Finance of America Reverse
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Finance of America Reverse

 4.5/5 (390 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.

Overall Satisfaction Rating

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Pros

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

Cons

  • Proprietary product only in 27 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
  • 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
  • Minnesota
  • Nevada
  • New Jersey
  • North Carolina
  • 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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Page 1 Reviews 0 - 5
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.

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    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 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 22, 2021

    The process was informative as as far as briefing me on all that I had to consider. after I finished with them, I was told that I would be contacted by a counselor from the government. They were also informative. I had worked in real estate before so I understood most of the stuff they were talking about. The only thing that I was disappointed in was that it was totally unnecessary to have to get a second appraisal. AAG had sent me a letter in the mail saying that my home was worth about 200,000. And I went on Zillow and they were saying about 165,000. I contacted Finance of America to see what will come of it wall and in so doing, they said, "You're gonna have to get counselled, you're gonna have to get an appraisal."

    I got the counselling and the appraisal and I'm sitting on pins and needles waiting to see what the appraisal was gonna because I was speculating between this 200 and this 165. But in my mind, I'm thinking 125. So, the appraisal comes in and it was a little short of my figures that Finance of America gave me as far as what I would have to put upfront out of my value to pay for my bad credit, taxes and whatever else. I needed X amount of dollars to not have to bring anything to the closing and I came up short. I wish it got closer to my number because my goal is to just not have to pay my mortgage anymore and let my equity pay my mortgage through the time of my tenure with this reverse mortgage procedure.

    So, they said, "Well, you're gonna have to get another appraisal." I said, "I'm good. I don't need a second appraisal because I understand everything and 155 is more than what I thought." But if I did get a second appraisal, there is a chance it could be higher, and then that'll be less money I'll have to bring to the closing. But I don't even want to risk that because 155 is good. With the federal government, I had to get a second appraisal and in so doing, I found out that the second appraisal was 154. So, I was right. Why even get a second appraisal if already knew that 155 was a good appraisal and now, that's another unnecessary $500 we had to spend.

    Other than that, my rep was thorough. With my knowledge and her thoroughness, sometimes we would have a little conflict because there are some things I didn't think were necessary because I knew all about loan origination and underwriting. We had a little friction with that 'cause I'm trying to meet my deadline before the 31st of December. We started trying to close on the 18th of October and I didn't want to make another mortgage payment of $700. I said, "I hope we can close this before my next mortgage payment." And she did everything, pushed me, and got me to close before my next mortgage payment. So, I was happy with that and I was also happy with the fact that had she not pushed me in conceded to just let me turn this in and taking my word, "Hey, this is what I got. These are the facts." I'm not going to deny that I wasn't happy. I might have been a little bit too much into my ego and she was only doing her job. So, tone of voice might have been a little more aggressive on my end.

    But I had one thing that the underwriters slowed the process down on and that was the fact that I have a living trust, and they wanted to verify that my other participant on the loan, which is my wife, had the right to beneficiary status. To verify it, we had to put it in a FedEx package and send it to Finance of America so their lawyers could look it over. They saw what we said was true and they sent it back to us. That was the only hiccup that we had and we closed. My process is done now, so I'm good. And when the rate rises up, anybody who's trying to get a reverse mortgage, their rate's gonna be higher than what my rates were.

    Finance of America Reverse response

    Hi John,

    Thank you for taking the time to leave a review about your experience with FAR. 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.

    Unfortunately, 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.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    The whole process with Finance of America Reverse took almost a year. I called up every four months and asked what was going on. They would say that they were still waiting for final approvals. My mother and father both passed away and they needed documentation to that effect. This went on for months and months. So I finally went to Providence to get death certificates and sent them in. The next thing I know, everything was approved.

    I needed money. I had probably $15,000 worth of credit card debts. I had taken out a loan with my credit union to pay off all the taxes and stuff on the house. So, the next step is to get rid of all these debts completely. I wasn't about to go back to work. So, I took out a reverse mortgage and paid off all my bills. After I took out the loan, I put a new roof on the house and put all the painting and trim work around the house. The value of my house increased by almost $60,000 in three years. So, I went down to the reverse mortgage. I needed to borrow more money. I had a few things I needed to do around the house.

