Finance of America Reverse

Finance of America Reverse

 4.4/5 (239 ratings)
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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 55 and up (for certain HomeSafe products only, excluding Massachusetts, New York and Washington, where the minimum age is 60, and North Carolina, Texas and Utah, where the minimum age is 62). 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.

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Pros

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

Cons

  • Proprietary product only in 28 states

Bottom Line

Finance of America Reverse offers a wide selection of reverse mortgage products for standard and jumbo loans up to $4 million. For some products, the company charges no origination fees or 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 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 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
  • 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.

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 55 or older with some equity are eligible for HomeSafe reverse mortgages in most states. In Massachusetts, New York and Washington, the minimum age is 60. 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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4 featured reviews
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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: June 2, 2022

I was the representative for a friend doing a reverse mortgage. His wife passed away and he really needed to get into a reverse mortgage. Almost everything ran through me. We started with AAG but it was a nightmare of just starts and stops. I did some research on companies that I thought were good and ended up with Finance of America. The representative was unbelievable. We had some other issues that were really not necessary but the rep we worked with was absolutely fantastic.

The application process was fine and fairly easy. But the underwriting process was a nightmare. I sell real estate so I work with a lot of firms. We ended up having two appraisals because one came in and because of FHA, they required another one. One of the appraisals had a condition on it. They became completely unreasonable with how to determine that condition. I had two firms tell them that it was a minor problem but they insisted that I get a structural engineer. If I had not been in the real estate business, I wouldn't have had access to somebody to get that done at anything close to a reasonable cost. I would be told one day something was okay then I'd come back and the poor rep would say, “No, they told me it's not okay.”

Underwriters don't have skin in the game and neither do appraisers. I'd been in business for a long time. When you don't have skin in the game, you don't have a reason to do your job as effectively as possible. I wish that this was a limited experience but I experienced some of the same problems with underwriters everywhere. It's their job to generically view stuff and it doesn't make any difference to them whether the loan goes through or not.

We did the counselling and the one that Finance of America used did a better job compared to AAG. The gentleman I was working with, Ron, had been a lifelong real estate agent and it was somewhat useful. He did a much cleaner job. I would recommend Finance of America. If it hadn't been for our agent Barbara, it would have been a very bad experience.

Finance of America Reverse response

Hi Kent,

Thank you for taking the time to leave a review about your experience with FAR. I'm happy to hear that Barbara was able to assist you in the process of representing your friend. 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: April 11, 2022

    I did some research with the help of Franchesca. She warned me about AAG and gave me articles about them, and defended Finance of America, which I appreciated. Because I read the articles and AAG showed up themselves to be greedy, because they wouldn't let go. And they kept sending information. They were like a Pitbull. They would continually bother me when I was already working with Finance of America.

    Franchesca started out with us. She was such a big help, and actually became a friend. And she loved Finance of America. I have never met her or known of her before this. And when I found she was let go, I was shocked. She could talk on and on and maybe not get things done. She stayed on the phone too long. Because I had other things to do, and she talked about things that weren’t really relevant. I got to know her a lot better, and she got to know me. That quality of person, of being personable, is gone. And she was personable, and very sharp with figures.

    Toby came along and took over, and he was stellar in helping us too, along with Franchesca. I liked Finance of America so much. I already told a friend about it and gave her Toby's number. I appreciate Finance of America. And I hope that it stays that way, because I found a gem amongst all these businesses that are corrupt. It’s hard to find a business that stays honest.

    There's only one little glitch that happened, and that was when the guy that had us sign papers. The amount was not the same that was told to us by Toby that we would get. So, I got upset, because nobody explained to us that the amount was would be lower. We got ahold of Toby. He was on the phone with someone else. He got right back with us after half an hour and he explained that the property taxes were taken out automatically from the amount we would get back. I didn't know that. He didn't explain that to us. He apologized profusely for us not knowing that. I was not ready to sign because I thought, “Here we go again, another dishonest business. Not telling us.” But no, it was all on the up and up. It just was not explained to us.

