COVID-19 Archives - Finance of America Reverse

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FAReverse LLC i/l/t/n Finance of America Reverse LLC is Licensed Mortgage Banker in the State of New York, but this site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
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Golfing

Unlike many other parts of the country, the COVID-19 pandemic wasn't that restrictive where we live in Southern Utah. We were not quarantined at any time, just reminded to social distance, wear our masks and avoid anyone who may have symptoms of the virus. We have taken those precautions and...

Share How You’ve Rediscovered Your Home This Year and Win $250!

We've spent a lot of time in our homes over the last ten or eleven months. And, over the course of the last many months, we’ve read a lot of stories about the negative impacts for those shuttered inside their homes. So, we thought about creating an idea that could...

The Old Man on a Climber

I've been lucky in that the pandemic hasn't been totally disruptive for me. It's not been great, but I know it could be a whole lot worse. Nothing terrible has happened. One of the worst things, though, (and this is minor in the overall) is that I no longer go...

Sports are back, but the pandemic is still here

A while back, I blogged about the plans that professional sports leagues developed to resume (or begin) their seasons during the pandemic. Generally, I think their efforts have been successful. Not perfect. But it's been a lot of fun to have sports back. I'm going to review how each league...

Plaayy Balll! There will be a baseball season in 2020, sort of

In a recent blog post, I wrote about the return of team sports-when, how, where, etc. At the time, baseball’s return was uncertain - the players and owners were unable to reach an agreement on the amount of prorated salaries, the length of the season, and other issues. They never...

Meandering and serendipity

During the coronavirus lockdown, my wife and I have had time to reminisce about our past vacations. We have traveled to places of stunning beauty and have collected enduring memories. We learned early on to let go of expectations. After some necessary planning for our trips, we let serendipity...

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These materials are not from HUD or FHA and were not approved by HUD or a government agency.

©2022 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker -- NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org 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. The lender 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 the lender 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. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. 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.

STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE

The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department.

Questions or complaints? Email us at customerrelations@financeofamerica.com