Finance of America ReverseConsumerAffairs Accredited Brand
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.
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Our financial planner suggested we consider a reverse mortgage. We have no heirs and a great deal of equity in our home. I called three lenders, and William ** at Finance of America Reverse offered us the most favorable terms without knowing that I was shopping. In addition, William was readily available to me, clear in his requests for information and genuinely interested in helping us. We started this process in January and were closed in about 30 days. Overall, this has been a very positive experience and one that will help us financially for the rest of our lives.
We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with William. We work hard to find the best people to provide a great experience for our customers. Thank you for your business
We decided to do the reverse mortgage because none of our kids want our ranch. Before Finance of America Reverse, I was dealing with a broker who then went through a third party and then to the mortgage lender. I kept getting delayed and delayed with these other companies. I just got tired of the runaround. By the time I got to Finance America, I was kind of a little leery, but they started calling me back every day. Finance of America is direct and they stayed right on top of it. Whatever they needed, I could furnish them. It was really quick and easy and they stayed on top of it. They have the right connections. But I learned a lot by going through those other places. There are a few of bad companies out there. They’re just trying to make an easy buck off of people that aren’t in a good position.
My loan officer took care of all the questions. I also worked with the manager when he stepped in because the loan officer had a family emergency. They worked together and it was a seamless transfer. The application process was really simple and including the underwriting, it took about three months. Now, I don’t have any payments anymore and I’m going to retire in another year.
Thank you for leaving a review with Consumer Affairs. Great to see our team made this a simple process for you. Thank you for your business!
I'm alone and I'm not getting any younger. I have nobody to leave the house to and if something happened before I could sell it, that would be unfortunate. I thought a reverse mortgage would be a good idea. That way I wouldn't have to worry about it if something happened to me. I was going to go with the company that was most popular but Finance of America Reverse was next on the line in the list. I called and loved the gal that I talked to. She was the only one who sent me a package and and everything was in it.
I had studied on reverse mortgage and I had experience with my own parents so it was something I had in the back of my main mind. I was ready and all I had to do was call somebody and take up the lesson. It went so easily. Monica was exceptional and I love her. She was right on top of things every step of the way. It took a couple of months, which was just right. We closed and I'm happy. I also had an A-1 experience from the girl who came for the closing. I would recommend that company to anybody.
I got the money that I wanted and the terms were wonderful. The reverse mortgage was more than I expected. I had taken out a loan to build up credit even though I have good credit and they paid that off for me and I'm very satisfied with everything. It's nice to know that there are alternatives somewhere and you don't have to be stuck somewhere. It works well for me, not having any family. I came from Rhode Island and I got back four months out of the year. I built a house up there with my kid brother and hopefully, I'll be buried there. That was why I wanted to make sure I had something solid that I could depend on if something happened to me.
We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with Monica. We work hard to find the best people to provide a great experience for our customers. Thank you for your business
Finance of America Reverse was very helpful and considerate in arranging for my reverse mortgage. Ernie answered all my questions and gave me plenty of time to make a decision. I would recommend them.
This entire process was a no stress pleasurable experience. I was most pleased with the outcome as well as dealing with knowledgeable people and patient as well as applicant oriented. I was made to feel very comfortable throughout the entire process.
I was looking into a reverse mortgage. Gave a few companies a call. I was fortunate to get Ernie. Oh my goodness he was great, sent me info, answered all my questions and kept in contact to make sure we were headed in the right direction. It was so easy and no stress. Since then it has been very easy to get access to the mortgage.
Buying and refinancing a home is most often faced with trepidation and a lot of questions. Taylor's expertise, patience and kindness took the worry out of the event and made the process not just bearable but enjoyable. Thank you, Taylor.
Somehow I lucked out and the most excellent reverse mortgage specialist answered my call, Julie **. She is very knowledgeable, professional and patient. In the midst of the process, my husband passed and Julie became my moral support thru this transition in my life. A friend for life.
