retirement plan 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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How to Build A Plan To Decide What’s Next For You

In the last four months, our personal and professional lives have changed in ways we could never imagine. The disruptions have been surreal, impacting how we go about our days and how we work. In a way, one of the positives has been that we can leverage much of the...

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...

Chart a course for retirement

People are living longer than ever, and that has a tremendous impact on retirement planning; people have to plan on funding thirty-year or longer retirement periods. With so much potential time in retirement, planning becomes essential. You will need to build a financial cushion to have a comfortable and secure...

Alleviate financial concerns in retirement

Do you feel like you fell behind in your retirement savings plan? You are not alone. According to a 2017 study by the Stanford Center on Longevity, 27% of baby boomers were just getting started or fell behind on saving for retirement, while 5% felt lost and confused about making...

Using a reverse mortgage as a financially savvy retirement planning tool

Today’s reverse mortgage can provide greater options and flexibility to your retirement plan. These home equity loans were once viewed as a last resort for people age 62 and older to stay in their homes, but things have changed now that the retirement community is sitting on record levels of...

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