Finance of America to Acquire Reverse Mortgage Assets from Onity Group Subsidiary PHH Mortgage
Finance of America Reverse LLC (“Finance of America”), the operating subsidiary of Finance of America Companies Inc. (
NYSE: FOA) (“FOA”) and the nation’s leading provider of home equity–based retirement solutions, today announced it has entered into an agreement to acquire the home equity conversion mortgage (HECM) servicing portfolio, and certain other reverse mortgage assets, from PHH Mortgage Corporation (“PHH”), a subsidiary of Onity Group Inc. (
NYSE: ONIT) (“Onity”), in an all-cash transaction.
Finance of America Unifies FAR, AAG Under Single Brand
Finance of America Reverse LLC (“Finance of America” or the “Company”), a leading provider of home equity-based financing solutions for a modern retirement, today announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is generally expected to take effect in the third quarter of 2024 and will remain subject to regulatory considerations in certain jurisdictions.
Concerns about Household Finances Remain High as 8 out of 10 Homeowners are Anxious about U.S. Economy, According to New Research from FAR
Finance of America Reverse LLC (“FAR”), a leading provider of reverse mortgages and part of Finance of America’s (
NYSE: FOA) modern retirement solutions platform, today published its 2023 Home Equity Punch List. The survey tracks U.S. homeowners’ perceptions and understanding of home equity, as well as sentiment related to long-term financial planning and retirement-related topics over time.
