Finance of America Reverse Reviews

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.

A FAR HomeSafe reverse mortgage loan pays off an existing mortgage, and the borrower keeps the remainder of the funds. Unlike FHA-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 receive cash in a lump sum, payments over time or a line of credit.

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 55 with some equity, though this excludes Massachusetts, New York and Washington, where the minimum age is 60, and North Carolina, Texas and Utah, where the minimum age is 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'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
• Minnesota
• Missouri
• 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
• Michigan
• Minnesota
• Missouri
• Nevada
• New Jersey
• North Carolina
• Ohio
• Oregon
• Rhode Island
• South Carolina
• Texas
• Utah
• Virginia
• Washington, D.C.

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.