reverse mortgage Archives - Page 5 of 9 - 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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Introducing The Venice Sessions

Our President, Kristen Sieffert, introduces The Venice Sessions - unscripted interviews with HomeSafe borrowers and how they are living life on purpose. We gathered eight customers at a studio in Venice, CA to hear about how they approach this season of life in terms of outlook, lifestyle, and finances. These borrowers...

Downsizing

As we get older and have to rely on a fixed income, many of us are looking at ways to reduce our overall living expenses. One obvious solution would seem to be downsizing from our current home. However, that may not always be the best idea. For one thing, moving...

Impact of reverse mortgages on retirement planning

With the challenges of saving for retirement growing, some elderly end up being house rich and cash poor, with more equity locked up in their homes than available in liquid assets. Finance of America Vice President of Retirement Strategies Steve Resch joins the On the Move panel with Yahoo Finance...

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...

Your House Has Increased in Value, So What?

After my wife and I retired, we moved from San Francisco to beautiful Bainbridge Island in the state of Washington to be close to our two children and two grandchildren. We sold our condominium in San Francisco and came out with enough cash to be able to buy a new...

My Reverse for Purchase Story

Years ago, my wife and I looked into getting a reverse mortgage. I was still working at the time, so we were just checking it out. Fast forward to 2017. We’re looking at downsizing on the one hand as, due to some family responsibilities, our finances had tightened. I’d lived...

READY TO RETIRE?

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