Are you a realtor or lender searching for ways to broaden your market and empower clients with enhanced purchasing power? Join our exclusive webinar to learn how you can help navigate your clients on a path to homeownership using a Reverse Mortgage. We will cover:
- How a reverse purchase works
- Reverse purchase benefits
- Home features for aging in place
- The reverse purchase process
Date & Time: October 30th 1 p.m. CT
Sponsored by: Finance of America
Meet the Panel:
Sue Haviland,
President / CEO – Step Smart,
Aging In Place Solutions, LLC and Step Smart
Barbara Cripple
National Sales Training Manager,
Finance of America
Adam Potafiy
Account Executive,
Finance of America
Ryan Schmidt
VP of Partner Engagement,
Finance of America
For business and professional use only. Not for consumer distribution.
© Finance of America is a division of Finance of America Reverse LLC which 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 Financial Protection and Innovation 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
The company does not do business as Finance of America in CA, NM, NY, and OK.
These materials were not provided by HUD or FHA and were not approved by FHA or any government agency.
For Reverse Loans. 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. The lender 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 the lender 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. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. 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.
The HomeSafe reverse mortgage is a proprietary product of Finance of America Reverse LLC and is not related to the Home Equity Conversion Mortgage (HECM) program. HomeSafe products are only available in certain states. Please contact us for a complete list of availability.
The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
Source for statistics:
https://www.census.gov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-older.html
https://www.hud.gov/program_offices/housing/rmra/oe/rpts/hecmsfsnap/hecmsfsnap
