“FOA’s strategic direction and long-term development initiatives are focused on delivering an revolutionary set of solutions that can help Americans meet their retirement goals through using home equity,” said Fleming. “This transformation included the choice to discontinue our forward mortgage lending business and develop that vision by announcing the acquisition of AAG’s assets. Today’s transaction is a component of our continued execution of this strategy, which is supported by a number of the strongest macro themes within the industry.”
FOA left the retail and wholesale channels in 2022, closing its financially distressed mortgage lending unit, Finance of America Mortgage. In an announcement issued in October, Fleming said the cessation of operations would allow FOA to give attention to its specialized financial and services business. Two months after the announcement, the corporate entered into an agreement to accumulate FHA reverse lender American Advisors Group (AAG) for $10 million in money and a few FOA stock.
