Finance of America Reverse is one of the premiere reverse mortgage lenders in the United States. Since 2003, FAR has been providing homeowners age 62 and older with the financial independence they deserve while preparing for or during retirement. By utilizing home equity for a retirement asset, these savvy homeowners are able to strengthen and lengthen their retirement plans.
Finance of America Reverse offers a wide selection of reverse mortgage products for standard and jumbo loans. FAR reverse mortgage specialists are knowledgeable about retirement finances and help you through the entire process.
- Competitive fixed interest rates
- Price-match guarantee
- Loans up to $4 million
- Not available nationwide
I wanted to free up the cash we were spending on payments to enjoy our life more and Finance of America Reverse has taken some stress out of my life. Compared to other companies, they were more straightforward and they broke down everything where I could understand it better…Read Full Review
Everything went really well with my experience with Finance of America. Their rep was very knowledgeable about reverse mortgages… He was there and he answered any questions I had. I couldn't ask for anyone better than him. I would recommend Finance of America Reverse Mortgage.Read Full Review
About Finance of America Reverse
Finance of America Reverse (FAR) provides financial options for retirees who want to pay off their mortgage early, cash in on their home's equity and move into a new house without dealing with a new mortgage payment. As a wholesale lender, FAR works with independent mortgage brokers to originate reverse mortgages. Finance of America Reverse wholesale loan products includes HECMs, HECM for purchase, HomeSafe and refinancing.
Expert mortgage specialists at FAR help you select the best reverse mortgage for your financial situation. FAR reverse mortgage products can eliminate your mortgage payments and give you access to more cash each month. Because of their price-match guarantee, FAR will send you a $200 gift card if they can’t match a competitor’s propriety offer.
How does HomeSafe work?
A FAR HomeSafe reverse mortgage loan pays off an existing mortgage, and the borrower keeps the remainder of the funds. Unlike regular reverse mortgage loans, which cap at $726,525, Finance of America jumbo reverse mortgage amounts can increase to $4 million dollars. Depending on the HomeSafe option, you can get cash in a lump sum or in payments over time.
Like most reverse mortgage loans, a HomeSafe loan only needs to be repaid when the borrower permanently leaves the home. HomeSafe loans are non-recourse loans that do not require monthly payments. However, the borrower is responsible for paying taxes and insurance on their house.
HomeSafe loan limits are higher than conventional HECM loans and offer many of the same protections and features. HomeSafe is available to homeowners over the age of 62 with some equity. The age of the borrower, the appraised value of the home and the type of loan selected determine HomeSafe loan amounts. Credits are allowed for HECM to HomeSafe refinances, but not for HomeSafe to HomeSafe refinances.
Finance of America Reverse HomeSafe options
- HomeSafe Standard
- HomeSafe Standard is a full-draw reverse mortgage loan with fixed rate options and no origination fee. Other HomeSafe Standard fees are comparable to HELOC and second mortgages, but borrowers can get more cash at closing since the lender credits for customary closing costs. HomeSafe Standard offers six rates and loan-to-value (LTV) ratio tiers, with purchase transactions also available.HomeSafe Standard is best for those who want to increase their cash flow without up-front out-of-pocket expenses. HomeSafe Standard is available in the following states:
- District of Columbia
- New Jersey
- Rhode Island
- South Carolina
- HomeSafe Flex
- HomeSafe Flex is a fixed-rate reverse mortgage option with no origination fee. Since HomeSafe Flex pays out 60% of the loan in a lump sum and 40% over five years, borrowers keep more of their equity by taking a smaller upfront lump sum, with the remaining proceeds paid out over five years. HomeSafe Flex is best for those who don’t need a large sum of cash upfront and prefer more flexible payouts over time. HomeSafe Flex is available in the following states:
- South Carolina
- HomeSafe Second
- HomeSafe Second is a second-lien reverse mortgage. HomeSafe Second borrowers get a lump sum loan with a fixed rate. Borrowers can conserve their equity by continuing to make payments on the first mortgage but also access funds without making additional monthly payments. HomeSafe Second is best for borrowers with an existing mortgage who want to access equity but can’t qualify for a HELOC. HomeSafe Second borrowers often use the funds for home improvement projects. HomeSafe Second is available in the following states:
- South Carolina
- HomeSafe Select
- HomeSafe Select is a loan option similar to a HELOC but with the benefits of a reverse mortgage — borrowers get access to a line of credit but don’t have to make monthly payments except for taxes, homeowners insurance and property charges. There’s no origination fee or minimum draw amount, and HomeSafe Select loans come with an adjustable rate. HomeSafe Select is best for those who want the comfort of a line of credit with the opportunity to keep building equity if they're going to make more payments. HomeSafe Second is available in the following states:
Compare HomeSafe options
Through HomeSafe reverse mortgage products, replace your current home loan with a reverse mortgage, lowering your monthly mortgage payments.
