Finance of America Reverse
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Finance of America Reverse
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Finance of America Reverse

 4.6/5 (363 ratings)
  • 5 stars
    269
  • 4 stars
    63
  • 3 stars
    16
  • 2 stars
    9
  • 1 stars
    6
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Finance of America Reverse

About Finance of America Reverse

Finance of America Reverse (FAR) provides HECMs, HECMs for Purchase, jumbo loans and refinancing reverse mortgages for homeowners aged 60 and up. Its HomeSafe plans require no origination fees, and homeowners can borrow up to $4 million from the company. FAR’s products and requirements vary by state.

Overall Satisfaction Rating

  • 5 stars
    269
  • 4 stars
    63
  • 3 stars
    16
  • 2 stars
    9
  • 1 stars
    6

Pros

  • Refinancing options
  • Loans up to $4 million
  • No origination fees

Cons

  • Proprietary product only in 26 states

Bottom Line

Finance of America Reverse offers a wide selection of reverse mortgage products for standard and jumbo loans up to $4 million. The company charges no origination fees and requires no mortgage insurance premiums.

Top Finance of America Reverse Reviews

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Rated with 5 stars
Verified

I called Finance of America Reverse and we got a fantastic guy... He did a good job. We did the process on the phone and it was fantastic. Every time he learned about a problem, h...

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Rated with 5 stars
Verified

Most professional experience I have ever had with a financial business. Great follow through. Fantastic customer support. Honest, no run-around whatsoever, and a pleasure to work ...

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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. FAR works with independent mortgage brokers to originate reverse mortgages, and the company’s wholesale loan products include HECMs, HECMs for Purchase, HomeSafe and refinancing.

Mortgage employees at Finance of America Reverse help you select the best reverse mortgage for your financial situation. The company’s reverse mortgage products can eliminate your monthly mortgage payments and give you access to more cash each month.

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 government-insured reverse mortgage loans, which have much lower caps, Finance of America’s reverse mortgage amounts can reach up to $4 million. 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 don’t 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 typically available to homeowners over the age of 60 with some equity, though homeowners in North Carolina, Texas and Utah must be 62. The age of the borrower, the appraised value of the home and the type of loan determine HomeSafe’s loan amounts.

Finance of America Reverse’s HomeSafe options

Finance of America's HomeSafe options let you replace your current home loan with a reverse mortgage. The company currently offers two HomeSafe options: HomeSafe Standard and HomeSafe Select. Both options have no monthly mortgage insurance premiums or origination fees.

HomeSafe Standard

HomeSafe Standard is a full-draw reverse mortgage loan with fixed-rate options and no origination fees. Other HomeSafe Standard fees are comparable to those of HELOC and second mortgages, but borrowers can get more cash at closing because the lender credits customary closing costs. HomeSafe Standard is ideal for homeowners who want to increase their cash flow without upfront out-of-pocket expenses. HomeSafe Standard is available in the following states:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, D.C.
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Louisiana
  • Massachusetts
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • North Carolina
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Texas
  • Utah
  • Virginia
  • Washington

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 on 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 Select is available in the following states:

  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Louisiana
  • Nevada
  • North Carolina
  • Oregon
  • South Carolina
  • Texas
  • Virginia
  • Washington, D.C.

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, mortgage balance, closing costs and the appraised home value.
How is HomeSafe different from a traditional reverse mortgage?
HomeSafe has higher loan limits than FHA-insured HECM loans, and borrowers get more competitive fixed interest rates.
Who is eligible for a FAR HomeSafe loan?
Homeowners who are 60 or older with some equity are eligible for HomeSafe reverse mortgages. In North Carolina, Texas and Utah, the minimum age is 62.
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 is Finance of America Reverse located?
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. Its reverse mortgage specialists are knowledgeable about retirement finances and can help throughout the entire process. The company is a member of the National Reverse Mortgage Lenders Association and has been serving senior borrowers since 2003.

Finance of America Reverse Reviews

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: April 29, 2021

Before I went through bankruptcy, I had a FICO score of 804. I knew that it was going to take some time for me if I ever get back to that high number, but because of Matt's diligence and eagerness to see if he can help in any way, I decided to work with him. I had to close my retail stores and file bankruptcy and the person that I was dealing with at first said, “It has to be two years.” I met that. Then he said something about one of my timeshares have put a maintenance fee on my account, which they did. He said that I would have to wait until February, two years after it was on there. Some nonsense. I totally dismissed it. When I talked to Matt, he said, “How long have you had the timeshare?” I said, “probably 20 years, and this is the first problem I've ever had.”

