Finance of America Reverse and Morningstar Collaborate to Educate Financial Advisors about Reverse Mortgages

FAR gains exposure to 150,000 financial advisors in the U.S. to share education about FAR’s proprietary retirement solutions

Finance of America Reverse (FAR), a leading retirement mortgage solutions innovator, today announced an agreement with Morningstar, Inc., a leading provider of independent investment research, to become its first reverse mortgage education provider.* FAR’s educational tools, which show how to stabilize a retirement plan with home equity, are now available to 150,000 financial advisors in the United States through Morningstar Advisor Workstation™, a web-based investment and financial planning system. The aim is to equip financial advisors with timely information and tools needed to navigate the breadth of home equity options available to their clients ages 55 and older. Additionally, the collaboration demonstrates to advisors how this often-overlooked asset can help their clients plan for retirement.

With FAR, financial advisors will learn about the unique benefits of a reverse mortgage and FAR’s other home equity products. This will help them better understand how to practically utilize the products in their client’s plans, especially in the case of mass affluent clients [who typically have assets under management less than $2.5 million]. Through this agreement, advisors have access to important resources to talk to their clients about the benefits of supplementing their retirement plans with home equity.

“Financial advisors play a critical role in helping people plan for their retirement. Teaming with Morningstar will ensure that more advisors are educated about home equity solutions as they create a diverse and long-term financial strategy for their clients,” said FAR President Kristen Sieffert. “This relationship builds on FAR’s pursuit of a strong connection to the financial advisor community where we can deepen conversations about home equity as an avenue for people to reach their goals in retirement. The need for flexible, customizable retirement solutions is urgent, and working alongside advisors to deliver these vital planning resources to more aging Americans remains our highest priority. I couldn’t be prouder of the work our team is doing to empower people to understand how their home wealth allows them to envision the possibilities of retirement.”

“We’re excited to welcome FAR as a reverse mortgage lending educator in Morningstar Advisor Workstation as we expand the breadth of solutions offered within our platform,” said Kevin Reed, Head of Strategic Platform Partnerships with Morningstar. “We continue to see a shift toward clients looking for financial advisors to provide advice across the balance sheet. For many retirees, their home is their most valuable asset, and it deserves to be considered as part of a holistic financial plan. We believe that offering access to information about FAR’s range of home equity products within Morningstar Advisor Workstation will enable financial advisors to gain knowledge on reverse mortgages and offer more comprehensive advice to clients.”

FAR's education within Morningstar Advisor Workstation helps fill a significant gap between financial advisors’ guidance and consumers’ expectations.

According to FAR’s Home Equity Punch List, a survey FAR commissioned to understand how home equity fits into homeowners’ long-term financial goals, financial advisors represent a trusted resource about finances and retirement planning. However, survey findings indicate only a small percentage of financial advisors incorporate home equity into their planning discussions with clients. The survey found that 9 in 10 respondents with a financial advisor trust that their advisor would discuss tapping home equity, including reverse mortgage options, if it was in their best interest. However, only 29% of those surveyed have had their advisor speak with them about tapping home equity.

Today’s announcement builds on existing strategic relationships and initiatives led by FAR that are designed to educate financial advisors about home equity and raise awareness of FAR’s offerings. FAR’s Retirement Strategies Division serves as the Financial Planning Association’s (FPA) official provider of reverse mortgage education and supports the Academy for Home Equity in Financial Planning. Additionally, FAR supports the Stanford Center on Longevity’s valuable research and advocacy to help older Americans plan better for retirement.

To find out more about FAR’s reverse mortgage offerings and education, please visit https://rsd.far.com/.

About Finance of America Reverse

As a retirement solutions company and part of the Finance of America Companies (NYSE: FOA) family of companies, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement. Through its team of Licensed Loan Officers and network of lender and wholesale partners, Finance of America Reverse offers home equity products and services designed to help older Americans include home equity in their retirement plans. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).

For more information, please visit www.far.com or find us on Facebook, LinkedIn or Twitter.

*FAR is a paid advertiser on the Morningstar Advisor Workstation. Morningstar is not affiliated with FAR nor does it endorse or sell its products. Additionally, FAR is a paid advertiser with the Financial Planning Association (FPA).

About Finance of America Companies

Finance of America (NYSE: FOA) is a dynamic consumer lending platform that provides customers at various stages in life with access to a diverse range of flexible, end-to-end home financing and home equity solutions. Product offerings include mortgages, reverse mortgages, and loans to residential real estate investors distributed across retail, third-party network, and digital channels. In addition, Finance of America offers complementary lending services to enhance the customer experience, as well as capital markets and portfolio management capabilities to optimize distribution to investors. The Company is headquartered in Plano, TX. For more information, please visit www.financeofamerica.com.

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