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Zack **, from Finance of America, has gone over and beyond expectations on helping me with getting my Reverse Mortgage Loan. No one, including his supervisor, thought this account would go thru. Thanks to Zach, going beyond what he had to, I got my Loan! If it wasn’t for Zach, I know I would not have gotten my Reverse Mortgage. I believe no other person would have taken those extra steps. Thank You Zach **! I really owe you!
Thank You seems so inadequate to say to Nick **. It was Nick who was always available for any question I had and Nick on his own would check in on me. Nick explained the whole process of a Reverse Mortgage and put me at ease. He was always so positive and friendly. I feel Nick is a real asset to your company. It is my hope someone else will have the privilege of working with Nick.
My experience with Nick went smoothly due to his knowledge of reverse mortgages and his ability to answer all my questions. He was easy to reach and returned all my calls in a timely manner. He was truly interested in helping me attain my reverse mortgage. Dealing with Nick was very pleasant and I would recommend him to my friends. Finance of America Reverse is very lucky to have Nick as an employee.
I wanted to pay off an existing loan and due to a lack of credit, I decided on a reverse mortgage. I talked to two companies but Finance of America Reverse was the one that was closer, even in terms of a phone location. The other one was California and this one was Kansas. Plus, I liked the person. Cindy has been doing this for 25 years and is very experienced in what she does. But it wasn’t all business. She was very personable and I could talk to her about anything. If I had a real problem or a question, I just called her. I didn't have to wait three days to get an answer through mail. I even called her last week ‘cause I had a question and even though she had been out of the loop, she still gave me advice on it.
The application process was a little chaotic at times but that was only because I was not always told everything that I needed to know ‘cause they didn't know either. The problem was that there were four different entities working in the same way towards the same goal but every one of them does something different. You’ve got the HUD, the mortgage people, the tax people and the underwriters. Cindy knows what each one does and when they do something but it's not always communicated that way to the borrower. At least, it might be but never understood. But once Finance of America Reverse got the paperwork they needed, the process took only a few days. Finance of America is a pretty decent group. I like the company and the people that I dealt with.
My husband and I were of retirement age and didn't want mortgage payment so decided to do a reverse mortgage. I got 5 different quotes and went with a top rated company. They told me they would match anything we got from someone else. But that wasn't true. When we got appraisal it was more than we thought it would be. I asked our loan officer how much money could we get. The amount he quoted was not as much as I thought it should be.
I went back to quotes and talk to two other companies. One was offering more and the Matt from Finance of America and he said he could get us more money and he did. I went with them. Matt was great. He called me everyday and returned my calls promptly. The whole process with them was about 1 month. We got so much more than we expected. I would highly recommend them and especially Matt. As soon as he knew we were going with them he did application and locked in interest rate. I can't say enough nice things about Matt. He was super.
I chose a reverse mortgage to pay some bills and I chose Finance of America Reverse because of their attitude, knowledge, and communication. The application was a little time-consuming and it was a lot more involved than I realized. But I'm sure it is that way with anyone and it went smoothly. The loan officer was absolutely wonderful. I was impressed by his knowledge, understanding, and commitment to the process. When he said he would call, he called. If I tried to get a hold of him, he was always there. It didn't matter what time and what day. He explained everything in great detail and helped me get through the process. Also, the rates and terms were great. They were better than I found anywhere else. Working with them definitely made my life a lot easier.
We work hard to find people to provide a great customer service experience to our customers. We appreciate you choosing to work with Finance of America Reverse and glad that the loan officer was able to help you understand details of the process. Feel free to reach out with questions.
I needed a reverse mortgage for a safety valve. I'm gonna go on a trip and when I do, I'm gonna use it. My wife and I got one and it was AAG. We've gotten along with them for months and months. But they got $400 out of me and nobody knew anything that was going on. I got so sick of it, so I just dropped them all together. I had a cousin who called and recommended Finance of America Reverse. We got ahold of them and it worked out just fine. There was a little bit of wait here and there, but that was normal and there was no difficulty. The loan officer's name was William and he was a great guy to deal with. He bent over backwards to help us. He knew the rut we were in before and he did a good job. Also, the rate really satisfied me to the point of what I knew. I would recommend Finance of America Reverse in a second.
