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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I have compared about eight other companies and I liked the way I was treated by Finance of America Reverse. They were very professional and straight up. The whole underwriting and application process took about five weeks from start to finish. There were some hoops to jump through, scheduling your interviews and then scheduling the appraisal, getting the paperwork together, getting things notarized but they were very specific. Finance of America Reverse sent a checklist out with everything itemized and it was very thorough. Their rep, Robert, called every week, every 4th or 5th day, just to keep us up to date. He was a very straight-shooting guy and I really liked him.
The rates were a little higher than what we’ve been used to paying in our many mortgages over the years but we were in a unique situation here in California, where we have a ton of equity and a relatively low payoff. We couldn’t go with conventional, so we had to go with this jumbo but they ran the numbers and we ran the real estate numbers and we'll be fine. We’re working at the next 10 years and there’s still something left for the family, so we’re happy. We've dealt with all the big companies like Wells Fargo but Finance of America Reverse is on their A game. They’re in great shape and they wanna know us and they really picked the time to tailor our needs and our questions, so I am very pleased. This company is like a well-oiled machine and I’d recommend it to a friend.
Robert, we're delighted to read your feedback about our company!! Thank you for taking the time to share your positive experience.
I wanted to use my house that was paid off to get money out of it to fix it so I decided to get a reverse mortgage. I called several companies and liked what Finance of America Reverse had to offer. Plus, I liked working with them. The process of obtaining the mortgage wasn’t difficult at all. The application and underwriting took a couple of months though. I had certain things that I had to deal with that had to with my credit. And there were things we had to clean up.
There were times when we were getting close and we weren’t sure if it was gonna work out or not. But my loan officer was great and did everything she could to help me. I loved her and liked working with her. She was very knowledgeable, warm, friendly, personable and good at what she does. The reverse mortgage has served me well. It's not for everybody, but it was right for me. The rates weren't bad. I'm very pleased with Finance of America.
Thank you, Sandria! We are grateful for your kind words. It is our pleasure to serve you!
Our loan officer, Nicole, saved us from AAG! She was experienced and knowledgeable right from the get-go. But more than that, she listened carefully and my husband and I felt like we were in good hands. Many people just say words and phrases that are meaningless; sort of like they have a script - Not Nicole; she paid attention, replied to emails promptly, and answered any kind of question we had. Thank you, Nicole.
We appreciate your positive feedback!! Nicole embodies our core values for providing great customer service. We are glad to hear she was able to turn your experience into a positive one!
Finance of America was good to deal with. They were fast and did what they said they were gonna do. The process took about three weeks and it was easy to go through. My loan officer was super nice and answered my questions. I thought I'd get more money out of my house, but that was okay. Finance of America made my life a lot better.
We're glad to hear about your positive experience with us. Thank you for sharing, Sandra!
We have a house that’s paid for and last year, we had a lot of unexpected expenses. So, getting a reverse mortgage would help ease the burden. I got replies and information from quite a few companies and Mathew at Finance of America Reverse did a great job of following through and providing me with information. It was also fairly easy to get ahold of him whenever I've had concerns. Then, Finance of America Reverse kept matching or bidding any other offers that we got. The application process was fine. You go through a lot. We had to get two appraisals, so it took about a month. It would’ve gone faster, but the FHA required two appraisals. The rates and terms I got were pretty good, as well. Ultimately, working with Finance of America Reverse helped relieve some strain on our finances.
Always proactive, always prompt with responses. Our RM required some back and forth Emails and adjustments, but with Taylor’s help, nothing was a problem. Rarely had this level of understanding and service.
It was the time of the year where I was drawing money from my IRA and it was cheaper for me to take a reverse than it was to take the lump sum out of the IRA. I called a couple of people and the young lady that I talked to at Finance of America was very polite and very nice. They were easy to do business with and was very efficient and that’s why I did it. I had to send back a couple of things back during the application process but other than that, it was not painful. Everything just went smoothly and it's working fine. I'd recommend it to friends if somebody asked me.