Matt said, “Why don't you call them and ask them to remove it?” Because I didn't owe the company anything. I called them and and within two weeks, the fee was gone. That was one thing he did for me. The other thing is, my business accounts and my personal credit cards went into bankruptcy, but one of my loans was still showing up. The other finance company didn't mention that to me. Maybe they didn't use that collection agency, but Matt noticed it and he said that there's going to be a problem if that $18,000 is not cleared. I said, “I assure you, it shouldn't be there.” I reached out to PNC. PNC reached out to the three credit bureaus, and they removed it. Had Matt not mentioned that or had he not offered that suggestion or tell me how I could clear up these errors, they would still be sitting there and still impacting my credit.

Once I got involved with the loan officer, Matt, I totally disregarded the other one I started working with. Matt made the process run so smoothly and he answered all my questions and concerns. As far as the rates, I'm glad I got them now and not later because the rates have gone up. One of my mortgages is 7.9 to Bank of America. My first mortgage was 4.9. I explained to Matt, if I want to start putting some money on it anyway to keep the principal down or to keep things down, I love the idea that I can do that. It'll go back into an account and he said I'd get 4% interest on it. I can't get that much interest if it's sitting in a savings account.

There's also a $50 million project around the corner from my house and in a couple of years, the value of my property is going to shoot up. I've watched it shoot up in the last six months since this process started, but I went on with the appraisal amount that Finance of America gave me, because I knew that in a couple of years, it would appraise for some more money. I asked Matt, “In about five years or so, what if I don't want to go up and down three flights of steps? And I want to go get a condo or I want to get a rancher?” He explained to me how that works, that I could go back into a reverse mortgage. I could sell my house or I could go into a different type of mortgage and rent my house and still go back into a reverse mortgage.

I'm not supposed to discuss reverse mortgages when I go to people's houses but I am famous for saying, “I just did a reverse mortgage. I'm happy with it.” If they ask me what company or how I did it, I always leave them my phone number and tell them to give me a call because I don't want to be at somebody's house doing a refinance, discussing my reverse mortgage. I have left my number with several people and I plan on doing more and more referrals because elderly people don't have a good understanding about reverse mortgages.

I even told Matt to pass my information on to the company because I was happy with the person who came to see me and did my closing. However, I wasn't happy with the first person I was given. I didn't like that I never got a confirmation that the lady will come and when I called her, there was no message on the phone. It was just a busy tone and then went straight to, “Leave a message.” I told Matt I thought that was very unprofessional.

People have myths about reverse mortgages, but for me, I love it. I'm glad I got one. I've been a title insurance producer for 10 years now and I've closed on 30 reverse mortgages. Some of the people tell me that the process takes so long and the loan officer doesn't keep them abreast. Matt kept me abreast of everything that was going on, how long certain things were going to take, what they were working on, and what they needed. He was awesome. I was so impressed that I talked to my uncle whose home was paid for and told him about my experience. My uncle also got a reverse mortgage and closed three weeks after I did. It was because of Matt that I went through with the process and as far as my uncle was concerned, it's the same way. He immediately agreed when they talked. He felt comfortable going forward.

Finance of America Reverse response

We appreciate the time you took to share your experience and are delighted that we were able to build your trust. We know some of the retirement solutions may be intimidating and we strive to ensure our customers feel supported through the process. Please let us know if there is anything further we can do to help!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 3, 2021

    I was working with AAG and turned off by the way they were going about things. I was having a hard time getting one of my wife's credit bureau accounts unlocked and AAG hounded me about it. When I talked to the person from Finance of America, he said, "Well, that's not a big deal for us." "Okay, great. That's who I'm working with." Because the guy from AAG was annoying as hell. I kept going back and forth. And he couldn't figure out how to get the thing unlocked. I then started working with a guy from Finance of America and just kept going, little by little.

    Andrew was the guy who I worked with. He seemed to leave me alone because I was learning my way through it. I said, "Send me this stuff by email." It might take me a week or 10 days to get around to doing it, but I would look at his email and what the next step was. He just let me go at my pace, and I did. I appreciated that. Because in the beginning, I wasn't sure whether I really wanted to do this. I didn't know anything about reverse mortgages, etc. I did some research online, looked things up and read as I went, and I kept getting more and more confident. Andrew was very accommodating. For old people like me that have never been through it before, it's a little disconcerting as a process. I can imagine a little lady might be going through it, it could be a little unnerving. That's one of the reasons because I liked the way that Andrew went about it.

