FOA’s Sieffert On ‘massive Pivot’ In 2023, Reverse Mortgage Opportunities Ahead
Finance of America Companies (FOA) President Kristen Sieffert is bullish on the prospects for the reverse mortgage industry’s leading lender in 2024, particularly after the company went through a series of major changes last year, including the acquisition of American Advisors Group (AAG).
This is according to an interview with Sieffert featured on “Ten Minute Talks,” an interview series hosted by HousingWire President Diego Sanchez featuring mortgage or real estate leaders in the industry growing their businesses during a difficult housing market.
In addition to addressing the changes undertaken by FOA and Finance of America Reverse (FAR) last year, Sieffert also discussed broader macroeconomic trends and what it could take to bridge the gap between levels of business in the forward and reverse mortgage industries.
2023’s ‘massive pivot’ at FOA, AAG acquisition
FOA became the leading lender in the industry virtually overnight with the AAG acquisition.
“We went through a massive pivot last year, and we are solely focused today on really helping the modern retiree reimagine what their retirement years could look like through the power of their home equity,” Sieffert said. “We think there’s a really big opportunity for [the concept of] home equity being used to help fund retirements to [become] a mainstream concept. It already is in other countries, so that’s our reason for being.”
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