Latest news with #FinanceofAmerica
Yahoo
16-05-2025
- Business
- Yahoo
Is a reverse mortgage a good idea?
A reverse mortgage is one option for homeowners looking to borrow from their property's equity. However, unlike other tools for tapping your home equity, these loans are exclusively for seniors (for the most part, eligibility is limited to those age 62 and up). While reverse mortgages can be a handy way to access cash in your twilight years, they also come with some significant risks and aren't right for everyone. Are you thinking about taking out a reverse mortgage on your house? Here's when a reverse mortgage could be a good idea and when you may want to explore alternative options. In this article: Reverse mortgages: How do they work? When is a reverse mortgage a good idea for seniors? When is a reverse mortgage a bad idea? Reverse mortgage warnings and scams Alternatives to reverse mortgages FAQs Reverse mortgages are a type of loan designed for older homeowners. They allow you to borrow from the equity you've built up in your home and turn it into cash, much like a home equity loan or HELOC. As the name suggests, these loans work in 'reverse' compared to traditional mortgages. Instead of you paying the lender each month, the reverse mortgage lender pays you out of your home equity. You can choose to receive these funds as regular monthly payments, an extended line of credit, or a lump sum payment. Either way, you won't need to repay the reverse mortgage until you sell the home, move out permanently, or pass away — in which case, your heirs will need to pay off the outstanding loan balance, usually by selling the property. The most common type of reverse mortgage loan is a home equity conversion mortgage (HECM), which is backed by the Federal Housing Administration (FHA). You must be at least 62 years old to qualify for these mortgage loans. But you can qualify at age 55 with a proprietary reverse mortgage, which is offered by private lenders. Since reverse mortgages don't require monthly mortgage payments, they can be helpful for senior citizens who want to reduce their household costs. They also allow you to age in place rather than moving into a nursing home or assisted living facility. You can do so without dealing with a costly mortgage payment, and they can give you a steady stream of income at a time when you have limited earnings. This can be helpful if you're only relying on Social Security or have minimal retirement savings to pull from. Reverse mortgages require you to have a lot of home equity, though (usually 50%, according to reverse mortgage lender Finance of America), so if you don't have enough built up, it may not be an option. You must also have the funds to keep up with home maintenance, property taxes, and home insurance coverage. If you can't, the lender could foreclose on your property. Finally, if you still have a balance on your original loan, you will need to pay that off or use your reverse mortgage funds to do so at closing. A reverse mortgage can be a helpful financial tool, but only for the right homeowners. As with any financial product, a reverse mortgage has its pros and cons. If you're not sure you'll have the funds to cover your property taxes, homeowners insurance, and home maintenance costs for the long haul, you should explore other options so you don't lose your house to foreclosure. A reverse mortgage isn't a great idea if you don't plan to stay in your home for long. It can deplete your equity quickly — especially if you still have an existing mortgage on your house — and drastically reduce your profits when you eventually sell the home. The same applies if you're looking to leave behind a hefty estate for your heirs: A reverse mortgage could significantly reduce what you're able to bequeath them while also saddling them with the hassle and headache of having to settle your debt. For the most part, reverse mortgages are safe. But there are always scammers out there. If you're considering a reverse mortgage, you should be on the lookout for potential scams and fraud. According to the Consumer Financial Protection Bureau and the Department of Housing and Urban Development's Office of Inspector General, this could look like one of the following scenarios: A friend or family member coercing you to apply for a reverse mortgage Someone using your identity to apply for a reverse mortgage in your name without your knowledge Contractors trying to convince you that a reverse mortgage is the best way to pay for a home renovation — or that a particular renovation is necessary in the first place Someone asking you to sign a power of attorney over to them to access your reverse mortgage funds High-pressure sales tactics from lenders Pushing you to use your reverse mortgage proceeds to purchase annuities or investments If you suspect a potential scam is happening, report it to the Federal Trade Commission, the CFPB, your state's attorney general, or your state's banking regulatory