I had a great experience dealing with Finance of America Reverse. I have a home that's worth about 450,000 and they were very helpful in paying off my home equity, which was the main reason that we did it. I had that home equity for 19 years and it went through very, very, smoothly. I dealt with Diana and she was delightful from beginning to end. I could not have asked for anyone better.
She let me know what she needed, I put it together and everything went through on time. She said it would be through by the end of January and it was. She let me know that the money would be there as well. In addition, she was very, very helpful. I was working at the time. I work at Busch Gardens and she was easy to deal with my work schedule. When she called on my way to work, she was happy to call back the same night. Any time she said she was gonna call back, she always did. All in all, the application process took three weeks and I'm satisfied with the rate and terms of the reverse mortgage I received.
Finance of America Reverse's application process was too cumbersome and took too long. The lending process took three months and they should shorten it up. Also, they should tell it like it is. Instead, they lied to me and told me that I had submitted everything that I needed to submit, and then they reversed the direction and wanted to see the cash account. Dealing with the loan officers was cumbersome as well and I was not very comfortable working with them. They didn’t help me resolve my concerns and I was in the dark. The guidance that I received from Finance of America was terrible. I have not received the package of forms signed by an officer of financial services and I was looking for that. Moreover, the rate of the mortgage that I received was too high. So far, working with Finance of America has not helped me at all.
My granddaughter worked in the insurance part of it, and she told us that Finance of America was one that people seemed to be very happy with. We asked her if there was anyone in particular she dealt with, and she liked them. Finance of America Reverse was very good and simple. There was a series of steps, but they all went very smoothly. We got a reverse mortgage for things that needed to be done around the house, and my husband’s medical bills -- they were always changing medication. And we just felt like we needed to do something. We were just falling behind on repairs and that kinda thing.
Ian, the loan officer, was very good. I understand he has moved. He kept us informed and we could call him anytime we had a question. The rates were good. A reverse mortgage isn’t a cheap mortgage, but they were good for us and we’ve been really happy. We were able to make some repairs that we desperately needed to get done and it’s working out well. Also, they didn’t pressure us to take a mortgage. In fact, they told us if we thought it wouldn’t work out for us, there were other ways to go.
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My experience with Finance of America Reverse was very bad. They tried to rectify what had transpired, but it was all nonsense. I went through a broker. It started with a different loan. When I got the loan papers from the original loan, I said that I didn’t sign up for $3,500 a month payment on a reverse mortgage. One thing led to another, and then there was a new product coming out that the broker supposedly didn’t know about that would’ve been more advantageous for me. So, they were gonna redo the loan, and they were going to put me into this new loan, which the payment went down to $2,700 a month.
I’m lucky that I can absorb this right now. But what about these other people out there that don’t really get it? So, then what happened was in the course of them waiting to make this loan over, they said that they missed something, and the gal said, “And we have to go to Napa City because of the septic tank. It was missed on the first appraisal report.” I thought to myself, “Why would you go to the Napa County when what you would do is you would go get somebody that is involved with septic tanks to certify that the septic tank is okay?” But, there were some guidelines.
Then it was, “Okay, so in the meantime, they’re collecting their $3,500 a month payment.” But, why was this taking so long? I was told the loan had closed, it was like within 30 or something days, and it was just a matter of rewriting it. It was pretty obvious to me that they needed to collect their money. They wanted more money. Also, I was on my way to Europe. So, a lot of things happened in between there. Then, something came up about, “Well, we need to have a bid on a septic tank to change that, and it has to go to $40,000 or something in order for this loan to agree.” I said that there was no way in hell it cost $40,000 to hook up to the sewage in Napa. I’m not that ignorant.
And I have a cousin that’s a contractor. I said that if they were to bid, they would be lying to say it would cost $40,000 to do this. They were moving very, very slow on it, too. They finally got the loan transferred over. It’s now at 600,000. But, they forced me to take $250,000 the first time. I was on a plane, I was getting called as I was boarding the plane, and the broker tells me, “They want you to take $250,000.” I said that I don’t need $250,000. So, they forced that to come out, and they were charging me on the $250,000 on my way to Europe. I can’t get back and take care of that. And then I asked if I could send the money back.
