOC For Seniors® | EquitySelect™ Second Lien | Figure HELOC | HEI / Shared Appreciation ⚠ | |
|---|---|---|---|---|---|
| Provider | Finance of America | Longbridge Financial | HighTech Lending | Figure Lending LLC | Splitero, Unlock, EasyKnock & others |
| Age Minimum | 55+ | 62+ | 40+ | No restriction | Typically no restriction |
| Product Type | Proprietary reverse mortgage (2nd lien) | Proprietary HELOC-style (2nd lien) | Equity-based second mortgage | Fixed-rate HELOC | Home equity investment / appreciation share, not a traditional mortgage |
| Lien Position | Second | Second | Second | First or second | Lien recorded; not a traditional mortgage structure |
| Loan Range | $50k – $4M | $50k – $400k | $75k – $3M | $15k – $400k | Varies by provider |
| Monthly Payment | No payment required | Interest only, for life | Min, interest-only, or more | Standard P&I | No payment required |
| Rate Type | Fixed | Fixed per draw | Equity-based variable | Fixed | N/A, appreciation share, not interest rate |
| How Funds Are Received | Lump sum at closing | 80–100% initial draw; re-draw available (up to 25 draws) | Line of credit, draw as needed | 100% drawn at closing | Lump sum at closing |
| Repayment Trigger | Sale, move-out, or death | Sale, move-out, or death (maturity event) | Ongoing monthly; balance due at term or sale | Monthly P&I; term 5–30 years | Sale, refinance, or contract end (up to 30 years) |
| Preserves Existing 1st Mortgage? | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Generally yes | ✅ Yes |
Credit, income, equity requirements, what you keep, and the honest risk picture for each product.
| HomeSafe Second | HELOC For Seniors® | EquitySelect™ Second Lien | Figure HELOC | HEI / Shared Appreciation ⚠ | |
|---|---|---|---|---|---|
| Min. Credit Score | Varies, equity-driven | ~660 | ~620–640 (equity-driven) | 640 minimum | Equity-driven; lower credit thresholds typical |
| Income Approach | Asset / equity-based | Retirement income accommodated | Equity-first; DTI up to 50% | Standard debt-to-income | Equity-based; minimal income scrutiny |
| Max CLTV | Varies by age & equity | ~75% | Up to ~80% | ~80–90% | Varies; must retain ~20% equity post-investment |
| Your Appreciation | ✅ 100% yours (net of accrued interest) | ✅ 100% yours (net of loan balance) | ✅ 100% yours (net of loan balance) | ✅ 100% yours (net of loan balance) | ⚠ Partial, investor takes 25–40% |
| Key Advantage | No monthly payment + preserves first mortgage rate + lump sum access | Interest-only for life (no payment shock); revolving flexibility | Maximum payment flexibility for variable-income borrowers | Fastest funding (~5 days); fully digital; fixed rate | No monthly payment; easier qualification for distressed credit profiles |
| Key Risk | Accruing balance reduces estate equity over time | Ongoing monthly obligation; principal doesn't reduce without extra payments | Negative amortization risk if minimum-only payments used long-term | Origination fee up to 4.99%; 100% draw required at closing | ⚠ Very high effective APR; sharing appreciation costly in rising markets; CFPB has issued formal warnings |
| Regulatory Framework | Proprietary, state licensed | Proprietary, state licensed | Proprietary, state licensed | Traditional mortgage, TILA governed | Not a traditional mortgage; evolving regulation; CFPB has issued consumer warnings |
| Best For | Equity-rich seniors needing a lump sum without any new monthly payment | Seniors who want revolving access and can handle a monthly interest payment | Variable / non-W2 income borrowers who need payment flexibility | Borrowers who need speed and simplicity over lowest cost | A very narrow profile, should not be the first option considered |
| State Availability | Select states, confirm at application | Select states incl. AZ, confirm at application | AZ, CA, CO, FL, GA, ID, NC, NJ, NV, OH, OR, SC, UT, VA | Nearly all states | Select metros and states, varies by provider |
All figures are general program characteristics at time of writing. Terms, rates, credit requirements, loan limits, and state availability are subject to change and vary by borrower. Not a commitment to lend. Confirm current program details at application.
A table can show you what a product does. Here's how to use it. The following are the situations I encounter most often, and where they lead in the comparison above.
