Company Research Report: Finance of America Reverse LLC

Company Overview

• Name: Finance of America Reverse LLC (FAReverse LLC)

• Mission: To help people feel the joy and accomplishment that comes from living retirement to its fullest.

• Founding: No information is available.

• Key People in the Company:

• Graham Fleming - Chief Executive Officer

• Kristen Sieffert - President

• Matt Engel - Chief Financial Officer

• Jeremy Prahm - Chief Investment Officer

• Lauren Richmond - Chief Legal Officer and General Counsel

• Chris Moschner - Chief Marketing Officer

• Susan Anthony - Chief Operations Officer

• Jonathan Scarpati - SVP of Wholesale Lending

• James Mittleman - SVP of Retail Sales

• Caitlyn Peskind - Chief Human Resources Officer

• Heather Eline - Chief Technology Officer

• Drew Robertson - Chief Information Security Officer

• Russell Miller - Chief Data Officer

• Headquarters: 8023 East 63rd Place, Suite 700, Tulsa, OK 74133, USA

• Number of Employees: No information is available.

• Revenue: Over $17 billion in funded reverse mortgage loans as of the report.

• Known for: Being a leading reverse mortgage lender with a range of proprietary, government-insured reverse mortgage products and winning the title of Best Reverse Mortgage Lender by Bankrate in January 2024.

Products

HomeSafe

• Description: A suite of jumbo reverse mortgages for homeowners 55+.

• Key Features:

• Loans up to $4 million.

• Available to younger homeowners compared to HECMs.

• Avoidance of mortgage insurance premiums common with traditional HECMs.

HomeSafe Second

• Description: A second mortgage providing cash to help manage inflation and economic uncertainty without new monthly payment burdens.

• Key Features:

• Turns home equity into cash without adding a new monthly mortgage payment.

• Complements existing mortgages without the need to refinance.

HECM (Home Equity Conversion Mortgage)

• Description: A government-insured reverse mortgage for homeowners 62+, allowing them to turn housing wealth into usable cash.

• Key Features:

• Eliminates monthly mortgage payments.

• Homeowners retain the home title.

• Insured by the Federal Housing Administration (FHA).

Recent Developments

• New Products/Features: No specific new products or features are mentioned beyond existing product offerings.

• Partnerships: Finance of America recently acquired certain assets of American Advisors Group (AAG), bringing top retail and wholesale platforms together under one roof, enhancing its leadership in the reverse mortgage sector.

• Customer Testimonials: Consistently high ratings of 4.5 stars by verified customers on ConsumerAffairs as of May 2024.

Summary

Finance of America Reverse LLC is a prominent reverse mortgage lender known for its extensive offerings including proprietary HomeSafe products and government-backed HECMs. The company continues to innovate in the reverse mortgage field, providing solutions that deliver financial flexibility and peace of mind to homeowners 55 and older. With a strong leadership team, strategic acquisitions, and a commitment to customer satisfaction, Finance of America enhances retirement possibilities and maintains a robust market position.