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10 Things You Should Know About Reverse Mortgages

Posted on August 2, 2024 by Jelyssa Cooper

Your clients have multiple ways to tap into their home equity.

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The biggest reverse mortgage marketing moves in 2024Financial Advisors Guide to Reverse Mortgages

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Contact Finance of America's Retirement Strategies Division to learn how accessing home equity can be a smart and strategic piece of a holistic financial plan.

+1 (888) 580-6895 | strategies@financeofamerica.com
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*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. With a HomeSafe Second loan, borrowers must continue to comply with all the terms of the first mortgage.

This Retirement Strategies site is for financial professionals only and is not intended for distribution to or use by the general public. Consumers should consult with an independent financial advisor and should not rely on this site for financial planning, wealth management or tax advice.

Financial Advisors are not authorized to solicit mortgage products, take applications or discuss rates or terms on FAR’s behalf. All such activity must be conducted by a licensed loan officer. FAR is a paid advertiser with the Financial Planning Association (FPA). The FPA is not an affiliate of FAR and they do not offer or endorse FAR products.

The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe products are available in every state. Please contact us for a complete list of availability.

Important Information About EquityAvail. The borrower is required to make non-amortizing payments for the first ten years of the loan term. These payments will not cover the full amount of interest accruing and interest will be added to the principal balance of the loan. When the payment period ends, interest and fees continue to be added to the loan balance over time. Borrower is required to pay taxes and insurance. This loan will reduce the borrower’s equity in the home which may make it more difficult to refinance the loan or to obtain cash upon the sale of the home. By refinancing an existing loan, the borrower’s total finance charges may be higher over the life of the loan. Primary occupancy only. Not available in all states. Additional terms and conditions apply. Ask a licensed loan officer for more details.

These materials are not from HUD of FHA and were not approved by HUD or a government agency.

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 Business Oversight 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

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