Two products address this, but they work very differently. The HomeSafe Second has no monthly payment, preserves your existing first mortgage, and keeps 100% of your future appreciation in your name (minus the accrued loan balance at payoff). Home Equity Investments also have no monthly payment, but in exchange you give up 25–40% of your future appreciation to an investor, with effective APRs the CFPB has flagged in the double digits. For the vast majority of borrowers who qualify for the HomeSafe Second, it is the stronger choice. The HEI is a last resort for people who can't qualify for anything else.
That is exactly what the HELOC For Seniors® was designed for. Interest-only payments for the life of the loan, not just for a temporary draw period, with revolving access over 10 years and up to 25 draws. The trade-off is a monthly payment obligation. If you can handle a monthly interest payment comfortably without strain, this is a thoughtful middle-ground product between the full commitment of a reverse mortgage and the inflexibility of a conventional HELOC.
The EquitySelect™ Second Lien was built specifically for this situation. Its underwriting model is equity-first, your age and equity position are the primary variables, not a rigid income-to-payment ratio. DTI tolerance runs up to 50%, and the minimum payment option (~1% annualized) keeps required payments remarkably low. Self-employed borrowers, retired business owners, and those drawing from investment accounts instead of a paycheck fit this product better than almost anything else in the market. The key caveat: using the minimum payment long-term can cause negative amortization. Go in with a clear plan for managing the balance.
The Figure HELOC is the only product in this comparison built around speed. Approval in approximately 5 minutes. Funded proceeds in roughly 5 business days. Fully digital, no in-person appraisal required for most borrowers. You will pay an origination fee of up to 4.99% for that speed, and you must draw 100% of your approved amount at closing, making it function more like a home equity loan than a revolving line. But if time is the constraint, no other product here comes close.
This is the profile that fits either the HELOC For Seniors® or the EquitySelect™, depending on your income picture. Both offer more flexibility than a single lump-sum draw. What you're describing sounds more like you want access than a specific dollar amount today, which is a different product decision than "I need $150,000 now." The right call starts with a conversation about what you're actually trying to accomplish.
A comparison matrix is a starting point, not a finish line. These products differ not just in structure but in how they interact with your specific situation: your home value, your remaining mortgage balance, your equity position, your income, your credit, your timeline, and your goals.
A product that looks ideal on a matrix can be the wrong fit once we model it against your actual numbers. And a product you'd dismiss from a table can turn out to be exactly right.
What a table also can't capture: how the lender experience actually feels, what happens when you have a question six months after closing, and whether the people on the other end of the phone pick up. I've worked with all of these lenders. I have opinions. That's part of the conversation I want to have with you directly.
The other thing worth knowing: the five products on this page represent some of the most specialized tools in the senior home equity market, but they're not the only options. I work with over 300 lenders, including 13 that specialize specifically in the senior market. If none of these five fit your situation, there are others worth looking at.
This comparison comes from a detailed written guide covering all five products in depth, mechanics, costs, qualification, risks, and use cases. Written for financial professionals but useful for any homeowner doing serious research.
Request the Full BookletThe HomeSafe Second is a proprietary reverse second lien (age 55+) that provides a lump sum with no monthly payment required, interest accrues and the balance comes due when you sell, move, or pass away. The HELOC for Seniors is a revolving line of credit (age 62+) that requires ongoing monthly interest-only payments but avoids payment shock by keeping that interest-only structure for the life of the loan. The HomeSafe Second is for borrowers who need to eliminate all new monthly obligations; the HELOC for Seniors suits borrowers who can comfortably handle a monthly payment and want revolving flexibility.
Two products in this comparison require no monthly payment: the HomeSafe Second and Home Equity Investments (shared appreciation agreements). The HomeSafe Second preserves 100% of your future appreciation. Home Equity Investments give up 25–40% of future appreciation to an investor and carry effective APRs the CFPB has flagged in the double digits. For most borrowers who qualify for the HomeSafe Second, it is the stronger choice, the HEI is a last resort for those who cannot qualify for anything else.
Age minimums: HomeSafe Second, 55+; HELOC for Seniors®, 62+; EquitySelect™ Second Lien, 40+; Figure HELOC, no restriction; Home Equity Investments, typically no restriction. The HECM reverse mortgage (a separate FHA-insured product) requires age 62+. The HomeSafe Second's 55-year minimum makes it accessible to pre-HECM-eligible borrowers who are already equity-rich.