Then, they said, “Well, we can’t just have that electronically transferred in. We have to receive it by check.” What kind of financial institution doesn’t receive money by electronic? The whole world is electronic. So, it was delay after delay after delay. What is really concerning me is, how many other elderly people are they doing this with? That scares me. I’m in a little different circumstances, so I’m gonna be okay for the moment. But I’m not gonna carry $2,500 a month. That’s more than what my mortgage was. Why did it take four or five months to rewrite something? When they realized the mistake, they said, “We’re gonna rewrite this to another program.” I’m not paying this $3,500 a month. That’s not the figure that I looked at. That was double my mortgage then. Overall, my feeling was that the rep I dealt with was inexperienced. She was very nice, but somebody needed to train her better. I would never recommend them.
We had a lot of equity locked up in our house which was unavailable to us. After we realized that we could make use of it, we decided to get a reverse mortgage. We got it through Finance of America Reverse, but before we did, we compared and sent them documents from our other applications to other lending agencies. They realized that if we were gonna use their service, they had to meet the conditions of other agencies. They did and their fees became less.
During the whole process of getting the mortgage, the people we dealt with were very timely in understanding what was needed, what was right, and what were the things we had to supply them. They were also timely in organizing and scheduling particular third-party services. The whole loan process took 75 days, which was longer than what we had anticipated, but it took a fair amount of time because they have to be cautious in understanding us, their clients, as to the issues regarding non-payment of monthly reoccurring interest on funds disbursed.
The rate and terms that we got were a bit better if you compare them to the rest of the industry. The interest rates appeared to be lower than some other products from other agencies but with their upfront cost, it was only by a percent, or a percent and a quarter. Working with Finance of America Reverse has impacted our lives well. They have relieved over $100,000 of credit card debt.
I had difficulty getting my husband’s death certificate. He died in Mecklenburg County and I was told there was no record. It happened in 1990, October 23rd. I knew in the county we resided, they did not have it because he didn’t pass there. Finance of America Reverse was able to pursue it and get what we needed. The application and underwriting process took about three months and I was pleased with all of it.
Andrew was my adviser and he was very helpful. He walked me through it step-by-step. The process of obtaining the mortgage was easy since it was him leading the way. In addition, Andrew was honest. He was a country boy and was not ashamed of his roots. He loved his grandmother, and he talked about her excessively. It was as if you had a friend.
I put in a new ref and needed to get some work in and around the house, like get the roof done, so I got a reverse mortgage with my retirement plan. Finance of America Reverse did a fine job. The gentleman I talked with helped me through the process and told me what I needed to do. However, I had to get a second appraisal which I had to hold back on because I had to do some work on my house that they wanted to do. It took three months but the guy came right out and it was no problem. Another thing is that their closing cost was expensive. I wouldn't have done it if I wanted to leave this house to the kids, but my two boys are in fine shape and don’t need this house. I got enough money to live on before the mortgage, but if it came down to emergency situations, I really didn’t have a lot to back up my account.
Finance of America Reverse has a local person in Indianapolis and I got a reverse mortgage from them. The process was simple and the application and underwriting took less than 8 weeks. The rate and terms were okay. The loan officer was professional, punctual, and polite and our interactions were very positive and pleasant. Communication was excellent too.
We were moving from Texas to Canton, Georgia, and we were able to get a similar-sized house. I previewed four other finance companies, and the gentleman that I worked with from Finance of America Reverse was very thorough and gave me the information that I asked for quick. He got me an estimate of what it was gonna cost and how the process was gonna work. We had an incident at closing where there was a lady that was very inefficient, caused a whole lot of trouble and almost delayed the entire closing, but FAR got all the information back on track.
I refinanced the existing reverse mortgage, which was with Finance of America. I thought I was dealing with another company previously, but I came to find out that Finance of America Reverse is one of the two big ones that controls the market. When I dealt FAR directly, I spoke with a young lady who was very knowledgeable. Her name was Jill and she was very thorough and seemed to actually be on my side for a change, rather than be an opponent as many finance companies are. So, she was very cordial in that manner.