agency. Reverse mortgages aren't the only way you can access money if you need it as you age. If you're looking to tap the equity you have in your home, you can use a home equity loan, home equity line of credit (HELOC), or cash-out refinance. All of these let borrowers turn home equity into cash, but unlike a reverse mortgage, they all require you to make monthly payments at some point. You could also sell your home and downsize to a smaller place to reduce your monthly payment and cash in on some of the equity you've built up in the property. Alternatively, you could rent out some of the extra rooms in your home. This would create extra monthly income you could use to support yourself in retirement. Dig deeper: Reverse mortgage vs. home equity loan vs. HELOC — Which is best? The biggest problem with a reverse mortgage is that it can lead to foreclosure if you don't stay on top of your property taxes, home insurance, and home maintenance. It also depletes your equity quickly and can leave you little to pass down to your heirs. The biggest benefit of a reverse mortgage is that it allows you to turn your home equity into cash and eliminates your monthly housing payments. This can be very helpful in retirement, when you're on a limited income. Yes, you can lose your home with a reverse mortgage. This would happen if you fail to stay current on property taxes, home maintenance, and home insurance. Laura Grace Tarpley edited this article.
Yahoo
22-04-2025
- Business
- Yahoo
Finance of America Announces First Quarter Earnings Release and Conference Call on May 6, 2025
PLANO, Texas, April 22, 2025--(BUSINESS WIRE)--Finance of America Companies Inc. ("Finance of America" or the "Company") (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, today announced that it will release results for the first quarter ended March 31, 2025 after market closing on Tuesday, May 6, 2025. Webcast and Earnings Conference Call Management will host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the Company's results for the first quarter ended March 31, 2025. A copy of the press release and investor presentation will be posted prior to the call under the "Investors" section on Finance of America's website at To listen to the audio webcast of the conference call, please visit the "Investors" section of the Company's website at The conference call can also be accessed by dialing the following: 1-800-715-9871 (Domestic) 1-646-307-1963 (International) Conference ID: 5706924 Replay A replay of the call will also be available on the Company's website approximately two hours after the conclusion of the conference call until May 13, 2025. To access the replay, dial 1-800-770-2030 (United States) or 1-609-800-9909 (International). The replay pin number is 5706924. The replay can also be accessed on the "Investors" section of the Company's website at About Finance of America Companies Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit View source version on Contacts For Finance of America Media Relations: pr@ For Finance of America Investor Relations: ir@
Business Wire
22-04-2025
- Business
- Business Wire
Finance of America Announces First Quarter Earnings Release and Conference Call on May 6, 2025
PLANO, Texas--(BUSINESS WIRE)-- Finance of America Companies Inc. ('Finance of America' or the 'Company') (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, today announced that it will release results for the first quarter ended March 31, 2025 after market closing on Tuesday, May 6, 2025. Webcast and Earnings Conference Call Management will host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the Company's results for the first quarter ended March 31, 2025. A copy of the press release and investor presentation will be posted prior to the call under the 'Investors' section on Finance of America's website at To listen to the audio webcast of the conference call, please visit the 'Investors' section of the Company's website at The conference call can also be accessed by dialing the following: 1-800-715-9871 (Domestic) 1-646-307-1963 (International) Conference ID: 5706924 Replay A replay of the call will also be available on the Company's website approximately two hours after the conclusion of the conference call until May 13, 2025. To access the replay, dial 1-800-770-2030 (United States) or 1-609-800-9909 (International). The replay pin number is 5706924. The replay can also be accessed on the 'Investors' section of the Company's website at Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit
Business Wire
22-04-2025
- Business
- Business Wire
Finance of America Launches New Ad Campaign Highlighting How Homeowners 55 and Up Unlock Home Equity in Their Next Chapter
