- Minimum credit score
- 620
- Availability
- Varies based on reverse mortgage option
- Reverse mortgage options
- HECM, HECM for purchase, second-lien reverse mortgage and refinancing
Finance of America Reverse (FAR) offers both government-backed and private reverse mortgages, which can help borrowers access more equity than the current HECM limits. Its website is more user-friendly than other reverse mortgage lenders and packed with helpful resources like videos and calculators. We like that reverse mortgage amounts are available up to $4 million, and there are loan options with no origination fees.
Its HomeSafe program offers second-lien reverse mortgages for borrowers who want to keep their low rate but tap into more equity. Additionally, FAR offers EquityAvail, a home equity product for homeowners 55 and up who do not qualify for a reverse mortgage but need lower monthly payments. Both of these products are available in a limited number of states.
Customers were pleased with how thoroughly FAR’s representatives answered all their questions. They also thought the overall process and rates were better than those of other lenders.
“Finance of America went out of their way to make me feel comfortable with the process. They explained my options and showed me everything in writing. It was very clear,” said Cecilia from New York.
FAR offers various solutions to aid seniors in leveraging their home equity for retirement, including Home Equity Conversion Mortgages (HECMs), HomeSafe for Purchase, jumbo reverse mortgages and second-lien reverse mortgages. It also provides retirement strategies and wholesale reverse mortgage opportunities for businesses and home sharing.