Finance of America Companies Inc (NYSE: FOA) is a financial services holding company that originates, acquires, and services reverse mortgage loans and certain traditional home equity loan products targeting homeowners aged 55 and over. Revenue is generated through net portfolio interest income, fair value changes on loans and retained bonds, and loan sales and securitizations into the secondary market. FOA was incorporated in Delaware on October 9, 2020, became publicly traded on the NYSE in April 2021, and as of August 15, 2025 also trades on NYSE Texas under the same ticker. The company operates through two primary business areas: a lending subsidiary, Finance of America Reverse (FAR), which originates FHA-insured Home Equity Conversion Mortgage (HECM) loans and non-agency reverse mortgage products, and Incenter, which provides capital markets and portfolio management capabilities. Total portfolio interest income was $1.92 billion for the year ended December 31, 2025, against interest expense on HMBS and nonrecourse obligations of $1.58 billion.

Revenue model

FOA earns net portfolio interest income on mortgage loans held for investment (interest income of $1.90 billion for year ended December 31, 2025), records fair value changes from model amortization and market inputs on its loan portfolio, and monetizes loans by securitizing HECM loans into Ginnie Mae-guaranteed HMBS sold in the secondary market while retaining servicing rights, securitizing non-agency reverse mortgage loans into privately placed MBS, or conveying HECM loans to HUD.

Products and services

FHA-insured Home Equity Conversion Mortgage (HECM) loans; non-agency reverse mortgage loans; non-agency second lien reverse mortgage loan products; HECM-backed securities (HMBS) securitized under Ginnie Mae guarantee; privately placed MBS backed by non-agency reverse mortgage loans; capital markets structuring, broker/dealer services, and institutional asset management through the Portfolio Management segment.

Customers and end markets

U.S. homeowners aged 55 and over seeking to access housing wealth for retirement income. End market demand is driven by the U.S. senior population and home equity levels. The company also interfaces with institutional investors in the secondary market for HMBS and non-agency MBS, and with HUD/FHA for HECM program compliance and loan conveyance.

Value-chain role

FOA operates across the full reverse mortgage life cycle: origination and acquisition of HECM and non-agency reverse mortgage loans, servicing (in partnership with third-party subservicers), securitization and sale of HMBS in the secondary market, portfolio management including retained bond investment, and resolution of loans at maturity. The company retains servicing rights on securitized HECM loans.

Geographic exposure

United States. The filing notes material concentration in California, where properties face elevated natural disaster risk including wildfires, earthquakes, and mudslides.

Source: SEC 10-K, filed 2026-03-13

Industry: Mortgage Bankers & Loan Correspondents Peers: Broadway Financial Corp Cullman Bancorp, Inc. HMN FINANCIAL INC LAKE SHORE BANCORP, INC. Magyar Bancorp Inc Provident Financial Holdings Inc Rocket Companies Inc