Finance of America Reverse is the reverse mortgage division of Finance of America. Founded in 2003, Finance of America Reverse (or FAR, as its often abbreviated) assists people aged 55 years and up with retirement planning, including reverse mortgages, retirement mortgages, and homesharing.
Reverse mortgages are a unique type of mortgage available to homeowners aged 62 years and older. With a reverse mortgage, you can access the equity in your home while you continue to live in it! There are no monthly payments – the loan is only repaid when the last borrower permanently leaves the home. Plus, reverse mortgages are FHA insured, and a line of credit option is available, allowing you to access funds when you need it. This can be a great way to supplement your retirement income!
If you don’t qualify for a reverse mortgage, you may qualify for a retirement mortgage, which features lower monthly mortgage payments for ten years and no monthly mortgage payment required after the ten-year term. There is also a potential for lump sum cash-out to be paid at closing. Like a reverse mortgage, the loan must be paid in full when the last borrower permanently leaves the home, such as when they move out or pass away. A retirement mortgage can be a great way to free up cash each month with a lower monthly payment, then no monthly payment after ten years!
Finally, FAR also offers homesharing through Silvernest, a FAR subsidiary. Homesharing is the process of renting out unused rooms in your home (or looking for a room to rent). Silvernest helps with homesharing by rating homeowners and homeseekers with a compatibility score, background checking and vetting potential housemates, and helping to create homesharing agreements. Homesharing can be a great way to reduce living costs, share chores and responsibilities, and find new friends and companionship. If you’re looking for a new place to live, or have space in your home, consider if homesharing is right for you!
FAR has multiple resources to help you plan your retirement and to learn more about finances. If you’re considering a reverse mortgage, compare FAR with other top reverse mortgage lenders today!