|HomeSafe Standard||HomeSafe Flex||HomeSafe Second||HomeSafe Select|
|Fixed rate option|
|No origination fee|
|Lender credits for closing costs|
Finance of America Reverse FAQ
- How does FAR calculate funds?
- Finance of America Reverse uses a proprietary reverse mortgage calculator to determine loan amounts, or principal limits, based on a borrower’s age, the type of HECM product they want, expected interest rate, closing costs and the appraised home value.
- How is HomeSafe different from a traditional reverse mortgage?
- HomeSafe has higher loan limits than government-insured HECM loans, and borrowers get more competitive fixed interest rates. Plus, condos appraised at $500,000 or more don’t require FHA approval.
- Who is eligible for a FAR HomeSafe loan?
- Homeowners who are 62 or older with some equity are eligible for HomeSafe reverse mortgages.
- Do I have to get an appraisal to get HomeSafe?
- Yes, you must pay for a home appraisal to determine the current value of your property.
- Where are Finance of America Reverse locations?
- Finance of America Reverse has offices located in San Diego, New York, Tulsa and Indianapolis.
Do we recommend Finance of America Reverse?
Yes. Finance of America Reverse offers a wide selection of reverse mortgages for standard and jumbo loans. FAR reverse mortgage specialists are knowledgeable about retirement finances and help through the entire process. There have been very few Finance of America complaints in the last year. Finance of America Reverse mortgage reviews points out the company's knowledgeable reverse mortgage specialists, professional customer service and reasonable terms.
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As many consumers we were not sure what to expect when we first started the process. We were very blessed to have Taylor ** as our guide through the entire process. He met every expectation. He answered all questions in language we understood. We never felt pressured and felt free to call him at any time with questions and concerns. I feel even in future transactions if we had questions we could contact him. For us the process was easier and more pleasant than we might have anticipated.
Carl & Judith, we appreciate your wonderful review! You're right; you can contact Taylor with any questions you have in the future. We love to maintain a relationship with our borrowers long after the reverse mortgage is originated.
Finance of America Reverse is a good company to deal with. I needed money and a few of the companies I looked at kept referring me to them. For the average person, I’m sure the mortgage process is not as difficult as it was for me. My husband passed away and I had trouble hunting down the paperwork I needed. Other than that, Finance of America Reverse was great. If I needed an extra day, they gave it to me. They were always good with the advice too. If I had questions, they had the answers. They made things very simple. There were a couple of things I didn't understand or didn't know that much about and they explained everything fully, including escrow. It was good. Also, I felt like Monica (the rep) and I were friends for life. She’d call, I’d call. She’d text, I’d text. It didn't matter what time, day or night.
Thank you for sharing your delightful experience, Diane! We are so thankful to have loan officers like Monica who truly care about helping people. You are right to feel you have made a friend for life!
As a retired person, I didn’t necessarily meet all the qualifications for a conventional loan. But I was able to quality under the reverse mortgage program where I could be under an FHA loan. The application and underwriting process at Finance of America took 30 days. I had a very professional loan officer that I worked with most of the time. He was friendly and answered all the questions that I had. They were easy to work with, professional and were very responsive to all of my questions. They explained in detail how the reverse mortgage works.