    When I decided I was going to do this, we had a mortgage from Provident, and it's making monthly payments. So, when I started out to do this, I expected that I would continue to make monthly payments, to increase the equity in the house. And the way it turned out, once the reverse mortgage got implemented, I was surprised that there was no easy process to go about making monthly payments. It seemed like they didn't want my money.

    That was the only surprise to me. It's almost like the way it's set up is, "Okay, you got your reverse mortgage. Forget about it. We'll talk to you when you die or when someone die or whatever." If you don't make monthly payments, it's never going to get paid off. And I didn't get that until after we got the mortgage. It seemed like it was okay if you wanted to pay, but the way the system is set up, it's weird. There's not a lot of information like, "If you want to make monthly payments, here's where you go and here's how you do it." I managed through it. I finally did get it set up, figured out how to go about it because it's automated. I've done 20 mortgages and this was by far the most relaxed, unassuming kind of easygoing process that I've ever been through with getting a mortgage. In my case, it worked.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 21, 2020

    We didn't have any savings and all our money was tied up in the house. I was looking at companies that had more of the business and kind of sorted out some things on the internet. I also checked with AAG and it seemed like Finance of America Reverse was gonna do it faster. I got a call from Finance of America that they would waive the origination fee and I had to stay with them on account of that. Other people couldn't waive that.

    The process wasn't too bad although it seemed like there was some misinformation along the line. I had done a refinance on my line of credit and I found out I had to wait a year. I went through a lot of trouble doing that. We went through and got the appraisal. But they didn't apparently know that they couldn't run it through. I wasn't holding any information back. I had to wait a year after we had it approved the first time it had the appraisal. It was going to go through underwriting because of that so we waited out the six months and then did it with Finance of America. I started it in October last year and our time was gonna be up in early July so we started the program nine days before that. It pretty well went the end of July before we got it done. But it was a little slow. I was pretty trapped because I had to get the appraisal.

    Autumn was my loan officer. She couldn't get responses from the people that made the decisions. Finding out anything about the status of things and getting answers seemed to take too much time. But it wasn't her fault. It was just that maybe they had so much business they were slow to get back to her. But it would be nice if Finance of America was more responsive to their loan officer.

    There were also a couple of other things that seemed like nonsense with the underwriter like needing information that didn't make sense. One of them was our income or Social Security and we needed to get an award letter. The first page has all the data on it. The second page tells you what to do if you have a problem. They just had to have the second page which we didn't have. I was forced to go online. You can't get another copy of the award letter. They'll give you a printout of what you're getting and that's all you could get. It seemed like the underwriter should have been able to take the page with "award letter" on it. It was the one that had all the data on it. After all, why should I keep it? There's nothing on there that was of any value on that second page.

    It was the same thing with the bank statements. If you had a blank page, they wanted to get the blank page. Nobody cares about what the fine print was. But the underwriter had to have that. I had to redo some things for that and give them all the fine print of what the conditions were on the bank statements. It seemed like they were new at this in underwriting.

    We had trouble with the appraisal too. Last year when I had the appraisal done, it came in at 370,000. But the appraisal I did this time came in at 408,000 and that seemed to bother them so they had the appraisal done again and it came in at 369,500 which was what they went with. We had a lot of improvements on the house. We probably put nearly 100,000 into improvements. We had to get the insurance raised. We had to get it approved with the insurance company that we had all this done so I had to send pictures so that they could legally raise the insurance policy which they did.

    Otherwise, the terms and rates I got were good. When you can waive the origination fee, it's worth all the aggravation. That saved over $4000 or $5,000 on the finance charges on the closing cost. If it wasn't for waive in the origination fee, I would have probably gone with AAG, which wouldn't have had as many troubles.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 20, 2020

    The application process was irritating. It was a lot of repetitive information I kept having to send in. There was a lot of information they require because I was in a trust and I really focused on getting it done. The way it was explained to me was they couldn't use the same information for the second set of questions they were asking me. The processors would ask for something and then they would ask for dual documents that I had sent in before.

    When I started the process, it was right at the beginning of this COVID thing and people started working from home. So it was right during the initial part of the shutdown and it was like a two-week delay because something was closed. But it wasn't anything that had to do with Finance of America Reverse. One gal had gone on vacation and they assigned all the work to her so they had to go back. But they were trying to gear up for the process so I didn't blame them intentionally. The process took six weeks and it should’ve taken four.