The EquitySelect™ Second Lien is specifically designed for borrowers whose income doesn't conform to standard W-2 documentation, retired business owners, self-employed individuals, and those drawing from investment accounts or Social Security. Its equity-first underwriting model uses the borrower's age and equity position as primary variables, with DTI tolerance up to 50%. The HomeSafe Second is also income-friendly, as it requires no monthly payment and uses asset/equity-based underwriting rather than conventional income ratios.
The Figure HELOC has no age restriction, requires a 100% draw at closing (making it function more like a home equity loan than a revolving line), and is the fastest-closing product in this comparison, approval in approximately 5 minutes and funded in roughly 5 business days. The HELOC for Seniors is age 62+ only, allows revolving access over a 10-year draw period, and features interest-only payments for the life of the loan. Figure suits borrowers who need speed; HELOC for Seniors suits borrowers who want revolving flexibility without payment shock.
Yes, that is the core purpose of second-lien products. The HomeSafe Second, HELOC for Seniors, EquitySelect™, and Figure HELOC all sit behind your existing first mortgage without disturbing it. If you locked in a 2.75% or 3% first mortgage, a second-lien approach lets you access equity without giving up that rate through a cash-out refinance. The rate protection alone often makes a second-lien product the right call, even if the rate on the second looks higher in isolation.
The Figure HELOC is the fastest, approval in approximately 5 minutes and funded proceeds in roughly 5 business days, enabled by a fully digital process and automated valuation. The trade-off is an origination fee of up to 4.99% and a required 100% draw at closing. The HELOC for Seniors can close in as few as 5–7 business days in straightforward cases. Traditional reverse mortgage structures and the HomeSafe Second typically take several weeks due to counseling requirements and more involved appraisal and underwriting processes.
The HELOC for Seniors is available in select states including Arizona. The EquitySelect™ Second Lien is available in Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, New Jersey, Nevada, Ohio, Oregon, South Carolina, Utah, and Virginia. The Figure HELOC is available in nearly all states. The HomeSafe Second is available in select states, confirm eligibility at application. The HECM reverse mortgage is available nationally. State availability on specialty products can expand over time; always confirm current availability when you apply.
The HomeSafe Second is the right choice if eliminating all new monthly obligations is the priority, interest accrues and nothing is due until you sell, move, or pass away. The EquitySelect™ is better suited when you have some cash flow available each month and want the flexibility to pay minimum, interest-only, or more based on how that month looks. The EquitySelect also handles higher loan amounts (up to $3 million) and serves borrowers with income complexity who keep getting declined elsewhere. If your real problem is the monthly payment itself, the HomeSafe Second is the answer. If your real problem is income documentation, the EquitySelect is the answer.
Loan ranges: HomeSafe Second, $50,000 to $4,000,000; HELOC for Seniors®, $50,000 to $400,000; EquitySelect™ Second Lien, $75,000 to $3,000,000; Figure HELOC, $15,000 to $400,000. The EquitySelect's $3 million ceiling makes it one of the few products that can serve high-value properties without hitting a cap. All loan amounts are subject to underwriting, equity position, and lender guidelines at the time of application.
Important Disclosures: All product information in this comparison reflects general program characteristics at time of writing. Terms, rates, fees, loan limits, credit requirements, and state availability are subject to change and vary by borrower, property, and market conditions. This is not a commitment to lend and does not constitute a loan offer. All loan products are subject to credit approval, property appraisal, income verification, and full underwriting review. The HomeSafe Second, HELOC for Seniors®, and EquitySelect™ are proprietary products; availability, terms, and underwriting guidelines are set by their respective lenders. Figure HELOC is originated through Figure Lending LLC, a licensed mortgage lender. Home Equity Investments are not traditional mortgage products and are not governed by TILA disclosure requirements; the Consumer Financial Protection Bureau has issued formal consumer warnings about this product category. This comparison is for educational purposes only and does not constitute financial, legal, or tax advice. Consult a licensed mortgage professional, independent financial advisor, and independent legal counsel before making any borrowing decision. David Rider NMLS #200787 | NEXA Lending, LLC NMLS #1660690 | AZ Mortgage Banker License BK-2006218 | Equal Housing Lender. Licensed in Arizona, California, and Tennessee.