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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Diana was unbelievably superb to work with in all categories and we were very, very pleased. She was very explanatory. There was a time when she called me to talk about Finance of America Reverse, and at the time, I told her that I wasn't interested at all. And then, she followed up two or three months down the road, and I inquired about it. I got more information from her and then we established communication and moved forward until we finally got it taken care of. She followed up everything from her side, and I followed it up from my side.
The process is lengthy because they require quite a bit of documentation. We were very prime candidates because of the equity we had on our house. The only thing that I'm upset about is when I get my monthly check for the first 60 months, there's a $30 fee associated to that thing. I'm spending $2,000 to have them send me a check over a five-year period. So it's $30 a month to send the check to me or deposit the check to my account. In 60 months, that's $1,800 to process the check, and that's outrageous when I'm paying a 6.99 interest rate.
I got stuck rating between a rate hike. It was 6.75, and it kind of surprised me that when they finally draft the papers, that it came out to 6.99. But I had a fairly good rate. We live in a very, very nice neighborhood of the country. Land values here are outrageous. We have a three-bedroom house, and it's a $2 million value. And we were able to capitalize nicely in terms of the monthly payout over the five-year window.
Thank you, Ron! We are delighted to hear about your positive experience with Diana. She surely is an asset to the team! We're glad the two of you reconnected and that she was able to help you achieve your goals with a reverse mortgage.
Scott ** went beyond the words "customer service" to direct me through the entire process. His quick response to my request for info is what sold me on the idea plus choosing FAR. Thanks for a job well done!!
Thank you for the great review, John!
My experience with Taylor was exceptional. He is so pleasant and cooperative with all my questions. He was always available when I needed him and he has a sweet sense of humor. Everything he said he would take care of he did and then some. I`m just glad that it was him that I got to work with.
Thank you for your wonderful review, Susan. We are proud to have kind and caring loan officers like Taylor.
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!
I built an $800,000 house. I borrowed 200,000 from Finance of America Reverse to access the equity and to withdraw that money tax-free. I was not happy with their price. Also, there were certain requirements that the rep I worked with had no control over. The processing took too long, about five months. The application and underwriting process was simple but my rep, Julie, passed on the processing to somebody that she depends on and she would come back to me and say that the girl didn't do the job or she didn't get the information that she needed. They didn't seem to have a checklist.
I kept telling Julie that I had a house payment coming up and that the reverse mortgage processing needed to be completed before the house payment was due. They didn't hit the deadline and I was very upset. She said, “I guarantee you, you will not have to pay the mortgage.” She called me at 4 o’clock on a Friday and said, “I’m sorry, but you need to go ahead and pay the mortgage.” I did make the payment, and then after everything was done, I got a check from my mortgage company. Despite that, Julie followed up, she checked. The problem was my wife didn't wanna do this reverse mortgage. So, Julie provided a lot of information to help me convince her. Julie handled some of my wife's concerns, so I give Julie credit for a lot of stuff. She even FedExed everything more than once. I couldn't ask for anybody to be any nicer. On following up, she wasn’t pushy.
I just built this house and I did it on a cost plus with a guaranteed max. I had my actual cost from the builder. And so, the appraiser came out and he came back with an appraisal of 610. I got a house that was just built across the street from me that was 1.25 million. This guy came out and the only thing that he did for me was he confirmed my square-footage. But for him to put it at 610 was ludicrous. I had a heartburn on that, but FAR couldn't do anything about that. I think they were at their mercy. I had two choices and I didn’t know either one of the choices as far as the appraiser. I just picked the wrong one and I didn’t know that FAR could’ve done something on that. This guy shouldn’t be on the list to do an estimate for FAR.
If in the future, I’m not making a payment on a $200,000 mortgage and it accumulates, I don’t really know how negative it will be, other than I think it will actually be a positive because the value of the house, if you’re looking at 610, then that’s almost 800,000. I’ve got a lot more equity in the house than what was shown with the valuation, but I think that’s a negative because the appraisal was not correct. In the end, the advantage is I don’t have a mortgage. I’m debt-free and I have no quarter payments. I was looking at reverse mortgage as just having more expendable income.
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My mom has dementia and I am her guardian so, we are caring for her and I’m home right now in order to do that. Plus, in order to continue to keep her at home and provide the best care that we can instead of sending her to a nursing home, we did a reverse mortgage on her house. We started the process about a year ago. We’ve been talking about it for a long time but as it was, we were running out of resources. It was clear that in order to get through another year or more, we needed to do that. We asked around what the process was from my lawyer and we got some advice. We found Finance of America Reverse and started working with them. We expected that it would take about three months to finish everything, and it took closer to nine months. That extra six months was challenging but they did things to make it work.
Finance of America Reverse messed up on the paperwork and I was out of the country for a while for four months, so I had to come back in order to sign the papers. When I signed the papers, it turned out they messed up one of the 200 pages. It was a ridiculous stack. They did an addendum or something at the very end and they had the wording wrong. Our lawyer caught it but they wanted me to come back to the country. I was at a very remote part of Canada and they were willing to work with us and had me sign them and download what they wanted me to sign, print it out, and then FedEx it back. I appreciated the fact that they were willing to be flexible. It was really good that I didn’t have to fly back a second time. So, in the end, I was happy with how it all worked out.
The rep was great to work with and I was very comfortable with her. When she came back from her vacation, she helped me straighten out the things that got a little screwy when she went off on vacation. I really liked her. The process was more difficult than I was expecting going into it, but I was happy that we managed to work it all out in the end. Other than how long it took, which was hard and we definitely run out of money before getting the reverse mortgage, I’m very glad that we got it because otherwise, she would be in a nursing home now. So, we got it just in the nick of time. So, I would recommend Finance of America for someone in our situation. Working with them made it possible to keep mom at home for another year or maybe two more years, and it’s really important to me and my siblings. So, we’re really happy about that. I was overall satisfied with the process in the end.