    Once, I went to a bank to get a loan to do home improvement stuff but they wouldn't even touch me because I had a reverse mortgage. So, I had to go back to Finance of America and convince them that I wanted to refinance it. So, we did it. It was 142,000-something, which paid off the reverse mortgage I had. So, they've sent me $14,900 and a year from now, the rest of the reverse mortgage will kick in. My only problem with Finance of America Reverse is they don't qualify for too many loans. I went for 20-some years without having a new car. I had to lease a car and I got the lease arrangements down to about $300 a month, which I was content with, even with whatever money I had coming in. I have a very small pension from Sears Roebuck where I worked for 22 years, and I had whatever money I got from Social Security.

    My only problem is, last year, I got my statement and it seems like Finance of America Reverse arbitrarily takes money out of the value of my house without even asking me that they're going to be doing this. And this is ongoing, it's part of my reverse mortgage. They put me on a leaser account . Supposedly, right after they finally approved my loan, everything I had was paid off. It had been paid off for months. The next thing I know, I was going to closing and they said they wanted to take money and pay my homeowners insurance. They want to take money to pay off my taxes. I said that these things are all paid and they've been paid off for months. So, I told the lawyer who was handling the closing that I don't owe anything to the town for taxes. And I have not been behind on my homeowner's insurance.

    Finance of America Reverse response

    Hi Richard,

    Thank you for taking the time to leave a review about your experience with Finance of America Reverse. We are delighted to hear 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: July 19, 2021

    It was a long process with Finance of America Reverse. Fortunately, I had a lot of help. Joe was the agent and he walked me through this whole thing from beginning to end. I didn't know what I was doing. He sent me paperwork to sign. I had to contact the bank and there were a lot of details that were involved. He recommended that I get a counselor. He sent me a whole list of counselors that are available throughout the country and he recommended a couple. He said I can pick whoever I want. I just chose one and she was great and was a bipartisan person. She wasn't advocating one way or the other. She just gave me information about the paperwork that I got from Finance of America, so she was very good. I felt comfortable talking to her. She gave us a lot of advice. Joe also got an appraisal for us. A person came down. He was a notary. Had to sign more papers there.

    Initially, when I first got hold of Joe, all the paperwork was right way. I was getting paperwork the next day. He was calling me almost every day. Initially, it was great. But I didn't expect it to be over a couple of weeks. But he said once it was out of his hands, and he had to go the other departments, it took a little longer. But it wasn't his fault. It was the procedure of this company.

    There were two things that I didn't really care for. This happened at the very end. When we were almost completed with the whole thing, Joe said that was gonna happen. First of all, I'm still responsible for my real estate taxes for the house and that's fine. I called the bank. The bank sent me the escrow for the six months that they were taking money out of my payment. I already had the money. Then Joe said, “Also, the company's gonna pay your house insurance.” But I don't like anybody paying my bills, because a third party is involved, it always brings problems. Sure enough, it did. It took about a month to square this whole thing away.

    Our taxes are due July 1st and January 1st. So, the July 1st one has to be paid, and I had the money. But Joe said, “No. Our company will pay that.” I said, “Why are they doing that?” He said, “they just do that as well.” But, here it is, at the end of July and they haven't paid it yet. I called him, “I don't wanna be judged for late payment, ‘cause I already have the money, but I didn't pay them yet.” He said, “They're gonna pay at the end of the month.” I said, “Okay.” So, I'm waiting for next week. I'll call him again and see if they've paid it.

    What was good about Joe was he didn't wanna tell me everything all at once to bog me down, because if I heard everything all at once, I would have been totally confused. He went step by step with me the whole way. I really was pleased with that and that was why I was comfortable with it. ‘Cause this whole procedure is new to me. I've never done this before. I was grateful for the help ‘cause I could never have done it by myself.

    I liked the way he always said at the very end, “You call me any time. I'm there for you no matter what question you have.” You don't get that kind of service in companies today. The guidance was very good right from the beginning because the minute I got him on the phone, he put me at ease. I also like that from the very beginning, he just told me the figures and the figures were what they were. As the closing costs and all of that, it's expensive. But I know it's not an easy process. It cost money to do it. But I was happy with the company, the way I chose, and I was happy with the service that I got until the very end.