We appreciate you choosing Finance of America Reverse to help you in achieving your goals and that you will be able to take a trip with your wife. We are glad that William was able to help you understand details of a reverse mortgage and that the process went smoothly. Feel free to reach out with any additional questions.
We wanted to stay in our house and there was a lot more equity. We did not want to liquidate and have reserves and assets from equity. Also, we did not want to buy and sell in the same market because our equity is what we've put our money into, and it served us well. So we decided a reverse mortgage was the right thing to do.
I liked the knowledge of the people at Finance of America Reverse. I was a loan processor and mortgage underwriter for 17 years and I interviewed the loan officers. Gary seemed to be the one that had the quickest answers and didn't have to go check and come back. Obtaining our mortgage was a flawless process. It was a typical mortgage but then no payments were made. Still, I would have liked to have the same notary come to the house that I had. Gary had no control to do that and I feel like that that should be an easy process. Still, the process has improved compared to what we first started with 20 years ago. I've already recommended Finance of America to three friends.
My mom had a very low retirement for herself and as she got older, she needed help. We brought in some caregivers for her and for a long time, my sister and I paid them. But it got to the point where we had to do something. We felt that we should use our mom's funds to do that and she agreed. My siblings and I had talked about a reverse mortgage over the years if it should come to this but we were reluctant. They asked me to handle it and when I called Finance of America Reverse, I interviewed the representative. He provided me with information that was very helpful then I shared it with my siblings and we took it from there.
I had some very cooperative people throughout the process. I was impressed with the follow-up from everyone that I dealt with. They provided counseling and explained exactly how the reverse mortgage worked. They also gave us the preliminary numbers of what it would be like and the whole process down to withdrawing the money as we need it. The process was much easier because of the competency and the skills of the people who worked with us.
Scott was the first person who led me through it. He worked out of Indianapolis at that time and was phenomenal. He put me in touch with people to do the appraisal. I called the appraiser and made an appointment then I called my sister to be at my mom's house along with the caregivers when he came. That went well. For the closing, I went down to be with my mom and the people were phenomenal from step one up until now. It took no more than two months from start to finish.
My financial advisor suggested a reverse mortgage as a way of helping our cash flow. We have no plans to move from our home right now, so we thought of taking advantage of the opportunity. My financial advisor told me to look around for a couple of reverse mortgage companies and get the best deal and so that’s what we did. Finance of America came in with the best deal for sure as far as the initial payout and also, there was zero origination fee. And that was very attractive. My experience with Finance of America was very good. The guy who took care of our loan, application and the whole process was very professional and very friendly. It was very convenient for us and we closed on May 29th.
The application itself was pretty simple. It was getting a bunch of income stuff ready. It was a lot more paperwork than I expected for the application process. It seemed like we were closing on the loan at that time, but it was just a lot of the same papers that we ended up signing than at the closing. So I thought it was gonna take about 40 minutes and it took about an hour and a half. Other than that, it was no problem. And the notary who came over here was excellent. She was a really sweet lady and really made it easy for us.
I was fine with the rate and terms. It was just what I expected. Patrick explained all that and sent us the disclosure statements early on. He faxed them to me right away when I gave them the numbers. I gave him conservative numbers for our payout amount and it turned out to be a little bit better than that. The appraisal was higher, so we realized a little bit more cash at the front-end of the loan. There were absolutely no surprises. It was really nice and it was good. Patrick was also really helpful. I thought there was gonna be a lot of pressure to close. But he called me and just made sure everything was good. We were going through some things at that time and I was traveling. And there was no pressure from him. I would definitely recommend Finance of America, no reservations.
