SAN DIEGO--(BUSINESS WIRE)--Finance of America Reverse LLC (“FAR”), one of the largest reverse mortgage originators in the US and a leading provider of retirement solutions, today announced powerful enhancements to its suite of HomeSafe® products. This announcement is the latest in a series of new products and upgrades that demonstrate FAR’s nimbleness in helping homeowners reach their retirement goals.
In this update to HomeSafe® Select, the enhancements bring a level of flexibility not previously available on this product. Now, homeowners can access a revolving line of credit where up to 75% of available funds can grow for future use, increasing the homeowner’s potential borrowing power as they age.
The product enhancements are designed for those who have varied cash-flow needs and for whom other financing options may be too restrictive. The new HomeSafe® Select is designed to create options for drawing down from their credit line later in retirement thereby giving themselves all the benefits of a large credit line without having to accrue interest between now and the time they need it.
“This bigger line of credit option is a major development for seniors and underscores why I joined a team that consistently strives to deliver new and improved solutions in response to market demand,” said Dan Hultquist, vice president of organizational development at FAR. “While our HomeSafe® Select product is already popular with homeowners, they now have the peace of mind that a line of credit can provide, without the burden of a required monthly principal and interest payment. When you factor in the line of credit growth, the elimination of a monthly repayment obligation and no term limits on repayment, the additional advantages of HomeSafe® Select over a traditional HELOC are crystal clear.”
FAR Receives Moody’s Originator Assessment
In addition to the new product enhancements, Moody’s Investor Services issued its third rating of FAR, affirming its Average assessment as an originator of jumbo reverse residential mortgage loans. The assessment also highlighted the strength of FAR’s property valuation, closing practices and technology – all of which received an Above Average assessment.
“We are especially proud to have received above average ratings in the areas of property valuation, technology and closing practices. Undergoing an annual Moody’s rating demonstrates our commitment to building a strong foundation that can provide lasting value to our consumers and investors,” said Kristen Sieffert, president of FAR. “We care deeply about the long-term satisfaction of those with whom we do business, and continue to invest to improve the consumer experience, our products, and processes, so we can help homeowners unlock their home equity to help ensure financial security in retirement.”
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.