American Advisors Group, the top reverse mortgage producer in the country, will offer Finance of America Reverse’s HomeSafe proprietary loan product through its various sales channels under a partnership agreement made public this week. AAG will offer the product under the AAG Advantage name in its retail channel and under the HomeSafe name in its wholesale channel. FAR, meanwhile, will continue to offer HomeSafe through both its retail and wholesale sales channels.
HomeSafe allows for loan values up to $4 million, so eligible borrowers with a home value above $850,000 will generally qualify for more HomeSafe proceeds than with a HECM. “AAG brings tremendous volume to our relationship, which in turn allows us to remain a consistent issuer for the capital markets,” said FAR President Kristen Sieffert.
“This partnership will ultimately enable us to continue to invest in our business and to quickly develop and bring new products to market for the benefit of our clients and partners, ” AAG CEO Reza Jahangiri added, “By teaming up, we are combining AAG’s volume with FAR’s product innovation which allows us to do more together than either one of us can do alone.”