Update on COVID-19

Finance of America Reverse LLC (“FAR”) understands you may be facing unique hardships during this difficult time. Many borrowers who are currently experiencing financial distress related to COVID-19 may be eligible for some type of assistance. Please contact us for information regarding options that may be available to you. If you are impacted by COVID-19, please call 866-654-0020 and have your loan number ready for the Customer Service representative.

Close This Alert
A A A
Reverse Mortgages Made Safer With HUD-Approved Counseling
Financial counseling is an integral stepping stone on the path to getting a reverse mortgage. Before any homeowner age 62 or older can take out a reverse mortgage, they must undergo mandatory counseling to participate in the Federal Housing Administration (FHA) insured Home Equity Conversion Mortgage (HECM) program. The Department...
Reverse Mortgages Made Safer: The Credit Check
Consumer protections in recent years have made reverse mortgages safer for borrowers. With tighter underwriting standards in place, reverse mortgage applicants are more thoroughly vetted to ensure they have the ability to safely and successfully tap into their home equity. As part of the application process, all prospective reverse mortgage...
Reverse Mortgage Safety 101: What Is a LESA?
In 2015, regulatory action and legislation were enacted to protect borrowers and make reverse mortgages sounder financial tools. All prospective borrowers are now required to undergo a financial assessment to qualify for these loans. But even if an applicant has financial challenges, there may still be a chance of becoming...
Reverse Mortgage for Purchase: Down Payment Explained
A major draw of the Home Equity Conversion Mortgage (HECM) for Purchase is that it allows homebuyers age 62 or older to purchase a new principal residence using loan proceeds from a reverse mortgage. This home buying process is a bit different from purchasing a home with a traditional mortgage....
Talking to Mom and Dad about how a Reverse Mortgage can Potentially Help Them in Retirement
If your parents don’t feel totally prepared for retirement, they are not alone. Given the financial challenges that older homeowners oftentimes face today, the option to tap into home equity can alleviate stress for them as well as their family members. When talking about tapping into home equity with a...
Reverse Mortgages: No Longer for Financially Distressed
Headlines of the past might have led one to believe that reverse mortgages were best used as a last-ditch effort to avoid financial distress. But many of today’s financial planners* say quite the opposite: Reverse mortgages can be beneficial for those who are financially savvy and are well-prepared for retirement....