Finance of America Reverse LLC, a provider of home equity-based retirement solutions, announced a strategic partnership with Better Home & Finance Holding Company (NASDAQ: BETR) (“Better.com”) to introduce Home Equity Lines of Credit (HELOCs) and Home Equity Loans (HELOANs) through Better’s proprietary Tinman AI Platform. This collaboration marks Finance of America’s first offering of these home equity products, expanding its mission to empower homeowners aged 55 and older to access their home equity for retirement.
Kristen Sieffert, President of Finance of America, stated that the company has historically focused on home equity innovation to assist homeowners over 55 in leveraging their retirement assets. She added that the partnership with Better enables the expansion beyond reverse mortgages, offering customers additional avenues to access equity through AI technology.
The integration of Better’s Tinman AI Platform is designed to provide Finance of America customers with 24/7 access to a fully digital, AI-powered application and approval process. The platform’s native AI and machine learning capabilities are intended to streamline operations from rate discovery to underwriting and closing, facilitating a seamless and efficient borrowing experience for HELOCs and HELOANs. Many loans are expected to be eligible for funding within days.
Through this partnership, Finance of America plans to instantly offer and originate HELOCs and HELOANs without requiring new infrastructure, utilizing Tinman’s plug-and-play AI technology. The collaboration aims to deliver dynamic rate and fee optimization, providing competitive HELOC and HELOAN options in real time. Operations are expected to be simplified and accelerated through Tinman’s machine learning for efficient second-lien origination. Furthermore, a customized voice-based AI loan assistant will be deployed to offer 24/7 borrower support and loan processing for the mortgage and home equity industry.
Vishal Garg, Founder and CEO of Better, noted that Finance of America is a leader in home equity innovation for homeowners over 55, while Better specializes in AI-driven digital origination. He stated that the partnership combines their complementary strengths to deliver a faster, smarter, and more accessible borrowing experience, assisting more Americans in unlocking their home’s value.
The partnership also establishes Finance of America as Better’s origination partner for reverse mortgages, encompassing traditional Home Equity Conversion Mortgages (HECM) and Finance of America’s HomeSafe™ proprietary product suite. While Better will initially use traditional reverse mortgage technology platforms, the ultimate goal is to integrate first and second lien home equity solutions, including reverse mortgages, HELOCs, and HELOANs, into a single AI-powered digital ecosystem.
Ms. Sieffert concluded by stating that the objective is to help homeowners access their home equity through simple, smart, and scalable technology, aiming to shape the future of home finance where innovation and impact are integrated.
Finance of America Reverse LLC (NMLS 2285) is a platform focused on modern retirement solutions, offering access to retirement offerings centered on the home. It operates as the consumer brand and reverse mortgage subsidiary of Finance of America Companies Inc. (NYSE: FOA), headquartered in Plano, Texas. FOA also provides capital markets and portfolio management capabilities for loan distribution to investors.