PLANO, Texas--(BUSINESS WIRE)-- Finance of America Reverse LLC ('Finance of America' or the 'Company'), a leading provider of home equity-based financing solutions for a modern retirement and a part of Finance of America Companies Inc. (NYSE: FOA), today announced the launch of its new brand platform 'A Better Way with FOA', alongside the launch of a national advertising campaign featuring TV spots and digital ads rolling out to audiences across the country. This campaign launch is a groundbreaking moment for the Finance of America brand and marks a pivotal step in the Company's transformation as it evolves its marketing approach to reach new customers. The category defining ad campaign is part of an innovative shift in marketing strategy at Finance of America and is designed to enhance brand visibility and connect with a new generation of customers through modernized messaging. The goal of the campaign and its new creative work is to position Finance of America as an innovative leader in the home equity and reverse mortgage space – placing reverse mortgages squarely in the consumer's consideration set alongside comparable tools like home equity loans and lines of credit. 'Our new campaign marks a significant change in how we engage with our audience,' said Kristen Sieffert, President of Finance of America. 'We are highlighting how borrowers can benefit from home equity, making these solutions more relatable and accessible. With over 50% of the average senior homeowner's wealth being tied up in home equity, leveraging this asset both empowers people to achieve their retirement goals and enables resilience against life's unexpected turns – from market volatility, rising costs of living, or unexpected medical events. At a time when conversations about aging, financial flexibility, and quality of life are evolving, Finance of America is educating the market on how home equity can be used as a timely, valuable tool for a wide range of options. A 'Better Way' signifies the power of having a broader plan, one that is built for the modern retirement landscape that American homeowners are facing today.' 'Our customers are increasingly comfortable with the idea of leveraging home equity to pursue important life and financial goals,' said Chris Moschner, Chief Marketing Officer of Finance of America. 'This new campaign positions reverse mortgages among a broader consideration set of home equity offerings, while specifically highlighting why they can be a better solution for homeowners over 55. The campaign also establishes Finance of America as a trusted brand and partner. Because for us, 'A better way with FOA' not only reflects what we offer, but also how we do business, given our longstanding commitment to education and customer service.' The company's new ads are designed to create awareness of the many different ways that its range of products can be used. For example, one of the new ads features the moving story of a hardworking family that is part of the 'Sandwich Generation' – supporting their aging parents while also aspiring to achieve their personal retirement dreams. In the ad, the family renovates their home to make it both grandparent-friendly and jam band-friendly for the rock and roll duo to have a private sound studio so their musical fun wouldn't disturb their parents. In this story, a reverse mortgage allowed them to unlock their home's equity to achieve their financial goals without an added monthly mortgage payment, allowing them to spend more time focusing on bonding together, worry-free. These powerful experiences illustrate the campaign catchline that when it comes to planning a modern retirement – there's a better way with FOA. 'A Better Way with FOA' marks a shift toward meeting the customers of today and tomorrow, while highlighting examples of how the product can be used and the benefits they can offer in a compelling and captivating way. Integrated creative agency David&Goliath served as Creative Agency of Record for the new campaign. To maximize reach and engagement, the new advertising campaign integrates a mix of traditional and online channels. These include refreshed television ads, social media content, and digital and out-of-home placements – ensuring a cohesive brand presence across multiple touchpoints. Pilot advertisements were first launched with select media partners, with new ads being rolled out nationally. About Finance of America Finance of America Reverse LLC dba Finance of America (NMLS 2285) is a modern retirement solutions platform that provides customers with access to an innovative range of retirement offerings centered on the home and is the consumer brand and reverse mortgage operating subsidiary of its parent company, Finance of America Companies Inc. (NYSE: FOA). In addition to the reverse mortgage business, Finance of America Companies Inc. offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit
Yahoo
22-04-2025
- Business
- Yahoo
Finance of America Launches New Ad Campaign Highlighting How Homeowners 55 and Up Unlock Home Equity in Their Next Chapter