I called LendingTree, and then they referred me to Finance of America Reverse. I also had it on my list. I then called them. Jamie, the loan officer I dealt with, did a very good job for me. She got me going, and that took not very long. Every time I needed a call, she would answer my questions. She would say if I ever have any more questions to give her a call, and I did that several times. I felt 100% comfortable working with her. When we had a tornado, she even called me to see how I was doing. We developed a pretty good relationship. Also, I was happy with the rate and terms I got. Working with them has helped me get some money for things I needed to have.
We work hard to find the best people to provide a great experience for our customers. We are glad that Jamie was able to help you understand all the details and that the process went smoothly. We appreciate you choosing to work with Finance of America Reverse and value your feedback.
Feel free to reach out with questions.
My niece works at Finance of America Reverse and she got me some literature about the place. Then, I talked to the representative there and she explained. They went over some literature they sent me and went over with my family and decided on going through with it. The loan officer was very accommodating and I'm happy with the rate. At the end of it, there were issues with the title company where they called to set up the appointment but they didn't show up. The communication on that could improve a little bit. We had to make it for another day and I traveled a couple of hours to do this and it didn't happen. It was a big mix-up there but the rep got someone else. Going through the process with Finance of America Reverse has given me a little bit of financial freedom.
I looked up Finance of America Reverse online and I read testimonials. I went to ARP and they were recommended. This was for my mother so, I want her pretty protected. They came to the house for her which I found that pretty convenient. The rep that came to the house was very nice. Also, the rep on the phone, Ciara, was very helpful and very personable. Hopefully, it will be an ongoing relationship there. But the rate is very high. I'm not overly happy with it. They just refunded my mother a little bit of money because they had overestimated stuff, so I'm glad they lived up to the honesty of that portion. We've closed on it but I have to go back to them. They held back money and I have to kinda do this.
I had some stuff that I needed to take care of and unfortunately, I wanted to do an equity loan but was unable to do so because I've had a lot of things going on and my credit report is not very good. So, I was in the process of trying to do that and it got to a point where I needed to take a little bit of money out, pay off some bills and get myself back together. I had heard and read about Finance of America Reverse and then I had a gentleman give me a call, and he seemed to be very knowledgeable in all phases of it. Also, I had gone online and I knew that they had some good reviews, plus I had talked to some others that were in California and I didn't want somebody from there.
Sherman was very good in all the information that I asked for and he told me some stuff. I had no problem working with him. He got everything and took care of everything for me as fast as he could and I gathered up all the other stuff that I needed. Some of the things took a little bit longer but that was not his fault. It was probably a month or so before we got back together, but he kept in contact with me. The rate was a little high but not as bad as I thought it would be. It went up a little bit from the time I talked with him to the time that happened, but that was because they needed to lock the rate in before they did it. Anyway, it didn’t go up that much and that was something that I couldn’t do anything about. I enjoyed interacting with FAR and I would definitely recommend them if somebody asked me regarding who they would go to for that.
Katie is my loan officer with Finance of America Reverse and she seemed direct and someone that I could trust. The whole process was good but something could be improved. Early in the process, we were notified that the interest rates were going up and that we should get on the ball and get it taken care off. We did it that very day but we thought that they were talking about the interest rates on our loan. And the way it was presented to us, we thought continually through the rest of the process that we had secured a low interest rate. But the interest rate was not set until we submitted the application and there was a great deal of flurry. We knew that the interest rates were going up but we thought that our interest rates would be locked in when we applied that very day and yet they were not.
We apologize for the inconvenience this may have caused and hope that reverse mortgage helped in achieving your goals. We work hard to find the best people to provide a great experience for our customers and happy to hear that Katie was able to help you with questions. Reverse mortgages have many regulations in place to make sure that all parties (including the borrower) are protected, and we understand that there is a lot of detail .We value your feedback and appreciate you choosing to work with Finance of America Reverse.