Jill had some form of integrity that was very pleasant, and that's some word that I can't refer to other companies, utilities or anybody else. FAR's rate was 2 points lower than Longbridge. Longbridge was at 71, but I got 69 at FAR. I use the money to invest in gold and diamonds. It was all put back into that. I'm more than happy with Finance of America Reverse. They treated me fairly. I've recommended them to my neighbor and to a distant cousin.
I called several companies that did reverse mortgages but Finance of America Reverse was the first one that got back with me. They were willing to talk to me over the phone, take information, and not prolong it. I thought the application and underwriting was gonna be done in three weeks, but it got prolonged to about four and a half weeks. Still, I was very pleased.
Also, I thought the process would be scary. I've never done anything like that before and there is so much red tape. I kept thinking, somewhere along the way they were gonna say that I don't qualify. I was so relieved when it was finally all agreed upon and everything got settled. The loan officer was very nice, cooperative, and he kept me encouraged all along. He said to not get discouraged and that everything was going well. Everybody was very nice, except for one assessor. I live in an old farmhouse and they had to assess the property twice. The last assessor that came by didn't like country. His attitude was a little cocky. Although he wasn't mean, he was not as nice as the other guys who had been here.
Nevertheless, the guidance I received from Finance of America Reverse was very good. They weren't pushy about anything. I was the one that was in doubt and asked a lot of questions and they were always there to help. Also, the reverse mortgage changed a lot. I'm still in the process of getting everything paid off and it will take a couple of months before I get to a point where I could breathe, but now I have a little bit money leftover. Things are getting better and better every day. I would recommend Finance of America Reverse to anybody. In fact, I have a lot of older friends and I told them that I know how to get in touch with the right guy.
The ConsumerAffairs website helped me decide to go with a reverse mortgage. I saw that Finance of America Reverse was trustworthy and that they were not hiding anything. They were also very accessible and did what they said they were gonna do. Everything was very simple with the application process and their rep was always available to me. It wasn't a chase where you have to leave messages and nobody calling you back and rigmarole. She was on it and she kept me informed. If something didn't happen by the time she said it was gonna happen, she would call me and let me know. It was amazing. The rates and terms of the mortgage were very good and we were very happy.
I worked with Finance of America Reverse and the idea was that they would pay off my taxes on the home as well as the homeowners insurance, plus, give me line of credit to use for whatever purpose I need it. Steve was really good and he helped me out. Compared to other lenders, he gave me more information on everything and he was right there helping. And that worked out pretty well. The process wasn’t difficult as I just had to follow the steps, and it was faster than I thought. As long as I had the documents needed, it went through quickly. Steve explained the different documents and the reason that it has to be that way. He made the transition pretty every day. Plus, I can call him for questions, and he communicated very well. It was no more than a month before the whole process was done. The rates that I got were decent, and looking around, the rates at this point were about the same everywhere.
The only problem I had was that my homeowners insurance was due, and I had to call in and let them know. They explained to me what happened, and they took care of it. They're on the ball and they made sure that if there was a problem, I could talk with them and they were pretty good. Since I worked with them, I'm living my best life.
We felt comfortable with Finance of America Reverse. They were very kind, knowledgeable, and they explained to us. The process of getting the mortgage was simple and easy, and it took three months. We were really pleased with the rates and terms of the mortgage that we received. Working with Finance of America had made our lives easier. I would refer them to my friends.
Finance of America Reverse had the best interest rate and my loan officer was good. I was comfortable with him and I felt like he was being honest with me. He sent me paperwork right away that I could see. But the process of obtaining the mortgage was a pain in the neck. It was long and drawn out, and there was too much paperwork. Other than that, working with Finance of America Reverse has helped out because we needed help with being able to do certain things with our house, and we wouldn't have been able to do it if we hadn't gotten a reverse mortgage.
Thank you for sharing your feedback, Penelope. We will continue to work on ways to make the process of obtaining a mortgage easier for our customers.