    I liked my loan officer as a person, but I am a very strong-willed person. We got along well and we got the process done, but she was pretty rude. But we always got over the hurdle. I had a thing with my name and it created a little bit of an issue. My legal name is Rancie and that was not what it was supposed to be, so they started calling me Rance. So when I went to school, I was always Rance. When I first titled this house, it was titled in the name of Rance because that's the way all the paperwork was done.

    We got into kind of a hassle over that because I kept sending in the information, saying this is an alias that I use. But my loan officer got real objectionable saying, “Well, they can't cut you a check unless they send it to Rancie.” But I didn't have a checking account with Rancie on. All my checking accounts had Rance on them. So I said, “Fine, send me a check.” When they sent me the check, they sent the check to Rance. So I was frustrated because of the argumentation that I went through, and the things that I had to do to get my name changed on a different account just in case they wanted to send the check.

    The Navy Federal issued the title and everything else in Rance and she kept saying that they couldn't do that. She made more of an issue out of that than it was, and it irritated me. I'm 67 years old. Don't give me a hard time, and because I sold reverse mortgages, I know they could do it. It was not the fact that they couldn't issue me a check, she was just being hardheaded and stubborn because the underwriters were being hardheaded and stubborn, or that was what she was telling me. It really ticked me off. We got to where we were raising our voices to each other over that one.

    The whole process was great. They do the process and then I get all this information from Celink. Now, they're sending it back to Finance of America Reverse. None of that makes sense to me. But the funding was done through Celink, which was a mortgage company. They had lost because I live in a townhome. I insure the inside of the building and the association insures the outside of the building. That was the thing that kept tying us up because they couldn't get in touch with the one gal at the insurance company that did the paperwork. That was my two-week delay. It wasn't Finance of America Reverse. It was my insurance company because only one gal did all that work and I had to wait for her to get back from vacation. I had to do all the legwork calling my managers, but it all got done.

    I don't have any bills, which is nice. I'm totally debt-free. My FICO score is like 811. So, there was nothing that was objectionable. They under appraised my house by about 10 grand, which I didn't care because it didn’t make that much difference in the cash out. So the things that most people might say frustrating, I didn't care. My house was worth 275,000 to 285,000, and they came back at 265,000. I was fine with that because I'm gonna live here till I die anyway, so I don't care. I would refer Finance of America Reverse. I'm more into doing business with smaller companies instead of the big name ones that are floating around all the time.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 18, 2020

    In my circumstances, I had investigated reverse mortgages and they're certainly not for everybody. But the two limitations, which would be passing your property along to any heirs was not a problem for me and not a requirement nor was the requirement to stay in the house over a long period of time. I'm happy with the residence and I intend and want to stay here. At the end, it was as if I had a paid-off house with no more obligations or cost than if I did own the house free and clear. So, that gave me enhanced cash flow and a more comfortable retirement.

    I was contacted by a representative from Finance of America Reverse and she was awesome. I owe her a complimentary letter that she can share with her supervisors. She was extremely good through the entire process. I had already done research on my own. She reviewed, asked me initially why I was interested in this and what I was trying to achieve. I explained to her and she said that would be a good fit as a profile for someone that should look at a reverse mortgage. She sent me initial information and then very quickly sent me a quotation for how she would expect the funding to go, the cost and what I would have in terms of resources after the mortgage was completed. Then we made the application. She kept in great communication all the way through the process.

    I checked with another top-rated reverse mortgage company for a competitive quote and found that they were more money than what I had been initially quoted from Finance of America. But upon informing my agent, which I did out of fairness to her, she was able to reduce the anticipated closing cost of my loan by a couple of thousand dollars. So, they started off being highly competitive and became even more so. She followed it completely and was informative. I never once had to call and ask what's going on. The process moved very quickly considering that any kind of mortgage or financing is not a fast process. Everything happened exactly as she described it and there were no hitches or problems along the way. So far, I've had no issues with the organization themselves.

    The rates were competitive and we'll see if I made the right choice. I went with the variable rate based on their projections of what that rate would be over time and if you expect it to be. It's certainly the better rate for now. Anyone that's looking to go for a reverse mortgage needs to clearly understand that by the unique nature of it and the type of mortgage insurance policy that is required so that you're never upside down in the note or in the loan, it's not something that you wanna do as a short-term solution to financial problem. You would wanna stay in the house and keep this mortgage in place for a number of years to be able to come out because it's a more expensive financing package, initially. But other than that, from previous experiences, it was a comparable cost as far as the other services and fees.

