Finance of America Reverse Lowers Eligibility Age on Products
November 19, 2019
Finance of America Reverse LLC (FAR), a San Diego-headquartered reverse mortgage lender and provider of retirement solutions, has lowered the eligibility age for borrowers on its HomeSafe Standard, HomeSafe Flex and HomeSafe Second products from 62 to 60.
The company added that the lower age eligibility will not take effect in Texas and Utah, which have retained 62 as the minimum age for borrowers to qualify for such products.
“We are pleased to meet industry demand for this amendment but stress that borrower responsibility is paramount in factoring in whether this new timeline makes sense for their long-term retirement goals,” said Kristen Sieffert, president of FAR.
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