My wife and I had to go through a training program, based on Minnesota, and passed. I was very comfortable with the process and it was relatively quick. They only required a minimal amount of documentation, which I was able to provide. And so, all-in-all, it was a good program. I was able to qualify for the amount of money that I needed. I really wanted to pay off a couple of debts and do some house remodeling, and I was able to do it. Everything went smoothly and the mortgage solved my needs. I wrote a couple of complimentary recommendations back to them when the process was over. I was happy and I’d recommend them to someone who’s in a similar situation.
I have compared about eight other companies and I liked the way I was treated by Finance of America Reverse. They were very professional and straight up. The whole underwriting and application process took about five weeks from start to finish. There were some hoops to jump through, scheduling your interviews and then scheduling the appraisal, getting the paperwork together, getting things notarized but they were very specific. Finance of America Reverse sent a checklist out with everything itemized and it was very thorough. Their rep, Robert, called every week, every 4th or 5th day, just to keep us up to date. He was a very straight-shooting guy and I really liked him.
The rates were a little higher than what we’ve been used to paying in our many mortgages over the years but we were in a unique situation here in California, where we have a ton of equity and a relatively low payoff. We couldn’t go with conventional, so we had to go with this jumbo but they ran the numbers and we ran the real estate numbers and we'll be fine. We’re working at the next 10 years and there’s still something left for the family, so we’re happy. We've dealt with all the big companies like Wells Fargo but Finance of America Reverse is on their A game. They’re in great shape and they wanna know us and they really picked the time to tailor our needs and our questions, so I am very pleased. This company is like a well-oiled machine and I’d recommend it to a friend.
Robert, we're delighted to read your feedback about our company!! Thank you for taking the time to share your positive experience.
We have a house that’s paid for and last year, we had a lot of unexpected expenses. So, getting a reverse mortgage would help ease the burden. I got replies and information from quite a few companies and Mathew at Finance of America Reverse did a great job of following through and providing me with information. It was also fairly easy to get ahold of him whenever I've had concerns. Then, Finance of America Reverse kept matching or bidding any other offers that we got. The application process was fine. You go through a lot. We had to get two appraisals, so it took about a month. It would’ve gone faster, but the FHA required two appraisals. The rates and terms I got were pretty good, as well. Ultimately, working with Finance of America Reverse helped relieve some strain on our finances.
I had applied for a reverse mortgage before. It was almost a year and I never got anywhere. I was so mad at the whole thing that I just threw it in a corner. When I tried the first time, my wife had brain cancer. When she was asked questions about stuff, she got all really screwed up and messed up. She was scared and nervous. When we did the paperwork on it, we were told that my wife wouldn't have to sign anything. But when it got all said and done, we were told she had to sign something. That was not gonna happen because I was not gonna put her through it. I just told the mortgage company to go to hell.
One day, I was messing around on my phone. Something about reverse mortgages came up. I decided to deal with it and try again. I happened to come across Finance of America Reverse. I was checking it out to see what amount they would give me approximately. Their people called me to find out if I was interested or not to get a quarter of what I could get.
Their rep William was the most awesome dude I ever met. I didn't meet him, but I’m gonna, someday because I want to. He helped me with every single bit of the process. We only ran into a couple of issues but it wasn’t his fault nor was it the company’s. It had something to do with the FHA appraisers. We don’t have that many around up here and it was a hard time to get it, but it had to be done before a certain date. And then a bunch of stuff happened. I found out things had to be changed the way they wanted it before a certain date, so it was quite a challenge to get everything kinda lined up. William got me extensions and did all kinds of stuff to make sure we could do it. I have his number and he told me to call him if I ever run into any issues.
William did a good job. He had done some of what I couldn't. We both had to work really close together to get things done in time enough to make it happen and change things. Even though it was less protection for my house with what they wanted, that was the way it had to be. I was working on my front porch that I was closing in to seal it off and make it a closed porch instead of just an open porch. I had the windows in and the bottom part done but it didn't have the top pieces in yet. I was also doing the back laundry room.
