Finance of America Reverse Unveils New Brand Dedicated to Helping People Get to Work on Retirement
TULSA, Okla.--(BUSINESS WIRE)--Nov 15, 2018--Finance of America Reverse LLC (“FAR”), a leading provider of retirement loan products and education, unveiled new brand positioning dedicated to helping people get to work on retirement. The new identity will be woven throughout FAR’s website, digital presence and sales and advertising materials. Beyond external efforts, FAR has also created a new internal Borrower Engagement team designed to align business practices with the organization’s refined purpose.
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FAR’s new homepage highlights brand update. (Graphic: Business Wire)
“About a year ago, we made a significant investment in consumer research to better understand how people across the country are approaching retirement and how strategic uses of home equity could play a role,” said Kristen Sieffert, president, Finance of America Reverse. “We learned that before anyone can consider using home equity – or any loan product – to fund retirement, they need to make a decision to be proactive about planning for retirement. That finding motivated us to not only continue building a comprehensive product suite but also to identify what else we could do to break down barriers to achieving a fulfilling retirement and integrate that into our business.”
FAR conducted qualitative and quantitative research in 2017 with a representative sample of older American homeowners. Highlights include:Although housing wealth for homeowners 62 and older grew to $6.9 trillion in Q2 2018,* only 11 percent of senior homeowners have positive feelings about reverse mortgages. Big conversations and decisions about retirement are often deferred until later or never, resulting in sub-optimal choices. Participants in research focus groups said they needed help seeing the benefit of earlier planning and that they wanted lenders to reframe the conversation around the long-term value of a reverse mortgage. Focus group participants articulated a complicated emotional state regarding retirement, feeling both in-pursuit and stuck, both insecure and bold. Many said the degree of control they feel they have over their retirement experience shapes their mindset, but worry there’s not much they can do at this point in their lives. More than one million households would consider a reverse mortgage, a potential addressable market of 10 times the actual serviced market for HECMs.
Repositioning our Business
“At the heart of how we approached realigning our business practices to our purpose is a core belief that if people discover a way to break free from their paralysis and fear and distractions, they get a renewed energy for retirement and take action to improve their lives,” said Sieffert. “From there, we looked beyond just building a successful loan experience to what becoming the most beloved brand for people who are making retirement work actually looks like and how we can better connect borrowers with resources within the Finance of America family beyond reverse mortgages.”
FAR’s new Borrower Engagement team will be focused on identifying opportunities to create value for borrowers both before they choose a loan product as well as throughout the life of the loan. The team’s first initiatives include introducing kits for new and existing borrowers that offer education and resources beyond loan products.
New Partnership Anchors FAR Transformation
In repositioning itself as a holistic retirement solutions provider, FAR also announced a strategic partnership with Silvernest, an online home sharing service that pairs aging homeowners with qualified housemates. The partnership features joint marketing initiatives including consumer events, digital and print publications, as well as optional discounted memberships to Silvernest’s matching platform. An initial mailing to FAR borrowers has already generated nearly 20 roommate matches.
“As we look at how more and more people want to age in place and how they’re thinking about the role their existing home will play in that process, we found a very natural partner in FAR,” said Wendi Burkhardt, co-founder and CEO of Silvernest. “Our organizations are much aligned in that we both want to break down barriers that prevent people from thriving in retirement – whether they are a lack of companionship, financial resources or other factors – and we’re very excited to be a partner to FAR in this effort.”
Sieffert added, “We’re already seeing people consider integrating home equity earlier in retirement, which means we’re building relationships with customers that can last 20 years or more. In order to be a good long-term partner to our borrowers and truly change the conversation about reverse mortgages, it’s critical that we become more than a just a lender. We’re taking the first step today and look forward to building on this momentum in the coming months.”
To learn more, visit https://www.fareverse.com/.
About Finance of America Reverse LLC
As one of the largest reverse mortgage originators, Finance of America Reverse is committed to empowering adults age 62 and over with the tools they need to achieve financial independence and get to work on retirement. Through its network of Reverse Mortgage Specialists, professional and wholesale partners, Finance of America Reverse offers reverse mortgage products designed to help older Americans include home equity in their retirement plans. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information, please visit www.fareverse.com or find us on Facebook, LinkedIn or Twitter.
* Data from the Q2 2018 NRMLA/RiskSpan Reverse Mortgage Market Index.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
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. FAR 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 FAR 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.
Finance of America Reverse LLC NMLS #2285 ( www.nmlsconsumeraccess.org ); Corporate Office: 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Arizona Mortgage Bankers License #0921300, Mortgage Bankers Branch License #0117862 – 625 West Southern Ave., Suite E171, Mesa AZ 85210; Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act ; Licensed under the California Department of Business Oversight under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8023 East 63rd Place, Suite 700, Tulsa, OK 74133; Illinois Residential Mortgage License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 1201 Walnut, Suite 975, Kansas City, MO 64106; Licensed Mortgage Banker – NYS Department of Financial Services, 888 Veterans Memorial Highway, Suite 300, Hauppauge, NY 11788. Finance of America Reverse LLC is known as FAReverse LLC in NY in lieu of true name Finance of America Reverse LLC. Licensed by the New Hampshire Banking Department; Oregon License #ML-4805; Nevada Mortgage Banker License #4297. 2300 West Sahara Ave, Ste 800, #835, Las Vegas, NV 89102, 702-592-6538; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed By the Virginia State Corporation Commission #MC-5413; Washington Consumer Loan Company License #50202. Also conduct business in AL, AR, CT, FL, HI, ID, IN, KY, LA, ME, MD, MI, NE, NM, NC, OH, OK, PR, SC, TN, TX, UT, VT, WV, WI, and WY. Not all products and options are available in all states. Terms subject to change without notice. ©2018 Finance of America Reverse LLC. All Rights Reserved. EQUAL HOUSING LENDER.
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CONTACT: Finance of America Reverse LLC
KEYWORD: UNITED STATES NORTH AMERICA OKLAHOMA
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SOURCE: Finance of America Reverse LLC
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PUB: 11/15/2018 10:00 AM/DISC: 11/15/2018 10:00 AM