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.

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A GROUNDBREAKING RETIREMENT TOOL BUILT FOR YOU

EquityAvail® is a new retirement mortgage for those looking to refinance into a lower monthly mortgage payment but do not qualify for a reverse mortgage. Free up cash flow without downsizing or committing to payments on a traditional 30-year refinance.

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WHAT EQUITYAVAIL DOES

Live Where You Love

Stay in the home and neighborhood you love, on your terms.

Reframe Your Career

Prepare for your perfect retirement by transitioning from working a little too much to working a little less.

Own Your Life

You’ve worked hard for the things in your life. Now’s the time to focus on the experiences and people that matter most by being available to them.

Life, Accomplished

When you’ve lightened the burden of monthly mortgage payments, there is an opportunity to accomplish goals and achieve independence.

AT A GLANCE*

  • Lowers monthly mortgage payments for ten years
  • Eliminates required monthly mortgage payment from year 11 on
  • Plus there's potentially a lump sum cash out on day 1

*See below for important information on this loan product.

HOW EQUITYAVAIL DOES IT

FEELING GROUNDED DESPITE ECONOMIC UNCERTAINTY

With a global pandemic and the resulting economic uncertainty, Todd, a 62-year-old customer, wanted to stay in his current home but faced the challenge of meeting income demands. Based on his home value and current mortgage situation, Todd was able to refinance with EquityAvail to reduce his monthly mortgage payment for 10 years and eliminate the required monthly payment for the remainder of the loan. EquityAvail secured a significant monthly cash flow boost for Todd. Now, he has better stability living off part-time work, retirement savings, and Social Security.

How it Works

See how EquityAvail helped Todd put his $850,000 home to work.

DISCLAIMER: The monthly payments listed here do not include taxes and insurance, which must also be paid, and any monthly payment will be higher. Illustration is for educational purposes only and assumes a borrower age 62 who resides in California and a fixed interest rate of 4.99% (5.01% APR) and financed fees of approximately 2% of the home value. Rate quote generated on 2/28/2021. Rates are rounded down to the nearest .01 and are subject to change.

The borrower is required to make non-amortizing payments for the first ten years (120 months) of the loan term. These payments will not cover the full amount of interest accruing and interest will be added to the principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. The loan balance after negative amortization depends on the loan term, which varies by borrower. The loan balance continues to grows over time as interest is added to the loan. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to sell the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan.

GET YOUR PERSONALIZED NUMBERS

Important information about this loan product.

*Borrower is required to make non-amortizing payments for first ten years of loan term. These payments will not cover the full amount of interest accruing and non-paid interest will be added to principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. Borrower is required to pay taxes and insurance. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan. Primary occupancy only. Not available in all states. Additional terms and conditions apply. Ask a licensed loan officer for more details.

FREQUENTLY ASKED QUESTIONS

EquityAvail is a revolutionary retirement mortgage that allows people in or nearing retirement to significantly lower their mortgage payments for 10 years, and then eliminate the need to make monthly mortgage payments altogether. It is a single, fixed-rate mortgage with partial interest payments required for this initial 10 year period after which no monthly mortgage payments are required as long as the borrower lives in their home as a primary residence, stays current on taxes and insurance, and otherwise upholds the terms of the loan. The loan is fully disbursed at closing with a maximum loan amount of up to $4 million dollars.
EquityAvail is currently available in CA, CT, FL, NJ, SC, and VA.
EquityAvail is for people 60+ who own and occupy their home as their primary residence, who have an existing forward mortgage, and who would be short to close on a reverse mortgage.
EquityAvail combines the advantages of both traditional mortgages and reverse mortgages. It begins with 10 years of monthly mortgage payments, and then mirrors a reverse mortgage by eliminating the monthly mortgage requirement for the remaining life of the loan. The borrower is responsible for all property tax and insurance obligations.
The following property types are eligible:
- Existing Single Family Residence
- Condominium
- 2-4 units
There is no minimum home value for EquityAvail, only a minimum loan amount of $100,000. The maximum lending limit is $4,000,000 although the home value may exceed the lending limit.
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LET'S TALK!

Interested in freeing up monthly cash flow without selling your home? EquityAvail is an innovative, new option that can help you get to work on retirement -- on your terms!

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*By submitting this request for information, I hereby provide my signature, expressly consenting to receive information by email or phone, via automated dialing systems, texting, and/or prerecorded messages, from or on behalf of Finance of America Reverse LLC and its fulfillment partners and may agree to receive other offers on the telephone number I provided above, including my wireless number, even if I am on a State or Federal Do-Not-Call list. I understand consent is not a condition of purchase and that I may revoke my consent at any time. I can revoke consent by calling FAR customer service at 855-421-4745, or contacting my loan officer.