It was decided that that wouldn’t pass because it could get water in there. We came up with the idea that if it’s an open porch again then it can’t have water in it, so I was just gonna take the windows back out and take the bottom panels back off that I put on and put a couple of flat rails. William said he was going to check to make sure because he thought it would be fine. That was what we ended up doing. I took a picture of it all torn apart and now I’m putting it back together again. William worked with every single thing we had. Finance of America Reverse was very good about it even though I got frustrated sometimes. Even so, I’d still recommend Finance of America Reverse to anybody only because I had special circumstances that we ran into and money that I didn't wanna put out a certain amount. I didn't do it because I needed the money. It was just a weird situation. But they did everything they could do for me.
I started out with One Reverse but they turned me down on a technicality because they didn't know what Texas Law was. Dani reached out to me and Finance of America Reverse was one of the companies that was considering buying the mortgage from One Reverse. I explained the situation and after we talked, he began to look into it to see what the deal was, and he found out that I was correct and One Reverse was wrong, so we proceeded from there.
I first had to do a counseling, and I had to redo it eventually because of the time lapse that took place between when I started the process. I did all of the questionnaires and then there was a lot of complications along the way. Part of it had to do with the fact that my house was sitting on a little over two acres of land that had been deeded to us. But when we built it, we knew we were gonna get the rest of the land, so it kinda lapped over just a little bit over our allotted two acres. We ended up having it resurveyed to where it included extra acreage, and then, it had to be reappraised after that. So, it was a lengthy process, but it was no fault of Finance of America Reverse.
I understood what the delays in the application process were. However, my only real complaint along that line was there were several things that I had to furnish and do along the way. It was easy to get it all taken care of had I known all they were at the same time. But it was just that one thing would come up, and I made sure that was taken care of, and then there was a wait, and then there was another thing that would come up, and I would do that, and then, another thing. And it just seemed to drag out for a little bit. The credit counseling that I did expired the day before I was supposed to close. So then, the closing had to be moved back a week while I got recertified.
The whole process was over in nearly three months. If all of the issues that came up had been looked at and presented to me at the same time, then all of those issues could have been resolved rather shortly and gone on. And the rates went up from the time that the things were started. But part of the delay was caused by the fact that the property had to be resurveyed and then reappraised.
Dani was excellent. He stayed in constant contact with me as things came up, and I was always able to get a hold of him when I needed to, to give him information or get information. He did as good a job as anybody could do. With the difficulty of the encroachment of our property on the acreage that we had over on the acreage that was different, he told me he would check on it and get back with me. And he did a real good job with that. I was very comfortable with him. I was impressed with his friendliness and his willingness to pursue whatever had to be pursued to get done what needed to be done.
After we closed the loan, I was told that in a short period of time, I would receive information on how I could pay back end of the loan. I have not received anything but a bill that told me that I was gonna be billed so much a month for mortgage insurance when I thought I understood that I was making a one-time, upfront payment for all of that, and that would cover the mortgage insurance. But I paid a pretty good percentage fee upfront for that. I’m a little bit dissatisfied with that, but Finance of America Reverse did as good a job as could be expected under the circumstances.
Linda is 72 and she has Parkinson’s disease. She worked as a caregiver all of her life, so she didn’t have much option once the Parkinson’s started to kick in. She couldn’t work anymore and she couldn’t drive to work. And she wanted to prepare for her future because she doesn’t have a family. She doesn’t have anyone that would take care of her as she declines. So, I helped her with her reverse mortgage application.
We did some research on the internet about rated companies and called a few different ones. Then, we happened to encounter Scott at Finance of America. He was very knowledgeable and very helpful. Most people in that age category wouldn't get to the point that would qualify for such a thing and couldn’t match the paperwork if their life depended on it, which it does. Also, with anything that’s involved with the government, there were so many documents and so many words involved in the process that made it next to impossible for anybody that’s declining or doesn’t have computer skills or what have you to go through the process. But Scott helped Linda simplify the process and he really walked her through it. It made it a great help that he knew how it worked. He could answers questions and could tell Linda where and how to get documents.
He's been doing mortgages for a career for a long time and he's been doing reverse mortgages for about 12 years. And Linda’s situation was kind of difficult because you have to qualify to show enough financial income to get the mortgage, which to me was hard to understand because reverse mortgages are for people who are retired and don’t have enough income. So that right there seemed to prohibit a lot of people that would have the greatest need. They'd have to show enough income to make payments, although you're not required to make payments.
