San Diego, CA – December 19, 2019 – Finance of America Reverse LLC (FAR), one of the largest reverse mortgage lenders in the US and a leading provider of retirement solutions, unveiled their first major consumer campaign today. The Introducing HomeSafe® campaign is a multi-channel effort to introduce the product, its use-case, and a new concept of who a reverse mortgage borrower really is.
The campaign opens with an industry-first – a series of jumbo reverse mortgage client interviews. The unscripted videos were shot at a loft in Venice Beach, CA and highlight borrowers from Orange County, Los Angeles, and San Francisco while touching on their experience with FAR’s proprietary HomeSafe loans.
Each participant in the campaign responded to an open email sent to FAR’s current customer roster and participated in the campaign because they believe in the flexibility and retirement potential that opens up to people with a HomeSafe reverse mortgage. For example, cash flow from these proprietary reverse mortgages enabled clients to achieve diverse goals, including:
- paying off mortgage balances and other debt;
- reducing the amount of time spent at work;
- purchasing homes for children to give them financial stability;
- generating cash flow for travel and vacations; and
- making home repairs to continue living in a dream home
“I thought about it, what do I do? Do I sell the house, do I move to a smaller home? I said no, I want to live in my home,” said Linda.
Linda’s Victorian San Francisco home was built in the 1870’s so major work was needed to preserve the original charm of the home and repair her porch. She worked with a mortgage professional to learn how HomeSafe could help her save money each year even after she paid off her mortgage, most of her credit card debt, plus set aside cash for emergencies that is earning interest.
There are 10,000 Baby Boomers who are eligible for and rethinking retirement every day. Some 79% of Boomers own a home and overall senior housing wealth now sits at a record $7.17 trillion. The “mass affluent” segment of this Boomer universe, which represents approximately $14 million households, are a key target market for FAR who to continues to roll out new proprietary solutions across the US.
“Americans now hold more home equity than ever before, providing the greatest opportunity in recent history to create the resources necessary to truly enjoy a longer life. Our hope is that these interviews provide those who are entering retirement with an understanding of how the right combination of proprietary products and resources can help suitable borrowers optimize their home’s equity to live with financial freedom,” said Kristen Sieffert, President of FAR. “We have just scratched the surface of helping a huge demographic tackle uncharted retirement challenges and will continue to bring more options to market based on growing demand.”
“I feel that a huge burden has been lifted off my shoulders. I no longer have to work full time to pay off my obligations,” said Steven.
As a practicing attorney, Steven conducted thorough due diligence in looking at all options and hired an attorney to review all the documentation before moving forward with his reverse mortgage, which allowed him to take some equity out of his home. With that income, he was able to purchase homes for both of his children and is spending less time in the office to focus on his art and the two community boards he serves on.
FAR is the leading provider of proprietary reverse mortgages and offers the most diverse suite of products including; HomeSafe® Standard, HomeSafe® Flex, HomeSafe® For Purchase, and HomeSafe® Select. The firm launched its HomeSafe® Standard product in New York over the summer, the only proprietary reverse mortgage offering in the state and first of its kind to be approved in more than a decade.
“There are different types of reverses out there, they are not all cookie cutter. They give you so much flexibility depending on your lifestyle needs,” said Ron.
Working with FAR, Ron was drawn to the diverse HomeSafe options the right choice offers. He is afforded the flexibility to pay off his accrued interest on a monthly basis, pay it down in a schedule to suit his needs, or pay it off in full. He was also able to pay off all his debts, including credit cards, and as a result, his FICO score soared.
Introducing HomeSafe is a four-part campaign with subsequent extensions gradually rolling out into Q2 2020. There will be more from the Venice Beach interviewees as well as new voices as the campaign continues with a focus on digital and emerging media channels.
“As the head of marketing at FAR, my number one mission is to condition the marketplace for HomeSafe sales. The more relevant HomeSafe becomes, the more we give originators the opportunity to be successful,” said Ashley Smith, Director of Marketing. “Meeting Ron, Steven, Keith & Julienne, Linda, Mario & Veronica, and Richard was easily the highlight of my year. I had been deep in the research process and felt that I had a good picture of the HomeSafe customer but to meet face-to-face and shake hands with these folks took it to a different level. I’ve become a fan. Now, whenever I’m on the Westside or in Newport Beach, I always hope to run into one of them. They are our celebrities.”
About Finance of America Reverse LLC (FAR)
As one of the largest reverse mortgage originators, Finance of America Reverse is committed to empowering adults age 60 and over with the tools they need to achieve financial independence and get to work on retirement. Through its network of Reverse Mortgage Specialists, professional and wholesale partners, Finance of America Reverse offers reverse mortgage products designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information, please visit www.fareverse.com or find us on Facebook, LinkedIn or Twitter.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. FAR may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and FAR charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
Finance of America Reverse LLC NMLS #2285 (www.nmlsconsumeraccess.org); Corporate Office: 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Arizona Mortgage Bankers License #0921300, Mortgage Bankers Branch License #0117862 – 625 West Southern Ave., Suite E171, Mesa AZ 85210; Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act ; Licensed under the California Department of Business Oversight under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Illinois Residential Mortgage License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 1201 Walnut, Suite 975, Kansas City, MO 64106; Licensed Mortgage Banker – NYS Department of Financial Services, 888 Veterans Memorial Highway, Suite 300, Hauppauge, NY 11788. Finance of America Reverse LLC is known as FAReverse LLC in NY in lieu of true name Fin
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.