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.
We needed a little additional expense and we're at our age now where we're not gonna sell the house immediately. So, we're allowed to stay here because it's still our house. And I continue to pay taxes on it and homeowner's insurance. But upon final closing and selling of the house, they will deduct the amount I had on the loan. I decided to look into a reverse mortgage then. I made a phone call to Finance of America and I got an agent who is out of lower Virginia. She worked with me over the phone, explained everything and helped me along. At the beginning, she told me I don't have to do anything except listen and sign a few papers. And that was more or less what I did. And when I had to do something, I said, "Listen, you're supposed to be doing this and that." They ended up doing any of the phone calls to different companies and so forth.
With Finance of America, we had to have an assessor come here and then we had to be backed up with another assessor to double check on it. And then, a notary had to come to our house and go through about 100 sheets and yeses and nos and sign each one of these sheets. It was a little more homework than selling a regular house and getting a mortgage. There were a little more paperwork but it didn't take that much time from ourselves. I got phone calls and checked my emails and everything was going over the email again. And the paperwork that the notary brought was about the final closing paper signatures that we had to provide.
Then the approval came out, and we got our amount and what we were more or less allowed and an actual cash value that were given to us. And then also, the expenses on final closing, which kinda surprised me, included my property tax for that quarter coming up. The agent that I spoke with provides a lot of the information and a lot of the legwork and phone calls, so we don't have to go out and do all that. I had to make a few phone calls to prove through my homeowners insurance company that I was gonna be doing this and I had to give them the okay.
Then, I also have a PTR, the property tax return. In this case, it was a homestead benefit that is paid to us from the state. And that was not deducted from the payment for the property tax for the month of second quarter. So I had to make a few phone calls on why and what happens there. And I called the agent up, who I started this with, and I told her she should be doing it. She did, but she said she represents a third party. I needed to make the phone call and I needed to tell them what was going on, which I did. But I thought that she should be doing this. And she apologized for not carrying on with it. But that was the only little problem we had.
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It was very easy to get the mortgage but there was some issues with the funding toward the end. There was some confusion on paperwork so that could've been better. The loan officer could've been more involved in sorting out the problem. It was the typical sale type of thing where it was gonna get complicated and the loan office didn't have time for it. So I was a little disappointed. Other than that, everything was fine. It allowed me to free up some cash that I wouldn't have had otherwise.
Thank you for taking the time to share your experience, Joseph. We are sorry to hear about your disappointment and the confusion at closing. We strive to always have someone on the team available to assist in the rare instance that the loan officer cannot be available. Please feel free to reach out to us if you have any questions or concerns in the future.
I already had a reverse mortgage with them and there was no money out of pocket. Getting the loan this time went okay. It was a little slow but the rep was very informative and he kept his word when he said he was gonna call. Everything went smooth as far as that was concerned. He seemed to be on top of everything. But somebody should find a way of making the paperwork a little bit less. Other than that, everything is going smooth. My rate was 2% less, so that was good.
Arthur, it's great to hear we were able to lower your rate by a whopping 2 percentage points! That will really help you preserve more of your equity. We are always looking for ways to reduce paperwork, in addition to allowing applications to be signed electronically in most states, but due to state and federal regulations, many documents and disclosures must be hand-signed. This is meant for the consumer's protection, but we understand it can be a bit cumbersome. We appreciate your feedback and loyalty!
The guy that I was dealing with responded to me and got back to me. He was good. I really liked him. That's why I went with them. I called some others and they never would get back to me. The other one I called was one where Tom Selleck advertises, and they weren't very efficient at all. I had got a call from somebody else after I dealt with Finance of America Reverse, and I would've been able to get more money out from them. But by the time it was coming to the end, I was in a hurry because it did take a few months, so I didn't go with them. The guy from Finance of America Reverse hooked me up with everybody, including the appraiser, and the person that came out that had to get the paperwork signed and I liked her too. Everything went fairly smoothly. The process took quite a while, but I wasn't in a big hurry.
Thank you for your review wonderful review, Margrett. We're glad to hear that the process went smoothly and that you were happy with the notary who helped you with signing the paperwork.
After searching for a reverse mortgage, Finance of America was one of the few companies that called me. They were very sincere and tried to help me with whatever I needed. The application and underwriting lasted from September to December. There were a few steps there and they couldn’t help it. That hindered my case. They had many questions. Another problem was they came up every other day with different forms. The process of obtaining the mortgage was a little bit longer than I thought at the end of it. Other than that, my rep was very good. She was very eager to get me going and get me my loan. Her guidance was fair and I was very comfortable working with her. The rates were also good. Finance of America was very helpful. Now, it's easy to pay my bills and everything else.
Finance of America's rep, Aaron, clarified as much as he can. He was very easy going and explained everything thoroughly. Whenever he called, I was trying to be there to answer his questions, but it went pretty well. Applying with them took a while though because it wasn't done by the computer. I'm not computer savvy for it to be done that way. So, it was snail mail back and forth with some items. Even so, the rate and terms I got were above average and I'm satisfied. Working with FOA has made my life easier with having access to a line of credit which I need.
We're happy to hear about your positive experience with Aaron. We understand it can slow down the process, but we do our best to accommodate people who are unable or unwilling to use a computer.
Please feel free to reach out to Aaron or our Customer Service team if you ever have questions or would like assistance with drawing from your line of credit. We're happy to print and mail you more copies of the form if you ever run out.
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