Finance of America Reverse (FAR) LLC, a Tulsa, Okla.-based reverse mortgage retirement lender, has launched its proprietary HomeSafe Standard product in New York, according to a news release.

Offered exclusively by FAR and its approved partners in 24 states, HomeSafe Standard is a full-draw, fixed-rate product for those seeking low costs or maximum proceeds on reverse mortgages, according to a news release. It offers a lump sum payment with no initial limitations on available funds and no prepayment penalties, the release said. Like all reverse mortgages, HomeSafe Standard is a non-recourse loan secured by property.

HomeSafe Standard offers borrowers features including no required monthly mortgage payment and no required monthly or annual mortgage insurance premiums, the company said, adding that no FHA approval is required for condos valued at over $500,000. 

FAR recently announced the launch of its HomeSafe Select product in Florida, the only proprietary reverse mortgage product in the U.S. offering a line of credit, the company said. The company also offers a suite of products that include HomeSafe Flex, HomeSafe For Purchase, HomeSafe Second and HomeSafe Select.