    My agent was superb and my entire assessment of their organization up to this point is based on my experience with her. I haven’t needed to draw any money from them. I’ve not had any other needs. Because by the nature of it, you sit back and I get a monthly statement that shows the activity on the account because since you don’t make payments, your account balance increases each month, but that’s the point. If she is typical of their agents and the attitude of the company, I am extremely impressed and I would recommend her to anybody that I know in a heartbeat.

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: June 8, 2021

    We check with Finance of America first to see if it would be easier to refinance with them since we already had a connection. The amount of paperwork and the sheer amount of hoops that kept getting held up, and wanting more and more information to get the approval got rather annoying and intrusive. The guy we were working with, Toby, was great and he did a lot of work. I’m very glad he was able to get it through and we were able to complete the refinance. Working with Finance of America, we lowered our interest rate and I got my name back on the mortgage. I’m glad we did this refinance and we got it through. It was worth getting it done. It was just a little more of a pain in the patoot than I was expecting. Other than that, I'm satisfied.

    Finance of America Reverse response

    Hi Atlanta, thank you for taking the time to leave a review about your experience. We understand that the refi process can be quite tedious, but are happy to know that you were able to achieve your goals in the end.

    Please let us know if there is anything further we can do for you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 7, 2021

    I did my reverse mortgage with Taylor and could not be happier with the service he provided. The process was simple, quick and enjoyable in great part thanks to Taylor. I would strongly recommend his services. You will NOT be disappointed.

    Finance of America Reverse response

    Hi Charlie, thank you for taking the time to leave a review about your experience. We are happy to hear that Taylor was able to help you achieve your goals quickly and efficiently.

    Please let us know if there is anything further we can do for you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 5, 2021

    Finance of America Reverse would call me up and I'd have to go in and sign papers, and they were ready for me immediately. I didn't have to wait. The biggest problem was we had trouble getting an appraiser on the house because of the pandemic. It was just getting started. But I was perfectly okay with it.

    Finance of America Reverse response

    Hi David, thank you for taking the time to leave a review about your experience with Finance of America. We are delighted to know that you were able to achieve your retirement goals with us.

    The appraiser is an independent nonaffiliated third party. They do not work for us and due to compliance regulations we do not communicate with them or contract them ourselves. We are not allowed to communicate with them directly, only through another third party so we have no influence on their results. They are certified to inspect and evaluate your property in adherence with FHA guides.

    Please let us know if there is anything further we can do for you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 4, 2021

    The process with Finance of America Reverse went fine. The lady that helped us in California was extremely helpful. She got back to us constantly so communication was the key point. The rate and the terms were good compared to the other people that gave me quotes.

    Finance of America Reverse response

    Hi Kenneth, thank you for taking the time to leave a review about your experience. We are so happy to hear that you were able to achieve your retirement goals with Finance of America.

    Please let us know if there is anything further we can do for you.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 3, 2021

    The process with Finance of America took over a year. The first approval officer didn't want to approve the loan. My first application expired because that person took so long and it had to be re-initiated. It was assigned to somebody else and it was finally approved. I had to have the place appraised twice and I had to have my counseling done three times. I would have dissed the company a long time ago. But Finance of America Reverse was the only company in the world that will lend in Massachusetts to a house that doesn't qualify for an FHA loan.

    I liked Autumn very much. I was dealing with her as my frontline person of contact and she was very good. I also liked the person who is now in charge of customer relations, now that the loan has been issued. But I do not like the first approval officer I had. I wanted an FHA loan at about 3% and as a revolving line of credit. Finance of America ended up having to take up a large chunk at 7.5%. Overall, I am satisfied with the ultimate result but I'm not happy with the process. It should not have taken from February 2020 to April 2021.

    Finance of America Reverse response

    Hi Phil, thank you for taking the time to leave a review about your experience. We are delighted to hear that you were able to achieve your retirement goals with Autumn.

    Please let us know if there is anything further we can do for you.

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    Finance of America Reverse Company Information

    Social media:
    Company Name:
    Finance of America Reverse
    Company Type:
    Public
    Year Founded:
    2003
    Formerly Named:
    Urban Financial Group
    Address:
    8023 East 63d Place, Suite 700
    City:
    Tulsa
    State/Province:
    OK
    Postal Code:
    74133
    Country:
    United States
    Website:
    www.fareverse.com