I have a towing company and the structure was getting worn down and I needed money. The first two lenders I called wouldn’t help me. Finance of America Reverse would do that and their rep was really sweet. She's a good salesperson. I enjoyed talking to her and I was impressed with her personality. In my case, the process was longer and took six months, but that was my fault. I was told that I'd get a little less than 50% of what my property was worth. It was worth 85, so I assumed that I’d get 40, but I didn't get the money I wanted and I only got 9,040. The rest went to the holding company to pay for the taxes and the insurance. Nevertheless, the money that I got from Finance of America Reverse helped.
I was looking at everyone for a reverse mortgage, but a lot of these companies were not allowing manufactured homes to be on the reverse mortgage. Finance of America Reverse was the first one that had manufactured home reverse mortgages so I went with them. I also talked to their salesman and he convinced me to go with them.
Going through the whole application process was really nothing. Including the underwriting, it took about two and a half months which was perfect as I thought it would be three to six months. It started with them informing me about the things that I had to do on my side--going to a counseling, listening to counselors from the HUD organization and talking to them, and making sure that I understood exactly what was going to happen within the contract. My wife and I both went online and with them on the telephone and we talked to them. After that, our home should be HUD qualified, so we did that. The representative from Finance of America even helped me get a guy who'd look underneath the house to make sure that the house was stable and qualified for HUD.
My loan officer helped me all the way. He would call me every so often to make sure that I was done with what we were supposed to do. I'd also call him and leave a message, and he'd call right back. It was pretty awesome because I didn’t expect that much of a communication with him but he was good. He also made an outline of what was gonna happen, what we were gonna do, what was our responsibility, and what was their responsibility. He then told me that when we'd sign the papers, we were going to have a notary person and they were here.
The rates were great too because I was able to lower it compared to what I was paying. It made a great impact on us, and my wife and I are really happy. We're not stressed with that mortgage payment. We’re also pretty well set in what we need to do and we can be free to use the money that we would spend for our mortgage on things that we can afford now. Both of us are retired now, so every money that we can save, it’s great for us. And although getting a reverse mortgage is not for everybody, I'd recommend Finance of America.
We were living from payday to payday. We needed to get some bills paid and get out of stress of stretching the money that we didn’t have. So, getting a reverse mortgage was what we needed to do. So many people told me different things but when it came to the final thing, it wasn’t true. Then, Finance of America's reps worked with me. I liked what I saw and whenever I talked to the agent or the person who was in-charge, he explained the process to me. He would call me and I would talk to him. And he would return my calls promptly if he was with another customer. So, I got by with him and I believed what he saw. We all make mistakes, but I was satisfied with him. I also liked that rather than telling me 18 months, he said that at the end of the year, I could go back and get some more money. He explained to me why it was there and that it was growing.
I am my mother's caregiver and I needed money to help take care of her, so we decided to use a reverse mortgage. Finance of America Reverse was the lender that she had initially, so I worked with them on this. The application process was simple enough and, in fact, it was easier than purchasing a house. Although there were a couple of hiccups, the process took a little over a month.
Dana, the loan officer that I dealt with, was great. She was very helpful and I was comfortable working with her. She told me what I needed and I got all the information. I could call, email or text her if there was anything that I needed and she made herself available. The loan had to be processed for her to get paid, so she had to work diligently on it. My personal opinion on a reverse mortgage is that it's a rip-off and I don’t like it at all. The interest rate is too high and it eats up your money. Nonetheless, I've had a good experience with Finance of America Reverse. They have allowed me to put the money in the bank when I needed it.
We are happy that you chose Finance of America Reverse to help with your mother's financial situation. We appreciate and value your feedback. We apologize for any inconvenience you may have experienced. We would like to review your situation and will be reaching out to answer any questions.