    Toby probably had so much on his mind. I’m gonna limp for him, because he was a great guy. And I called him another time afterwards about something, and he got right on it. He even said, while he was working with us, “If there is a problem or you have a question, I don’t care if I’m even on vacation, you call me.” That was impressive. It was refreshing working with Finance of America.

    Finance of America Reverse response

    Hi Mary,

    Thank you for the review! We are delighted to hear that you felt supported by Toby throughout your journey with FAR. We strive to ensure our customers have all information necessary to make the best decisions toward their financial goals. Please reach out if there is anything we can do for you in the future.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 8, 2022

    When Glen called, it was a prayer answered because he was so kind, understanding and helpful. And I decided to go ahead and do the reverse mortgage with Finance of America. So, it went forward and we just got closed a few weeks ago. Glen explained everything to me. And he would call and check up on me to see how I was, and went through the process. He called me constantly to update me with what was going on. And I chose to get some money out because I'm looking to buy a new car. He helped me with that. Also, we had several times when the FedEx people would drop something off for me to initial. I would take it back in when I was shopping, and take it to the FedEx office in Cedar City. He would call and tell me that he got the information with my signatures. He couldn't have been better for me.

    I'm here by myself in Utah. My children are all in California. Glen took his time to call my daughter in California and discuss everything that was happening with the reverse mortgage that I was applying for. It was so awesome of him. I can't thank him enough. My daughter knew everything about my situation and discussed everything with him so that she was aware of what was going on with this reverse mortgage that I was applying for. That was very thoughtful of him.

    I had two people come out and do a walkthrough with me of my home. And they gave an estimate of everything that I have here. It was very smooth. They were very nice people. One was a young woman and the other was a man. They were very thorough. I have a dropdown ladder in the garage from the top of the ceiling. They both climbed up there and took pictures of what the upper part of the garage looked like. And they both took outside pictures and took good ones. I have five acres. And they took really good pictures. I appreciated their ability to take a walk through for my home.

    Finance of America Reverse response

    Hi Shirley,

    Thank you for taking the time to leave a review! Happy to hear that you felt confident with our FAR team as we strive to make our customers feel well informed and supported through the process. Please let us know if we can help with any future financial needs.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 1, 2022

    The FAR rep was great. We really liked working with her. We refinanced our regular mortgage a couple of times. They're all intensive depending on the 80/20 split equity on your house. It seemed to go on a little bit longer than a regular mortgage refinance. But when they finally had what they needed, it went really fast. We had some misunderstandings though. It really wasn't that clear to us what we were going to be responsible for. They also wanted a second appraisal. We didn't realize that we are going to have to pay all of that too. The first appraisal was 315,000 and the second appraisal was 338,000. So they have to, on FHA, stick with the lower. That was quite a bit of a chunk of money.

    In the end, we finally found that the money that we were going to get was not what we thought. Because we had to pay ahead. At that point, they said, “It’s within 90 days.” So we had to collect not only this payment but the next check payment. That was all left to the very end when things were actually going through. They should be a little more clear about what was going to be in the mortgage, what was gonna have to be at the closing, what was going to be rolled up in the mortgage and what was going to have to be paid at the end. If we knew the appraisal was really going to be ours to pay, we might have paid more toward it.

    Finance of America Reverse response

    Hi David and Sherry,

    Thank you for taking the time to leave a review about your experience. Happy to hear that you felt confident with our FAR team as we strive to make our customers feel well informed and supported through the process.

    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 we can help with any future financial needs.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 4, 2022

    The application process with Finance of America Reverse took three months but we weren't in a big hurry because the house was in the build stage. I had the money to put money down because we sold another house when we were living with my daughter. The rep was in California but he usually responded back when I had a problem. You have to send all this info on how much money I’ve got or gonna have. It was frustrating at some point because the house was worth that much and they were covered and they were loaning only 60% of the value so they couldn’t lose. But that’s not the rep’s fault nor Finance of America Reverse nor the underwriter.

