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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As a retired person, I didn’t necessarily meet all the qualifications for a conventional loan. But I was able to quality under the reverse mortgage program where I could be under an FHA loan. The application and underwriting process at Finance of America took 30 days. I had a very professional loan officer that I worked with most of the time. He was friendly and answered all the questions that I had. They were easy to work with, professional and were very responsive to all of my questions. They explained in detail how the reverse mortgage works.
My wife and I had to go through a training program, based on Minnesota, and passed. I was very comfortable with the process and it was relatively quick. They only required a minimal amount of documentation, which I was able to provide. And so, all-in-all, it was a good program. I was able to qualify for the amount of money that I needed. I really wanted to pay off a couple of debts and do some house remodeling, and I was able to do it. Everything went smoothly and the mortgage solved my needs. I wrote a couple of complimentary recommendations back to them when the process was over. I was happy and I’d recommend them to someone who’s in a similar situation.
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!
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.
I started out with One Reverse but they turned me down on a technicality because they didn't know what Texas Law was. Dani reached out to me and Finance of America Reverse was one of the companies that was considering buying the mortgage from One Reverse. I explained the situation and after we talked, he began to look into it to see what the deal was, and he found out that I was correct and One Reverse was wrong, so we proceeded from there.
I first had to do a counseling, and I had to redo it eventually because of the time lapse that took place between when I started the process. I did all of the questionnaires and then there was a lot of complications along the way. Part of it had to do with the fact that my house was sitting on a little over two acres of land that had been deeded to us. But when we built it, we knew we were gonna get the rest of the land, so it kinda lapped over just a little bit over our allotted two acres. We ended up having it resurveyed to where it included extra acreage, and then, it had to be reappraised after that. So, it was a lengthy process, but it was no fault of Finance of America Reverse.
I understood what the delays in the application process were. However, my only real complaint along that line was there were several things that I had to furnish and do along the way. It was easy to get it all taken care of had I known all they were at the same time. But it was just that one thing would come up, and I made sure that was taken care of, and then there was a wait, and then there was another thing that would come up, and I would do that, and then, another thing. And it just seemed to drag out for a little bit. The credit counseling that I did expired the day before I was supposed to close. So then, the closing had to be moved back a week while I got recertified.
The whole process was over in nearly three months. If all of the issues that came up had been looked at and presented to me at the same time, then all of those issues could have been resolved rather shortly and gone on. And the rates went up from the time that the things were started. But part of the delay was caused by the fact that the property had to be resurveyed and then reappraised.
Dani was excellent. He stayed in constant contact with me as things came up, and I was always able to get a hold of him when I needed to, to give him information or get information. He did as good a job as anybody could do. With the difficulty of the encroachment of our property on the acreage that we had over on the acreage that was different, he told me he would check on it and get back with me. And he did a real good job with that. I was very comfortable with him. I was impressed with his friendliness and his willingness to pursue whatever had to be pursued to get done what needed to be done.
After we closed the loan, I was told that in a short period of time, I would receive information on how I could pay back end of the loan. I have not received anything but a bill that told me that I was gonna be billed so much a month for mortgage insurance when I thought I understood that I was making a one-time, upfront payment for all of that, and that would cover the mortgage insurance. But I paid a pretty good percentage fee upfront for that. I’m a little bit dissatisfied with that, but Finance of America Reverse did as good a job as could be expected under the circumstances.
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.
I looked up the different companies on the internet and I had a friend of mine check out a few of the companies. Finance of America Reverse and AAG came up as two of the top. I talked to representatives from both of them and gathered some information. I went back to America Reverse because of a particular employee, Jill, who walked me through the initial process. When I first made my inquiries, I wasn’t ready to do it. I was gathering information and hadn’t made up my mind about exactly what the timing was gonna be. I knew I needed to do it and she had the courtesy of giving me all the information without any pressure.
Two years before I actually did it, I called her with additional questions and she was always more than happy to give me answers without pressuring me at all. Plus, I didn’t get any of those back-up calls, which I don’t like to get. Once I’ve decided on something, I don’t need them to continue hounding me. I’ll get there when I’m ready. I expressed that to both agents but I was assuming that it was standard procedure to ignore the people they were talking to and go by whatever the company demands them to do. Jill didn’t do that and I felt she was paying attention to me. I went back there, compared offers, looked at who owned the companies, their stability and the parent companies of various things.
It also made the difference that I did not want to do business with the company that a few years down the road would sell the mortgage to someone else. It was one of the things Finance of America said they would not do and I gotta take their word for it, whereas AAG did not give those promises. Beyond that, they were equal. There were a few things here and there that Jill adjusted. They took some fee out from the final loan, instead of making me pay for it upfront, then I paid the appraisal. Those costs were taken out and written into the closing cost, so I didn’t have to take them out of my pocket. It was the personality and the fact that she made me believe what she was telling me, and she made me believe that I could trust her.