And Linda’s difficulty was that, at some point, she was gonna have to stop working because of what she was dealing with. But Scott was able to explain to her in a timely manner what documents to get together, so she was able to complete her application before she got to the point that she had to quit working. She submitted the documents at the end of November and they were approved January 15th. So, the process was completed in about six weeks.
The other thing was that the reverse mortgage has been managed by Celink, a servicing agency, and in the beginning, we didn't know that it was gonna be passed on and to who it would be passed on. Once we found that Celink was gonna be the servicing agency, I looked it up and they had a good reputation. But they don’t have any online access to your reverse mortgage account and I couldn’t believe that. They said that their average client is 82 years old and doesn’t use a computer. That’s understandable but at 82 years old, you probably have a family member or a friend like me that would be doing all this for you. And to be able to make payment against the reverse mortgage or get withdrawals, you have to send in paper forms. And it seemed highly suspicious to me that you can't access your own account.
So, I called Scott, told him all this, and he was kind enough to contact Celink. Also, another staff member there that deals directly with Celink contacted them and asked them about it. They did say that indeed that's the only way they process loans currently, but that later in the year, supposedly, they're gonna have computer access.
Other than that, we felt that we got a very personal service from Finance of America. We dealt with the same person all the way through the process and we didn't have to wait on hold for a million hours. In those kinds of financial dealings, people aren’t allowed to speak about somebody’s finances with anybody else but Linda told Scott that it was okay that he talked with me because I was helping her. And after that, he was able to talk with me and he didn’t every time say that Linda had to be present, ask if Linda was online, or that he couldn't talk with me. It made a world of difference because most people couldn’t do this on their own.
Also, Scott remembered when I sent him an email and he called me back or he'd send me an email back within the same day always. He'd say, “To Shelly and Linda.” So, he was excellent to facilitate the process, especially for older people that don’t understand the process or don’t even know where and how to get some of the documents.
I looked up the different companies on the internet and I had a friend of mine check out a few of the companies. Finance of America Reverse and AAG came up as two of the top. I talked to representatives from both of them and gathered some information. I went back to America Reverse because of a particular employee, Jill, who walked me through the initial process. When I first made my inquiries, I wasn’t ready to do it. I was gathering information and hadn’t made up my mind about exactly what the timing was gonna be. I knew I needed to do it and she had the courtesy of giving me all the information without any pressure.
Two years before I actually did it, I called her with additional questions and she was always more than happy to give me answers without pressuring me at all. Plus, I didn’t get any of those back-up calls, which I don’t like to get. Once I’ve decided on something, I don’t need them to continue hounding me. I’ll get there when I’m ready. I expressed that to both agents but I was assuming that it was standard procedure to ignore the people they were talking to and go by whatever the company demands them to do. Jill didn’t do that and I felt she was paying attention to me. I went back there, compared offers, looked at who owned the companies, their stability and the parent companies of various things.
It also made the difference that I did not want to do business with the company that a few years down the road would sell the mortgage to someone else. It was one of the things Finance of America said they would not do and I gotta take their word for it, whereas AAG did not give those promises. Beyond that, they were equal. There were a few things here and there that Jill adjusted. They took some fee out from the final loan, instead of making me pay for it upfront, then I paid the appraisal. Those costs were taken out and written into the closing cost, so I didn’t have to take them out of my pocket. It was the personality and the fact that she made me believe what she was telling me, and she made me believe that I could trust her.
The application process was intimidating and extremely stressful. There was so much paperwork. There had to be 50 pages of more and most of us harried citizens go into this kind of thing, take a look at the volume of the paperwork, and you’re responsible for anything you sign. If you’re not an attorney and you don’t have a background in reading those, you’re intimidated within the first page, let alone the first 10 pages. If people were aggressively willing to apply themselves, they might get halfway through it. But if you don’t have that training and education, it’s an absolute “put a blindfold on and walk off to the end of the high dive” because that was as good as it gets. I have a friend that I didn’t have to pay an hourly attorney wage and when I signed all the papers, she sat with me and went over the documents one by one so I had that back-up that if I missed something, I wouldn’t be standing on thin air.