    The worst part was we paid 3.96 for the house and the appraisers appraised it for less than what we paid. When the home was almost built a month before we were gonna close, our builder offered me 70,000 more than our original bill was because people were dying and coming from out of town that wanted to buy the house. He said he would give me 70,000 more for what I paid and that he would build me one just like it for 4.20. So that'd come out about 50,000 a head. But it would take another 9 to 10 months. We didn't want to stay with my daughter for 9 or 10 more months, so I said no.

    I had the cash to buy the house and it was sitting in stock. I told my staff that I was done with this Finance of America Reverse. I've always learned that all these people say that their biggest asset is their house. But for me, it makes me no money. I eventually borrowed money because of my financial advisors. They told me that what we were gonna do was borrow the money against my stock and use that to pay for the house. Then when I got the money from Finance of America, pay that loan off. So that's what we did.

    It was two loans because I got two separate accounts of stock. They gave me 1.25 to begin with and I paid off one of the loans. I still owe another 110,000 but Finance of America says I only got 90 more coming. And you can't get all the money at once. You got to wait a year and then I can draw the rest. I'm gonna get my own appraiser and Finance of America better come in at a better pricing and pay at least what the loan is off, if not a little more money. Or I'll pay off Finance of America, and I'll get some of that. I'll go back to AAG or somebody with a decent appraisal.

    Finance of America Reverse response

    Hi James,

    We appreciate your feedback and are so happy to hear that your experience was fantastic! Finance of America Reverse strives to provide our customers with a knowledgeable team to help you through the journey as painlessly as possible.

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

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    The whole thing had me pissed and stressed out. It was aggravating. If I sit up there at closing, they say, “Everything is done. You don’t have to worry about the insurance. Everything is fine.” But when I sit up there and thinking I'm about to lose my insurance, and my insurance company called and telling me to pay out of my pocket, I had a problem with that. I didn’t like that one bit.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 20, 2023

    The rep I was working with, Kevin, was very pleasant. But the amount of money I got is not much. Also, the interest rate I'm being charged makes this look like a very bad investment.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2023

    I liked the agent I worked with at Finance of America Reverse. I got along with the agent. Primarily, the process was done over the phone. I faxed and photocopied a few documents, but it was much simpler than I anticipated. We own our home outright, and we were about to start having issues with paying our property taxes. The reverse mortgage was the best way to go. It's helped immensely.

    Finance of America Reverse response

    Hi Duffey,

    Thank you for taking the time to leave a review! Happy to hear that you felt confident with our FAR team as we strive to make our customers feel well informed and supported through the process. Please let us know if we can help with any future financial needs.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2023

    Finance of America was very good, professional, and responsive. It was a lot of information, but it's necessary if you wanna go through it. A lot of redundancy is included. It's a big pain in the neck. It could have been done more efficiently. But the rep was efficient almost to a point of excess. He was right there for us. He made sure we understood exactly what we were doing, and he explained it in a very thorough and quick response way. I was happy with him.

    Finance of America Reverse response

    Hi Charles,

    We appreciate your feedback and are so happy to hear that we were able to assist you throughout the reverse mortgage process. Please let us know if there is anything further we can do for you.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2023

    Finance of America Reverse appeared to be the best deal. The application process was rather easy. I put in everything that I needed to do and there was a callback. I talked to the agent and he was very upfront with everything. Everything sounded good. The agent that I had was based out of New Jersey and closer to where I live, Pittsburgh. He was excellent. It was a little rough on the rate. I still have to contact Finance of America back because I would like to pay back what I can when I can. Other than that, everything was on the up and up and satisfying.

    Finance of America Reverse response

    Hi William,

    Thank you for taking the time to leave a review! Happy to hear that you felt confident with our FAR team as we strive to make our customers feel well informed and supported through the process. Please let us know if we can help with any future financial needs.

    Be the first one to find this review helpful
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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