Company begins a new chapter with the platform and recent acquisition
Finance of America Companies (FOA) has announced plans to create a platform that helps older homeowners achieve retirement financial goals.
The announcement comes after FOA sealed its acquisition of American Advisors Group (AAG) on March 31, creating the nation’s largest reverse lender. FOA, which is sharpening its focus on its specialty finance and service business that includes its reverse mortgage unit, first announced the acquisition in December.
Finance of America said the acquisition adds a direct-to-consumer retail channel to the company and highlights its strategic vision to become the “preeminent destination for Americans looking for modern, enhanced retirement options.” FOA also expects the transaction to be immediately accretive to tangible book value and earnings.
FOA’s reverse mortgage platform currently offers options for retirees who need financing for home improvement and remodeling, home-sharing, and home equity loans.
Spearheading the company’s new strategy are Graham Fleming as CEO and Kristen Sieffert as president, effective April 5. Fleming joined Finance of America in 2013 and served as president from late 2020 until he was named interim CEO in 2022. Sieffert brings nearly two decades of experience in reverse mortgage and has been president of Finance of America Reverse (FAR) since 2015.
“I am proud to lead Finance of America as we bring a differentiated offering to the industry that will help even more Americans embrace a modern retirement and understand the value and benefits of home equity,” Fleming said. “We have long been the largest provider of proprietary reverse products and a leader in education for the industry. Our recent acquisition adds a new direct-to-consumer channel to our capabilities and expands our reach to millions of consumers.”
“I am excited to work with so many talented individuals focused on helping Americans live well, longer,” Sieffert added. “We believe the home can act as a shelter and a springboard for today’s modern retirees to achieve their goals and thrive. By making the home the centerpiece of longevity and retirement, Finance of America is committed to becoming a lifelong resource that empowers customers with innovative tools to build a remarkable, fulfilled and most importantly, sustainable financial future.”
Want to stay updated with the latest happenings in the reverse mortgage space? Get well-curated articles in your inbox and always be the first to know by subscribing to our FREE daily newsletter.
