Finance of America Reverse Empowers Homeowners to Reinvent Their Retirement Roadmaps with Game-Changing New Mortgage
EquityAvail TM lowers monthly mortgage payments for ten years, at which time they are eliminated altogether; creates glidepath to retirement. Innovative hybrid product, combines aspects of traditional and reverse mortgages to deliver a ‘new world of options’ for homeowners at or near retirement For many Americans over the age of...
The History of the Reverse Mortgage: Four Key Dates That Shaped Reverse Mortgages
Throughout the last few weeks, we’ve been exploring the history of retirement in a way to understand how our industry has evolved. In order to make retirement products that work for you, we feel it’s important to look at how we got here. So far, we’ve documented the important points...
Using Your Home to be Resilient
Resilience seems like the word of the year for 2020. It's everywhere. On television, radio spots, email subject headlines, and on social media. Be Resilient. We're Resilient. Resilience. Forever, resilient. But what does resilience really mean? And, how can we foster more of it in our lives? ...
How a reverse mortgage can help in a divorce situation
Sheltering in place with another person for months-on-end can be extremely difficult. As couples self-isolate due to coronavirus, lawyers expect a rise in divorces. The increased divorce rate applies to newly married couples and seniors alike. Marriage splits between Americans age 50 and older have been on the rise in...
Home equity can help keep your retirement on track during a pandemic
Let's face it; times are changing. The economy and financial markets have faced challenges and increased volatility. In the past, financial planners recommended using home equity as a last resort and letting it appreciate over time. However, home equity should be a part of your long-term retirement plan. Here are...
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
©2021 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.
Questions or complaints? Email us at customerrelations@financeofamerica.com
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