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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No. Just like a traditional mortgage, as long as you continue to meet the loan terms, such as staying current on property taxes, homeowners insurance, and property charges, you retain full ownership. You can sell the home at any time.

The down payment for your home can come from a number of sources, just like any time you buy a home. The cash you bring to purchase the property may be from the proceeds of the sale of your previous home, or it may be from your savings. It could also be a combination of the two.

A reverse mortgage may help you maintain a quality standard of living throughout your retirement years. Because a reverse mortgage is a tough decision that may affect other family members, we encourage you to involve them in your decision process.

When the home is sold or is no longer your primary residence, it’s time to repay the loan. After the loan is paid off, any remaining equity belongs to you or your estate and can be transferred to heirs.

You can take your funds as a lump sum, a line of credit, or as monthly payments. You can also use a combination of these options.

  1. The amount of loan proceeds is determined by age of borrower and appraised value of home.
  2. Financial Assessment to determine long-term ability to pay taxes and insurance
  3. Independent counseling
  4. Formal Appraisal
  5. Proceeds pay off your current mortgage.
  6. Cash can be a lump sum and you can get the remainder as installment payments or a line of credit. The unused portion will grow every month providing a significant cushion for the future.
  7. Continue to pay your taxes and insurance and to uphold the terms of the loan.
  8. With room in your budget after eliminating mortgage payments, and with cash in hand or a growing line of credit, create a retirement you feel good about.
  1. Must be a homeowner 60* 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 mortgage payments, and with cash in hand, create a retirement you feel good about.

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