I liked the experience I had with Finance of America Reverse. It was good. The steps that I've taken in getting the reverse mortgage are normal steps that one would take. There was an appraisal and they had a company that tried to list me through the reasons. The application and underwriting process took a significant amount of time, and it was about more than three months. I also think they really need to go back to the way they did appraisals before rather than using comparable because it does not really tell the true value of a home.
My loan officer was very helpful. He took an interest in the project and in me, and I liked that. Also, it was a very good idea that they reduced the rate and it was reasonable. Working with Finance of America Reverse has assisted me in having some resources that I probably would not have had without it. If I had gotten a mortgage, I would be making payments each month, and it could cost some anxiety. I'm at home. I have reached a stage in life where I'm not as active as I once was, so not having to make monthly payments is very important.
We had a reverse mortgage before and we planned and never moved. However, things changed and we needed to move, and everything went smoothly. We went back to the same company but they didn’t do the manufactured homes that we have now. So, we looked around until we found Finance of America Reverse who took care of us well. They were wonderful. Ellen, the rep, kept tabs on us the entire time and helped us through it. A manufactured home was a new experience for her too. The application and underwriting process took a couple of months because we had a lot of different things to deal with that Ellen never had before. Still, she always kept us up-to-date with good news, bad news, what was holding it up, what they needed to know and what extra things that might have been needed. We were very happy with the outcome of the reverse mortgage and we were very pleased. I would recommend Ellen and I kept her card.
Linda is 72 and she has Parkinson’s disease. She worked as a caregiver all of her life, so she didn’t have much option once the Parkinson’s started to kick in. She couldn’t work anymore and she couldn’t drive to work. And she wanted to prepare for her future because she doesn’t have a family. She doesn’t have anyone that would take care of her as she declines. So, I helped her with her reverse mortgage application.
We did some research on the internet about rated companies and called a few different ones. Then, we happened to encounter Scott at Finance of America. He was very knowledgeable and very helpful. Most people in that age category wouldn't get to the point that would qualify for such a thing and couldn’t match the paperwork if their life depended on it, which it does. Also, with anything that’s involved with the government, there were so many documents and so many words involved in the process that made it next to impossible for anybody that’s declining or doesn’t have computer skills or what have you to go through the process. But Scott helped Linda simplify the process and he really walked her through it. It made it a great help that he knew how it worked. He could answers questions and could tell Linda where and how to get documents.
He's been doing mortgages for a career for a long time and he's been doing reverse mortgages for about 12 years. And Linda’s situation was kind of difficult because you have to qualify to show enough financial income to get the mortgage, which to me was hard to understand because reverse mortgages are for people who are retired and don’t have enough income. So that right there seemed to prohibit a lot of people that would have the greatest need. They'd have to show enough income to make payments, although you're not required to make payments.
And Linda’s difficulty was that, at some point, she was gonna have to stop working because of what she was dealing with. But Scott was able to explain to her in a timely manner what documents to get together, so she was able to complete her application before she got to the point that she had to quit working. She submitted the documents at the end of November and they were approved January 15th. So, the process was completed in about six weeks.
The other thing was that the reverse mortgage has been managed by Celink, a servicing agency, and in the beginning, we didn't know that it was gonna be passed on and to who it would be passed on. Once we found that Celink was gonna be the servicing agency, I looked it up and they had a good reputation. But they don’t have any online access to your reverse mortgage account and I couldn’t believe that. They said that their average client is 82 years old and doesn’t use a computer. That’s understandable but at 82 years old, you probably have a family member or a friend like me that would be doing all this for you. And to be able to make payment against the reverse mortgage or get withdrawals, you have to send in paper forms. And it seemed highly suspicious to me that you can't access your own account.
So, I called Scott, told him all this, and he was kind enough to contact Celink. Also, another staff member there that deals directly with Celink contacted them and asked them about it. They did say that indeed that's the only way they process loans currently, but that later in the year, supposedly, they're gonna have computer access.
Other than that, we felt that we got a very personal service from Finance of America. We dealt with the same person all the way through the process and we didn't have to wait on hold for a million hours. In those kinds of financial dealings, people aren’t allowed to speak about somebody’s finances with anybody else but Linda told Scott that it was okay that he talked with me because I was helping her. And after that, he was able to talk with me and he didn’t every time say that Linda had to be present, ask if Linda was online, or that he couldn't talk with me. It made a world of difference because most people couldn’t do this on their own.
