The Retirement Strategies Division at Finance of America Reverse (FAR) is an official provider of reverse mortgage education to the Financial Planning Association (FPA). We give you all the tools needed to help clients strategically leverage housing wealth as part of a comprehensive retirement plan.
Take a CE CourseA reverse mortgage helps homeowners nearing or in retirement gain liquidity and improve their financial roadmap by unlocking stored equity from one of their largest sources of wealth – their home.
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* Illustration is for financial professional educational purposes only and assumes a borrower aged 71 who resides in CA and an fixed interest rate of 4.9% and financed fees of approximately 0.5% of the home value. Rate quote generated on 8/1/2021. Rates are rounded down to the nearest 0.125% and are subject to change.
* Illustration is for financial professional educational purposes only and assumes a borrower aged 64 who resides in OR and an fixed interest rate of 4.9% and financed fees of approximately 0.5% of the home value. Rate quote generated on 8/1/2021. Rates are rounded down to the nearest 0.125% and are subject to change.
* Illustration is for financial professional educational purposes only and assumes a borrower aged 62 who resides in TN and an adjustable initial interest rate of 1.82% (+0.50% MIP) and financed fees of approximately 3.4% of the home value. Rate quote generated on 8/1/2021. Rates are rounded down to the nearest 0.125% and are subject to change.
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Below are some frequently asked questions to help clients better understand the option of a reverse mortgage:
Yes. The borrower still retains ownership of the home and may sell it at any time with no prepayment penalties. The home is simply secured with a lien similar to a traditional mortgage or home equity line of credit.
There is never a required principal or interest payment during the life of a reverse mortgage loan. Homeowners are still required to pay property-related expenses, including taxes, insurance, and HOA fees.
Generally, the loan balance is due after the last borrower permanently moves from the home or passes away.
The terms of the loan remain the same as long as one borrower remains in the home.
Yes, reverse mortgages are non-recourse loans, which means the lender can only look to the subject property for satisfaction of the mortgage lien. The borrower and/or heirs are never personally liable for satisfaction of the reverse mortgage.