Gerontology 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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Old Dogs, “New Tricks”

My wife and I were perusing Netflix and Amazon Prime for something to watch when we came across “New Tricks” on Amazon. The show, which aired on BBC (and later on public broadcasting in the US) is about three retired male policemen who are older adults, and their younger boss,...

Befriending one’s older self

The Gerontology/Aging Studies program at Portland Community College has a weekly gathering, known as the "The Ageless Network," for students, faculty, and anyone else who is interested. There are presentations or films and usually discussions. At one of these gatherings, we learned about the concept of befriending one's older self. The...

DISCOVER THE POSSIBILITIES

Two theories of aging

There are a lot of theories about how we age, what we as older adults are supposed to be like, or how we change physically, socially, psychologically, etc. Two that we studied in one of my intro Gerontology courses are Activity and Detachment Theory. It’s worth mentioning because they are...

Flipping Mindsets (part 2)

The purpose of my paper was threefold. First, the context: crystallized intelligence, fluid intelligence, plus existing mindsets and the concept of “yet” as a way to flip mindsets. In summary, crystallized intelligence is the summed-up knowledge, skills, and experience a person develops during their life. Fluid intelligence is the capacity...

Flipping Mindsets (part 1)

In 2016, I lost my job as a union staff person. I was a one person staff for a union of adjunct faculty at Portland State University in Portland, Oregon. I wanted to continue to work, and at the time, due to some family issues, I needed a salary. So,...

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.

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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.

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