Also, Scott remembered when I sent him an email and he called me back or he'd send me an email back within the same day always. He'd say, “To Shelly and Linda.” So, he was excellent to facilitate the process, especially for older people that don’t understand the process or don’t even know where and how to get some of the documents.
We did a refinance with Finance of America Reverse, which gave us a 1.5% interest rate reduction. They had better service, but the best incentive was the pricing. The underwriting part was a little bit difficult and took a couple of months. Because the property is jumbo, we were required up to two appraisals. But there was a 1.5 million difference between the first one and the second one. That represented more than 25% difference.
The policy requires that they only use the lower appraisal to underwrite and I don’t agree. If I was the lender, I'd request another one. I'm not very happy with the process of appraisal. But the loan officer was very quick and understanding. He asked us to pay a couple of the policies, which was the difficult part and we understand. He was super and without him, the loan wouldn't go through.
I liked Finance of America Reverse. I love their rep, Toby. The first thing I had to do was I had to fill up some papers to make sure I knew what was happening. I chose a company that was in Utah, and then I talked to Toby. He spoke to me upfront and they sent me all my papers, and I faxed everything. And it was not like buying a house, but then I owned my home.
The counselors were also all very, very nice and very professional, and I was happy. Toby walked me through every stage. And if I have any questions like I did the other day, he’s faxing me some papers. Now, the only thing is that he told me I should have received an update every month. Having gone through all my mail, I didn’t receive anything. Nevertheless, the reverse mortgage has relieved a lot of burden for me. I would suggest talking to Toby. I would like to let him know that I really appreciate everything.
Finance of America Reverse had more to offer and they were better than anybody else. Diane put the whole deal together and she knew what she was doing. Working with them let us do some things that we wanted to do. The process took longer than I expected, but it all went okay.
I’ve been retired for 14 years and things are getting tough, so I chose to do a reverse mortgage. Finance of America sounded the easiest and the best to work with. The application process went fine and it was simple. It took about a month and it met my expectations. I worked with Scott and I was impressed with his efficiency. He wanted to get things done expediently. I went through the process twice before and I was denied, but the reason it was denied was we had a different residence and I lived in a commercial area. The home that I was in was rated commercial, so on that basis, they wouldn’t give me the reverse mortgage.
The appraisal and the rate of the reverse mortgage that I received were low, but I feel that I got the best deal that was available. Mutual of Omaha also gave me an appraisal and it was very similar. In fact, Finance of America was a little higher, and that was another deciding factor. However, I don’t like the way the money is distributed now. When they first did the reverse mortgages, it was one lump sum and it was a greater amount also. Nonetheless, working with Finance of America has made me feel a little more secure. As far as taxes and home repairs go, I am covered for a while.
I got a call from Finance of America Reverse and reverse mortgage sounded like a good idea so I went with it and it saved me money monthly. The representative was very nice. I've signed so many documents and I was given copies of the documents, but they were unsigned. I'm not even sure yet what I've got here. So, I've got a stack of papers here that I just don’t know what to do with. The process is much more complicated than a regular mortgage plus, they're out-of-town and that makes it more complicated. Nonetheless, I'm glad they called me. I think it's gonna work out well for me and I'm happy with that.
A reverse mortgage had been something that was on my mind for a while. It looked like I had a lot of equity in the building, and I thought that at this stage in life, I should probably take advantage of it. One of the advantages is something fairly unique in that I have all my insurance and my taxes all prepaid for several years. In case I should develop some kind of a mental impairment, then I will have these things working for me. And I’ll always know that the taxes and insurance are paid here. Other lenders seemed to put me in a position in which they saw other clients more interesting. Mine was not a huge amount of money that I borrowed, so I wasn’t getting the recognition from other lending organizations. Diana, the lending officer from Finance of America Reverse, was quite nice and interesting. She was a listener to whatever I wanted to talk about.
