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Finance of America Creates Access to Home Equity through Product Expansion and AI-Powered Customer Experience

FOA
  • Finance of America Reverse LLC (FOA) expanded its HomeSafe Second product, the only second-lien reverse mortgage, into Louisiana, Rhode Island, Missouri & Washington D.C.
  • The expansion brings the total availability of HomeSafe Second to 18 states plus the District of Columbia.
  • HomeSafe Second allows homeowners aged 55 and older (60 in Washington, 62 in Texas) to access home equity without monthly mortgage payments or refinancing their existing first mortgage.
  • The product addresses financial needs for older Americans facing rising living costs, insurance premiums, & property taxes while preserving low first mortgage rates.
  • FOA integrated its proprietary AI platform, Joy, to streamline workflows & create a seamless customer experience for the 55+ demographic.
  • Full availability now includes Arizona, California, Colorado, Connecticut, Florida, Illinois, Indiana, Louisiana, Michigan, Missouri, Montana, Nevada, Ohio, Oregon, Rhode Island, South Carolina, Texas, Utah, Washington, & Washington D.C.
  • Borrowers must maintain the property as their principal residence & meet all obligations under both the first & second lien mortgages to avoid loan repayment.
  • FOA is a subsidiary of Finance of America Companies Inc. (NYSE: FOA), headquartered in Plano, Texas.