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FOA reverse volume up 21% as home equity demand expands
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Finance of America grew its reverse mortgage business significantly in the second quarter, despite posting a $29 million loss during the period.
Its portfolio management generated $18 million in adjusted net income, down 26% from the first quarter but up 13% year over year.
The lender launched a new reverse mortgage line of credit during the quarter as well.
HomeSafe Second Line of Credit allows homeowners 55 and older to draw funds as needed after an initial draw of 25% at time of origination.
FOA's future outlookFor the rest of 2026, FOA expects demand growth in its reverse mortgage business and a stable yield from its expanding portfolio.