I was in the loan business for several years, so I knew everything they were doing. The loan process has taken a few advanced steps since my experience in it, wherein almost all of it was done electronically. I used to worry about always having to gather up verifications when I was a loan officer, and those things were done electronically now and much faster. One major improvement I would like see is to have people on the ground here in the neighborhoods who could come and answer questions that you might have. Diana did a good enough job, but I always find it a lot better when I'm looking at somebody face to face, eyeball to eyeball. If they have somebody come to the house and explain what’s going on, it would’ve been a little bit better for me.
There seems to be a hold out of money on the garage roof until the weather changes and it can be painted, and I needed a stronger answer than what I got at the closing. The closing was taking place here in my home, late at night. The lady was very nice, and if we had had a little more time and it wasn’t so advanced in the evening, then I probably could’ve gotten some more things answered. But she came in, did her job and then went out. However, things were done in a mechanical way and there wasn’t a lot of great interest from her in listening to my life. I had been a teacher for a few years in my life, and I didn’t feel like I learned much from what she was saying. Overall I feel a little more comfortable in the sense that I don’t have to worry about payments because there was a trust set up for me, and the trust itself would make the payments on insurance. With the rest of the bills like groceries and gasoline, I could handle that fairly easily myself.
Choosing a reverse mortgage seemed like a good opportunity to pull out some money out of a property and take care of some other things for the short term. I chose Finance of America Reverse because of the information on their website and the quick response that they gave when I was checking into it. However, the application process was more complex than I thought because I thought the reverse mortgage was more of a simple thing based on the property and age. I got lots of different business interests, investments, and real properties and the process was turning into a standard mortgage type of situation we had, getting all the documentation. We provided more than I originally anticipated.
But the loan officer that I worked with was very good and very responsive, and he was quick to get back with me. There were a few issues as it went through underwriting and we had to clear it up with nothing left. The final rate and terms of the mortgage I received were good. However, it would be much better in the ads to say all the reverse mortgages are much more like a mobile mortgage process than it is.
We've done the reverse mortgage twice. We seemed really good candidates for it and it gave us an opportunity to get some money out of our equity. On the second time that we did it, we took the class as required by our supplier, then we went through the process. We had to redo things over and over and resend forms. Finance of America Reverse wouldn’t accept the form because they couldn’t read it. The bank sent them one, but they said it was on the wrong letterhead. We thought we were done. They said, “You’re done. It’s approved, we’re closing tomorrow.” But the next day, we got notes saying, “No, you’re not. You gotta redo this.” It was very cumbersome and it took a couple of weeks until completion. Nevertheless, the loan officer that I worked with was very responsive and did fine. The rate and the terms of the reverse mortgage I received were also acceptable.
Choosing a reverse mortgage was a lot more freedom for me. I don't need a lot of money going to my children because they are very well taken care of already. I saw Finance of America Revere's name and it looked like the name I wanted to work with. Their application process was clear and the process took 40 days. Their entire lending process was excellent. Their rep, Jamie, was exceptional. Even when her day is off, she would be working. I was most impressed with her contact and her concerns about everything. It was like she was doing her own loan. I was very comfortable working with her and it was like a sister relationship. She went to the source to help me address any questions or concerns that I may have had.
The guidance Finance of America provided was on point at every step of the way. Although their rates are higher than what I could have received by refinancing this was the best experience in this field. I'm a not novice at this because I’ve had been in finance before. I also was a real estate broker for 32 years, a mortgage broker and was an appraiser. Finance of America did everything right on the penny.
I've been retired for almost 20 years. I was sick and had bills, and I don't like to be in too much debt so I did a reverse mortgage. I signed up with Finance of America Reverse and my experience with them has been very good. Taylor, the representative, was very good and he is very valuable to the company. I liked his compassion, his understanding, and his openness. He explained everything and went over everything with me. Obtaining my mortgage was very easy because Taylor called me and told me what was gonna take place. A lady came out for the actual signing, but Taylor had already gone over with me three-fourths of what I was signing for. So, I knew what was coming and understood it, and I liked that. The rate was very good. The process took a month and was faster than what I thought it would be.
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.
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