Morningstar DBRS has reaffirmed its MOR RVO2 rating for Finance of America, citing the company's stable leadership and successful transition to focusing exclusively on reverse mortgage products.
The recent performance metrics reveal that Finance of America originated over 8,700 reverse mortgages worth over $1.6 billion in 2023, showcasing significant growth in this sector.
Despite remaining in the red in its second quarter, Finance of America reported reduced losses and an increase in loan volume, reflecting operational improvements and market stability.
Changes to the HomeSafe Second product, including an expanded availability and reduced interest rate, signal Finance of America's active efforts to grow its reverse mortgage offerings.
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