Retirement Archives - Page 4 of 8 - Finance of America Reverse

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Thank you for your interest! Please call us at 855-421-4745 for more information on how we can help!

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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The Best New Ideas in Retirement

The word "retirement" means to withdraw, to retreat from battle. But very few people view their post-career life as such. In fact, for some, it's more of a beginning than an ending. The world has changed more in the last century than it has in all of human time. Communication...

Your Greatest Stories Are Yet to Be Written

All too often, we're presented with stories of how creativity and genius are correlated with the exuberance of our younger self. Orson Welles with "Citizen Kane." Mozart with his Piano Concerto No. 9. Herman Melville and "Moby Dick." Each of these accomplishments occurred before the creator reached the end...

Harvest Time

“For the unlearned, old age is winter; for the learned, it is the season of the harvest.” ~ Hasidic Here are some interesting statistics compiled by the United States of Aging Survey: 58% of older adults have lived in the same residence for more than 20 years. 75%...

Rethinking retirement amid the COVID-19 crisis

As the stock market and US economy struggled in response to the coronavirus pandemic, experts revised the 4% rule to 3%, or even lower. Advisors should look beyond traditional investments and include household assets in retirement planning. Younger and mid-career workers who were lucky enough to keep their jobs during...

Retirees, are you looking for an alternate source of cash flow?

In challenging times, homeowners should look at their options to supplement their retirement cash flow needs. Reverse mortgages are offering outside-the-box cash flow options for people that are 62 and older. Generating retirement cash flow has rarely been as challenging as it is right now, thanks to a combination of...

A catalyst for change

Retirement is a time for reflection and can be an opportunity to act on those long-held wishes and fulfill them. Whether it's longing for a change of scenery, starting a new chapter in your career, or just reconnecting with friends, there's no better time to stop thinking about it and...

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