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Once the deal is closed, FOA’s subsidiary Finance of America Reverse will operate as a separate direct-to-consumer retail channel under the brand name AAG.
“We believe home equity will be an increasingly important asset for Americans to consider in order to supplement their incomes, especially in retirement,” said Graham Fleming, president and interim CEO of FOA. “We are confident that our expansion into this direct-to-consumer retail channel will position us to further educate, grow and service this market while driving enhanced value and opportunities for our customers, employees, partners and investors.”
Kristen Sieffert, president of Finance of America Reverse, commented: “This is an incredibly exciting day for our organizations and ultimately those we serve. By complementing FAR’s thought leadership and innovation with AAG’s unmatched investments in consumer awareness, we are strengthening a movement to change society’s retirement trajectory for the better and bringing FOA closer to its goal of helping more Americans thrive.”
According to data from Inside FHFA/VA Lending, AAG is the biggest originator of FHA home equity mortgages, with $3.87 billion in loan volume. FOA, which ranks third among HECM lenders, announced in October that it is shutting down Finance of America Mortgage, its forward mortgage originations segment.
Fleming said the move would enable the company to focus on specialty finance and services, including its reverse mortgage and home improvement businesses.
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