If I was sitting in a board meeting with a bunch of CEOs trying to tell them how to make the experience better, I’d tell them to go get Jill and put her in charge of training their liaison people. I’m picky, reasonably intelligent and somewhat articulate, and Jill walked away with it, not because of any money differences. AAG offered me a slightly better deal and it amounted to $500, but I went with Finance of America because I felt that, going forward, I could pick up the phone, call this woman and get a straightforward answer and not be left out in the cold. The best thing they can do is have people who really know what the overall picture is. They are as much an advocate for the borrower as they are for the company. If I were to say to friends who are considering doing this, I would recommend the company and direct them to Jill.
I went through and looked through a lot of options. The thing that convinced me to go with Finance of America Reverse was the salesman that worked with me. Eric did an excellent job and answered my questions. He was straightforward about things. I was debating whether to get a jumbo or whether to do the standard limited FHA type deal and Eric had all the right answers. No one else seemed to know that much about it. Also, Finance of America already was set-up in Missouri, other companies were not. The $17,000 upfront cost seemed exceptionally high and there were others that were less expensive. Two or three of them were into $10,000 or $12,000 range, so it was a very significant difference. But the overall long-term cost I felt was very competitive, so that's why I went ahead and with Finance of America.
The process was unbelievably long and drawn out and far, far, far too many pages. A lot of that were the regulators involved. First of all, the extra documentation that they required that seemed to be simple and stuff, other things were not so simple things. After we finally found someone to do the evaluation or appraisal of the house, they've turned down that one. And I understand from Eric that once in a blue moon, they arbitrarily will wanna spot check the appraisals and call for another one. They called for another one, that delayed me to the point where I had to get a second credit check. Although we closed way before the 90 days, it didn't make the distribution until after 90 days, so they had to do a second appraisal because of Finance of America policy. So now, for the next two years, my credit report will show that I've had too many hired crediting inquiries on my credit report which hurt me by 50 points.
Also, there were all these statements that I had to sign, my wife who was not a borrower, a non-borrowing co-owner of the house is two years too young. It just went on and on and on and on. It seems to me they could do a much more, adjust it as effective legally and protective job with a lot less pages. And every package has forms in it that do not apply to me. When it was sent to me, it did not clearly say, "This doesn't apply to you." And I had to call Eric to get a clarification about this particular page or that particular page or paragraph. I was told to not worry about it and go ahead and fill out the rest. But the rest had the same kind of stuff in it, where it didn't apply. So, why include that in the package for me to review in time if it does not apply to me?
I'm getting a loan so that I have a line of credit to draw on with the equity I've invested in this house that I've owned free and clear for more than 10 years. I just want a back-up in case I have another heart attack or some other issue come up in the future and make sure I can get by financially and I can pay my hospital bills and not burden my wife on her retirement funds to take care of me. I don't need the hassle. That last appraisal that required the HUD just about made me walk. Eric was the only reason I stayed with Finance of America Reverse. He's a jewel and it would be a huge mistake for their company to ever lose him.
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It is my pleasure to have an opportunity to send you an evaluation of Taylor **, the loan officer that handled our re-financing. For openers, I really appreciated his initial contact with me. In his first call he demonstrated a genuine interest is getting to know me, to find out if I was a satisfied customer, did I have any issues with our initial reverse mortgage contract, and to find out if I was aware that there was an opportunity to re-finance our mortgage for a considerable savings. Because of his service oriented approached, I quickly gained trust in who he was and was willing to proceed with the exploration of re-financing.
Taylor was professional in every aspect of our transaction, from introduction to the process of refinancing to the completion of the information we needed to provide. Taylor was very thorough in helping us understand the new loan agreement and the steps it would take to process the loan transaction. This may not sound important, but keep in mind that this transaction was totally done without ever having a face-to-face meeting with anyone in your company. On a scale of 1 - 10, 10 being the best, we give Taylor a 10+.