    Finance of America Reverse response

    Hi Salvatore,

    Thank you for taking the time to leave a review about your experience with Finance of America Reverse. We are delighted to hear that Joe kept you well-informed and helped you to achieve your goals!

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

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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: May 5, 2022

    We had an old Finance of America Reverse mortgage and we started the process in November of 2021. It's one of the worst experiences we've ever had. It took from November of 2021 for Finance of America Reverse to get the paperwork straight so we could close around March the 21st. They couldn't even get the names right in the contract. They had the Social Security numbers wrong too. We finally had to get rid of the person we were working with and start working with his boss. They have so many silos in and they don't even know what each one is doing.

    When we thought we were ready to close and the notary came in, their lawyer was at a whole different silo and they even created the names wrong again. The lawyers went to someplace and didn't even have the title correct on the property. The property description wasn't correct and we had to turn around and send information back to Finance of America Reverse. We had to send them documents for our tax records to show what we were saying correctly and even had to make a copy of what they had in their current file out of the old mortgage that they had with us.

    We told the mortgage originator about this problem three weeks after we originally filed the application, which was taken by phone. Nothing ever got changed. Come January, we were supposed to be closing, but nothing happened. February. There were over 60 errors in the document. They kept insisting it would all be fixed later when the paperwork came through. That paperwork came through with the same mistakes on it, plus additional ones. We have never seen anything that was so incredibly mismanaged.

    They sent us documents originally to sign, a whole set of 180 pages. We had never seen them ahead of time. That happened throughout the whole procedure until finally, when it was evident that this had happened so many times, they started sending us some of the documents in advance so that we could go through them and find the errors so they could correct them. But that was only after months of sending them corrections anyway that they ignored. It was crazy. It only went through because we stood on them. We sent it up to one of the directors and we were following up insistently. What's interesting is they don't even have a follow-up process to see how they did. We're pleased with the mortgage product but the processing of the mortgage was horrendous. For something to take four and a half months, for us to have to work five months and for us to have to work as hard as we did repeatedly have them correct mistakes was stunning.

    Finance of America Reverse response

    Hi Brent and Alice,

    We regret that your experience with FAR was less than optimal. Please reach out to Reviews@far.com with information about what happened in this instance so that we may resolve the issues.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2022

    I worked with Melissa. She was very helpful and she walked me through all the steps. The process went reasonably smooth and everything was fine. It ended up taking a little over six months. But it was because I was involved in the court proceedings, and I had to wait until certain things took place in court so that I could proceed with the reverse. Overall, the experience was good.

    Finance of America Reverse response

    Hi Tom,

    Thank you for taking the time to leave a review! We are delighted to hear that you felt supported by Melissa 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 3, 2022

    I contacted the top three reverse mortgage companies. The rep who I dealt with from Finance of America Reverse was the most responsive. She responded whenever I tried to call, even after hours. She also kept me better informed. She was very knowledgeable. The process was easy and it also happened a little faster than I even thought.

    Finance of America Reverse response

    Hi Richard,

    Thank you for the 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 2, 2022

    The rep I worked with was fine. The process was easy and smooth. It was a lot better than the one I had before when I bought that house here.

    Finance of America Reverse response

    Hi Jacqueline,

    We appreciate your feedback and are so happy to hear that your experience was fantastic!

    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 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 1, 2022

    The entire process with Finance of America was long. Took me about two months to get it locked in. Things kept coming up and they kept missing forms and sending them back to me that I had to sign. I also logged online. I had one with AAG and they were fewer years. The only thing I don't understand was that I thought that the money would be carried over from the HUD program, where you get the insurance to cover your house in case at the end of it, you don't have enough. But I don't know if it did. I really don't understand. It looks like I was charged with this again. The rep was really good. Except she didn't explain that to me so I’d understood it.

    Finance of America Reverse response

    Hi Ronald,

    We are so delighted we were able to help you achieve your goals. FAR strives to help our customers easily access our systems and support so we appreciate the review.

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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