Change Effective Immediately in Most States
SAN DIEGO–(BUSINESS WIRE)–Finance of America Reverse LLC (FAR), one of the largest reverse mortgage lenders in the US and a leading provider of retirement solutions, today announced that the eligibility age for borrowers is now 60 years old for its HomeSafe® Standard, HomeSafe® Flex and HomeSafe® Second products. Availability mirrors the states where HomeSafe proprietary products are already offered with a few exceptions. This change will not take effect in Texas and Utah, which have retained 62 as the minimum age for borrowers to qualify for such products.
“We are pleased to meet industry demand for this amendment but stress that borrower responsibility is paramount in factoring in whether this new timeline makes sense for their long term retirement goals,” said Kristen Sieffert, President of FAR.
“Leveraging the earlier age option can make sense for those that need to enhance their cash flow earlier in the retirement process,” said Dan Hultquist, FAR VP of Organizational Development. “The caveat is that this may extend the life of a loan which would mean that more interest accrues. So, as with any mortgage-related product, borrowers need to make sure that this is appropriate for their specific financial situation.”
FAR is the leading provider of propriety reverse mortgage products and offers the most diverse suite of products including; HomeSafe® Standard, HomeSafe® Flex, HomeSafe® For Purchase, HomeSafe® Second and HomeSafe® Select. The firm just announced the launch of its HomeSafe® Standard product in New York, the only proprietary reverse mortgage offering in the state and first of its kind to be approved in more than a decade. The firm also recently announced the launch of its HomeSafe® Select product in Florida, expanding the footprint of this groundbreaking line of credit offering.
About Finance of America Reverse LLC (FAR)
As one of the largest reverse mortgage originators, Finance of America Reverse is committed to empowering adults age 60 and over with the tools they need to achieve financial independence and get to work on retirement. Through its network of Reverse Mortgage Specialists, professional and wholesale partners, Finance of America Reverse offers reverse mortgage products designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information, please visit www.fareverse.com or find us on Facebook, LinkedIn or Twitter.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
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. FAR 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 FAR 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. 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.
Finance of America Reverse LLC NMLS #2285 (www.nmlsconsumeraccess.org); Corporate Office: 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Arizona Mortgage Bankers License #0921300, Mortgage Bankers Branch License #0117862 – 625 West Southern Ave., Suite E171, Mesa AZ 85210; Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act ; Licensed under the California Department of Business Oversight under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Illinois Residential Mortgage License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 1201 Walnut, Suite 975, Kansas City, MO 64106; Licensed Mortgage Banker – NYS Department of Financial Services, 888 Veterans Memorial Highway, Suite 300, Hauppauge, NY 11788. Finance of America Reverse LLC is known as FAReverse LLC in NY in lieu of true name Finance of America Reverse LLC. Licensed by the New Hampshire Banking Department; Oregon License #ML-4805; Nevada Mortgage Banker License #4297. 2300 West Sahara Ave, Ste 800, #835, Las Vegas, NV 89102, 702-592-6538; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed By the Virginia State Corporation Commission #MC-5413; Washington Consumer Loan Company License #50202. Also conduct business in AL, AR, CT, FL, HI, ID, IN, KY, LA, ME, MD, MI, NE, NM, NC, OH, OK, PR, SC, TN, TX, UT, VT, WV, WI, and WY. Not all products and options are available in all states. Terms subject to change without notice. ©2018 Finance of America Reverse LLC. All Rights Reserved. EQUAL HOUSING LENDER.
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