"A Better Way with FOA" Empowers Homeowners to Unlock their Home's Hidden Value to Achieve their Retirement Goals PLANO, Texas, April 22, 2025--(BUSINESS WIRE)--Finance of America Reverse LLC ("Finance of America" or the "Company"), a leading provider of home equity-based financing solutions for a modern retirement and a part of Finance of America Companies Inc. (NYSE: FOA), today announced the launch of its new brand platform "A Better Way with FOA", alongside the launch of a national advertising campaign featuring TV spots and digital ads rolling out to audiences across the country. This campaign launch is a groundbreaking moment for the Finance of America brand and marks a pivotal step in the Company's transformation as it evolves its marketing approach to reach new customers. The category defining ad campaign is part of an innovative shift in marketing strategy at Finance of America and is designed to enhance brand visibility and connect with a new generation of customers through modernized messaging. The goal of the campaign and its new creative work is to position Finance of America as an innovative leader in the home equity and reverse mortgage space – placing reverse mortgages squarely in the consumer's consideration set alongside comparable tools like home equity loans and lines of credit. "Our new campaign marks a significant change in how we engage with our audience," said Kristen Sieffert, President of Finance of America. "We are highlighting how borrowers can benefit from home equity, making these solutions more relatable and accessible. With over 50% of the average senior homeowner's wealth being tied up in home equity, leveraging this asset both empowers people to achieve their retirement goals and enables resilience against life's unexpected turns – from market volatility, rising costs of living, or unexpected medical events. At a time when conversations about aging, financial flexibility, and quality of life are evolving, Finance of America is educating the market on how home equity can be used as a timely, valuable tool for a wide range of options. A 'Better Way' signifies the power of having a broader plan, one that is built for the modern retirement landscape that American homeowners are facing today." "Our customers are increasingly comfortable with the idea of leveraging home equity to pursue important life and financial goals," said Chris Moschner, Chief Marketing Officer of Finance of America. "This new campaign positions reverse mortgages among a broader consideration set of home equity offerings, while specifically highlighting why they can be a better solution for homeowners over 55. The campaign also establishes Finance of America as a trusted brand and partner. Because for us, 'A better way with FOA' not only reflects what we offer, but also how we do business, given our longstanding commitment to education and customer service." The company's new ads are designed to create awareness of the many different ways that its range of products can be used. For example, one of the new ads features the moving story of a hardworking family that is part of the "Sandwich Generation" – supporting their aging parents while also aspiring to achieve their personal retirement dreams. In the ad, the family renovates their home to make it both grandparent-friendly and jam band-friendly for the rock and roll duo to have a private sound studio so their musical fun wouldn't disturb their parents. In this story, a reverse mortgage allowed them to unlock their home's equity to achieve their financial goals without an added monthly mortgage payment, allowing them to spend more time focusing on bonding together, worry-free. These powerful experiences illustrate the campaign catchline that when it comes to planning a modern retirement – there's a better way with FOA. "A Better Way with FOA" marks a shift toward meeting the customers of today and tomorrow, while highlighting examples of how the product can be used and the benefits they can offer in a compelling and captivating way. Integrated creative agency David&Goliath served as Creative Agency of Record for the new campaign. To maximize reach and engagement, the new advertising campaign integrates a mix of traditional and online channels. These include refreshed television ads, social media content, and digital and out-of-home placements – ensuring a cohesive brand presence across multiple touchpoints. Pilot advertisements were first launched with select media partners, with new ads being rolled out nationally. About Finance of America Finance of America Reverse LLC dba Finance of America (NMLS 2285) is a modern retirement solutions platform that provides customers with access to an innovative range of retirement offerings centered on the home and is the consumer brand and reverse mortgage operating subsidiary of its parent company, Finance of America Companies Inc. (NYSE: FOA). In addition to the reverse mortgage business, Finance of America Companies Inc. offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit View source version on Contacts For Finance of America Media: pr@ For Finance of America Investor Relations: ir@
