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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  1. Must be a homeowner 55* or older with some equity.
  2. The amount of loan proceeds depends on age of borrower, appraised value of home, and the type of HomeSafe® you choose.
  3. Proceeds pay off your current mortgage, and you can get the remainder as cash.
  4. As long a you continue to pay your taxes and insurance and to uphold the terms of the loan, you keep the title to your home and live there payment-free†. The loan is not due until the last living borrower leaves the home.
  5. With room in your budget after eliminating monthly mortgage payments, and with cash in hand, create a retirement you feel good about.

*For certain HomeSafe® products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62.

†The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.