My friend recommended me to do a reverse mortgage. She had used one in the past and she said that it would be a good option for me. I went online and Finance of America Reverse came up. Julie, the agent I had, was exceptional and very thorough. I was very happy with her. She explained everything to me and even when there were problems coming up, she solved them. The application process took a couple of weeks and it was very easy. I was also very fortunate that the process turned out the way it did. The rate I was set up with was competitive too. Working with Finance of America gave me an assurance that they’re there if I ever need funds for an emergency or if I wanna do anything with the house. I would definitely recommend them and my agent.
My family is in a financially good enough shape. They’re doing fine right now and it would be better for me to get myself in a good financial shape as I possibly can right now, so chose a reverse mortgage. I liked the sales representative, so I chose Finance of America Reverse. He was thorough and polite and he was complete and not pushy. The application process worked out extremely well.
I turned 62 and I wanted to take advantage of a reverse mortgage program while it was still in place because we never know what might happen in the future. My home was fully paid off and it doesn’t earn any interest while it's paid off, so my goal was to set up a line of credit for the future. I started with another lender but they raised a lot of questions with me and made a lot of mistakes. I got another quote and Finance of America Reverse came in much lower.
However, the whole application process from my standpoint was trying to talk us out of getting a reverse mortgage every step of the way. My wife was scared of the reverse mortgage a lot of the time and it almost didn’t happen. The process could be improved by not scaring potential clients so much. If we take a look at all of the restrictions and disclaimers, we could use a better balance. I worked with Scott, my loan officer, and he was very responsive. He answered my questions right away and answered them thoroughly. He did an excellent job. And the rate and the terms of the mortgage were excellent. I got the reverse mortgage done and that was my goal.
Celink, the administrator where the loan is, is very vague. I don't know where they're located. Also, I expected a welcome letter because usually, when one works with a mortgage company or some institution, they get some kind of a welcome packet. And that didn’t happen right away. I had to call Scott to get a copy and it came after he called Celink on my behalf. I've been getting some statements but Celink did not really do a very good job and they were very late. Nevertheless, I'd recommend Finance of America Reverse to others. I would definitely give them Scott’s name and contact information and tell them to contact him.
I chose a reverse mortgage as I thought it would be a good way of freeing up some money that otherwise would just sit there. I liked the person that talked to me over the phone. The process didn’t take very long and it was good. Also, the rate seemed fair.
We work hard to find the best people to provide a great experience for our customers. We are happy that you chose to work with Finance of America Reverse and the process went smoothly for you. Feel free to contact us with questions.
My loan officer from Finance of America Reverse was terrific and did a good job. I needed some extra money and I got hooked up with Julie. She was just personal and we had a good relationship. She walked me through the whole process and we worked together back and forth over the phone all those months. Everything I asked her to do, she did it. Then everything she asked me to do, I did as well. And if I had to do it again, I would still choose her. We also got a good interest rate. I would recommend Finance of America Reverse to anybody. It worked for me so it ought to work for others too.
I would recommend Finance of America Reverse. I couldn't ask for a better person than Brandon, the loan officer. He took the time with me, led me through every process, step-by-step and he kept calling and kept me informed on everything. I felt 100% comfortable working with him. I had some stuff to get straightened out, so the entire process took about 45 days. With their help, we have extra money, we could pay a couple of hospital bills, pay a few bills and we have something in case of emergency. We also feel better to say we don’t have $2.00 left after we paid the bills.
Finance of America Reverse expert review by Michele Lerner
Finance of America Reverse has been servicing mortgages and reverse mortgages since 2003. It consistently gets high scores on customer satisfaction surveys.
Provides comprehensive information: Finance of America Reverse offers a Reverse Mortgages 101 page as well as an FAQ page to ensure every customer understands what reverse mortgages entail.
Focuses solely on reverse mortgages: Consumers can easily find the loans they are looking for since Finance of America Reverse doesn’t service any other type of mortgage.
Customer service: Finance of America Reverse offers 24-hour customer service by phone and email. Consumers can easily resolve problems or get questions answered.
Loans: Finance of America Reverse provides HECM loans.
Best for: Seniors on fixed income and seniors who want to enjoy their later years.