From the moment that Jennifer (Bunny) ** contacted me concerning my inquiry about getting a Reverse Mortgage, she has walked with me through ‘the’ entire procedure. I CAN’T THANK HER ENOUGH. First she sent me an e-mail and FedExed a hardcopy, outlining what will take place (and Yes, I read the whole thing). Next, was ‘the’ counseling session. It was estimated to take 60 – 90 minutes (over the phone). After 15 minutes, the ‘counselor’ said, “Well, it looks like you understand ‘the’ Reverse Mortgage process” and we were done.
Following this, was ‘the’ application process. Bunny asked me to send her (Faxed) a financial statement which I composed immediately and sent it off. When she got it, we talked about what/why I was wanting a Reverse Mortgage. Her observation was, “If I didn’t have a mortgage, I wouldn’t need any supporting financial help.” (I have income from Social Security and a pension from a large aerospace company.) I replied, “Yes, you are right. However, I have 6 Grandchildren and my son’s oldest daughter is starting college this September, and I know he will need help in financing her college education”. Just a note: I don’t look at ‘this’ refinance as a Reverse Mortgage (because, I will probably never have to use ‘the line-of-credit’ or use the ‘cash out’ for myself), I look at this as a ‘Home Equity loan’ where I am borrowing from myself to help my Grandchildren.
Next, was a list of documents needed to go through the application process. The application process went smoothly, many, many, many documents to sign. Next, the appraisal - - oops, they found a problem (with dry-rot in one of the patio post/pillars) - - need to get that corrected right away (since this is a FHA loan, everything has to be perfect and working). Next, closing, many, many, many documents to sign – again.
The thing that I appreciated the most was, Bunny always kept me ‘Up-to-date’ on what was going to occur next or if we had just completed a mile-stone (counseling, application, appraisal or closing), what was happening - did the application get accepted, if anything was missing or omitted – what was needed to complete the task or the appraisal ‘found’ a problem - what the problem was, etc. It was wonderful working with her. It was like talking to a friend that knew the process and could answer all my questions/insecurities. If I needed to do this again, I would definitely call on Jennifer (Bunny) ** for assistance.
Note 2: I have also told several of my friends that are/were in the same boat I was/am (they have pretty good cash flow (retired teachers), but are currently saddled with a mortgage). However – a caveat, if you are a spender, not a saver – don’t get this type of funding (Reverse/Home Equity). It will be too easy to go through your savings.
I spoke to three companies and when Finance of America called me, they walked me through the process. They were very attentive and very professional. My mom and I chose Finance of America Reverse because they told us that even if they didn't get the loan, it doesn't matter. If we need to know anything about reverse mortgage, they will still let us know. They were very accommodating. They were the best and we made the right choice. Their rep, Marina, was unbelievably good. I've done customer service for 20-something years but her professionalism and customer service was out of this world. She did a fantastic job. We were told that the whole process would take about 45 to 60 days but it happened within 30-something days, way less than the estimated time we were told which was unbelievably good. We told some of the folks in our church about them and we also know a few more people who wanted to do the same program.
Everything went very well when I obtained a mortgage from Finance of America Reverse. Ellen was very friendly and informative like a good salesperson’s supposed to be. She was very good and I just did what I was told. Application and underwriting took a month. The reason it might’ve taken longer than usual is because I screw around a lot with the details. Nothing to do with the company. Then suddenly, two people arrived with 187 pages of contract and I couldn't believe it. There is one thing, though, as I sent them $9,000 and I wanna pay the interest as we go along. However, the lady said I had to pay something else first in sort of a demanding voice, so I just said, “What the hell do I care? I already sent the money in.” I had sent in more than whatever she was asking for needed to be covered, so maybe I covered the interest but I would never know till I’ll get my next statement. Other than that, working with FAR has gotten me some money.
Reverse Mortgage. Taylor was our representative of your company, he kept us informed at all times. He answered any questions we had and followed up to make sure we understood. The process went smoothly and quickly.
Thank you, Beverly. We are so happy to hear you were well-informed at every step of the process.
Finance of America Reverse Company Information
- Social media:
- Company Name:
- Finance of America Reverse
- Company Type:
- Year Founded:
- Formerly Named:
- Urban Financial Group
- 8023 East 63d Place, Suite 700
- Postal Code:
- United States
- (877) 405-0917