Finance of America Reverse
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Finance of America Reverse

 4.5/5 (341 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.

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4 featured reviews
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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: June 2, 2022

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

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

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

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

Finance of America Reverse response

Hi Kent,

Thank you for taking the time to leave a review about your experience with FAR. I'm happy to hear that Barbara was able to assist you in the process of representing your friend. Please let us know if there is anything further we can do for you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 11, 2022

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

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

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

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

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

    Finance of America Reverse response

    Hi Mary,

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

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: 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 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 28, 2021

    I had called Finance of America Reverse, and then Katie called me. I gave her all the information that she needed, and she has been wonderful. When I have questions, I always had her card and then I could call her. She would answer and if she didn't answer, I'd leave a message, and she called me back quickly. She knew the answers to the questions that I had. When I heard something on TV about interest rates going down, I said, “Could we refinance and get more money out of our home?” She said, “Check into it.” She said that it would be best to wait until a certain point when the interest rates were really low. This last spring, she said, “Now is a good time if you wanna do that.” Then she sent us papers to fill out. She sent return envelopes, so we could return them to her really quickly. So, the process went really smoothly and quickly.

    We couldn't ask for a better person than Katie. We loved her. She tried to help us every way she could. I had seven surgeries this year and we had to buy a lot of medical equipment for my house, and it made me feel better. We also had a lot of money now still with them just sitting there. Then I don't have to worry about the future. We're not paying a whole bunch for the interest part that we paid, but the interest that we're getting is higher than it was on the money that is sitting there. Katie did it really good for us. We felt really secure in working with her. When we said we wanted to get some more money out of our house because the price of our house increased so much, she even did an estimate about how much our house was worth now. When the appraiser got done, she was almost spot-on in what the appraiser appraised it for. She had a good idea of what it was worth. She has knowledge of those things.

    Finance of America Reverse response

    Hi Charlene,

    Thank you for taking the time to leave a review about your experience. We are delighted to hear that you felt supported by Katie 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.

    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.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 9, 2022

    Jason ** is a reverse mortgage specialist who did the impossible! He enabled my elderly mother to stay in her own home and avoid the heartbreak of being placed in a memory care facility. She has 24/7 care which is prohibitively expensive. I really had no place to turn until a mortgage broker gave me Jason's name. During our initial phone conversation, Jason explained in detail what a reverse mortgage is, exactly how it worked and dispelled my fears. He was endlessly patient every single step of the way--from loan application to closing. He laid out exactly what I needed to do and was ALWAYS available, by phone or email. Now my mother's home is taking care of her--and she can afford to "age in place." I had been told that Jason ** is "the best in the business." And he is. Ten stars.

    Finance of America Reverse response

    Hi Audrey,

    Thank you for the review!! We are delighted to hear that you felt supported by Jason 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.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 30, 2022

    EK always kept me up to date with the whole process and contacted me frequently to make sure I received the correct documents and if I had any questions. Wish I had more room to tell you how great she is!

    Finance of America Reverse response

    Hi Delores,

    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.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 24, 2022

    Everything was great with our experience with Finance of America Reverse because of the rep that we worked with, Glen. He helped us through the whole process, even when we were having some problems with paperwork. He made it go really smooth. The rate and terms were better than what my dad had originally. One of them used to be at 5 something, and then it went down to 3. So, he was very pleased with that.

    Finance of America Reverse response

    Hi Nicole,

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

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: July 16, 2022

    A girl had me all set up. We filled out the applications and was about ready to fund it until I found out that we couldn't qualify for the program until my wife turned 62. So, we had to wait until her birthday to close. In the meantime, the girl who got me set up left the company so I didn't hear anything for a long time. Finally, I got a hold of Finance of America and the supervisor was very helpful and took me through the process. But the interest rate changes so what I was told it was going to be up front wasn't what it ended up being. They were a little high but they weren't too bad. Other than that, once we got done, it was fine.

    Finance of America Reverse response

    Hi Craig,

    Thank you for taking the time to leave a review! I apologize for the initial miscommunication and am happy to hear that we were able to assist you in the end. 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: July 15, 2022

    I'm very happy with Finance of America. This is my second go-around with them. I had a really nice rep and I was very comfortable working with him. Several people don't call me since I told them I'm already with Finance of America and I'm very satisfied. I will recommend anybody to this company.

    Finance of America Reverse response

    Hi Emily,

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

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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