The application process was intimidating and extremely stressful. There was so much paperwork. There had to be 50 pages of more and most of us harried citizens go into this kind of thing, take a look at the volume of the paperwork, and you’re responsible for anything you sign. If you’re not an attorney and you don’t have a background in reading those, you’re intimidated within the first page, let alone the first 10 pages. If people were aggressively willing to apply themselves, they might get halfway through it. But if you don’t have that training and education, it’s an absolute “put a blindfold on and walk off to the end of the high dive” because that was as good as it gets. I have a friend that I didn’t have to pay an hourly attorney wage and when I signed all the papers, she sat with me and went over the documents one by one so I had that back-up that if I missed something, I wouldn’t be standing on thin air.
If I was sitting in a board meeting with a bunch of CEOs trying to tell them how to make the experience better, I’d tell them to go get Jill and put her in charge of training their liaison people. I’m picky, reasonably intelligent and somewhat articulate, and Jill walked away with it, not because of any money differences. AAG offered me a slightly better deal and it amounted to $500, but I went with Finance of America because I felt that, going forward, I could pick up the phone, call this woman and get a straightforward answer and not be left out in the cold. The best thing they can do is have people who really know what the overall picture is. They are as much an advocate for the borrower as they are for the company. If I were to say to friends who are considering doing this, I would recommend the company and direct them to Jill.
I went through and looked through a lot of options. The thing that convinced me to go with Finance of America Reverse was the salesman that worked with me. Eric did an excellent job and answered my questions. He was straightforward about things. I was debating whether to get a jumbo or whether to do the standard limited FHA type deal and Eric had all the right answers. No one else seemed to know that much about it. Also, Finance of America already was set-up in Missouri, other companies were not. The $17,000 upfront cost seemed exceptionally high and there were others that were less expensive. Two or three of them were into $10,000 or $12,000 range, so it was a very significant difference. But the overall long-term cost I felt was very competitive, so that's why I went ahead and with Finance of America.
The process was unbelievably long and drawn out and far, far, far too many pages. A lot of that were the regulators involved. First of all, the extra documentation that they required that seemed to be simple and stuff, other things were not so simple things. After we finally found someone to do the evaluation or appraisal of the house, they've turned down that one. And I understand from Eric that once in a blue moon, they arbitrarily will wanna spot check the appraisals and call for another one. They called for another one, that delayed me to the point where I had to get a second credit check. Although we closed way before the 90 days, it didn't make the distribution until after 90 days, so they had to do a second appraisal because of Finance of America policy. So now, for the next two years, my credit report will show that I've had too many hired crediting inquiries on my credit report which hurt me by 50 points.
Also, there were all these statements that I had to sign, my wife who was not a borrower, a non-borrowing co-owner of the house is two years too young. It just went on and on and on and on. It seems to me they could do a much more, adjust it as effective legally and protective job with a lot less pages. And every package has forms in it that do not apply to me. When it was sent to me, it did not clearly say, "This doesn't apply to you." And I had to call Eric to get a clarification about this particular page or that particular page or paragraph. I was told to not worry about it and go ahead and fill out the rest. But the rest had the same kind of stuff in it, where it didn't apply. So, why include that in the package for me to review in time if it does not apply to me?
I'm getting a loan so that I have a line of credit to draw on with the equity I've invested in this house that I've owned free and clear for more than 10 years. I just want a back-up in case I have another heart attack or some other issue come up in the future and make sure I can get by financially and I can pay my hospital bills and not burden my wife on her retirement funds to take care of me. I don't need the hassle. That last appraisal that required the HUD just about made me walk. Eric was the only reason I stayed with Finance of America Reverse. He's a jewel and it would be a huge mistake for their company to ever lose him.
I wanted to have reserved money and to have a line of credit in the event that I needed it, not because I need it to survive, but when things start to go south as I get older. I chose to go with a reverse mortgage. If I need to have somebody to come into the house to take care of me, I would not be in the best state of mind to make those kinds of decisions, so I made it early. I did a bit of homework and chose to go with Finance of America Reverse.
During the process of obtaining my mortgage, I have to go to the, “Okay, fine, send me the paperwork.” I prefer not to do things online ‘cause nothing is secure when I get right down to it. I was in constant phone contact with the people at Finance of America Reverse. They were willing to answer my questions and if they didn’t have answers to my questions, then they would find out. The reason I asked some of the hard questions is that I’m a retired financial planner, so they weren’t expecting some of the stuff that came out. I went through the financial counseling and by then, had the appraisal on the house, and life went on. Everything went fine and we closed.
I was very surprised with how long the application and underwriting process took. I wish I had been able to get a loan through that fast. The rep who I worked with was pleasant. She’s young and probably has not been in the business that long so I learned some things about reverse mortgages that I wasn’t aware of, and she also learned some things that she wasn’t aware of. It better prepared her for her next client, too.
Finance of America Reverse should be a bit more careful about their verbiage when they refer to gross. They make it sound like I'm getting an interest, which I'm not. So what they’re really charging me is four point something and my gross rate will be equal to that, tied to labor, etc. But it’s not an actual interest per se that whatever be accessible other than if I tapped into that line of credit. It’s a misrepresentation unless I ask the hard questions because it’s really based on the value of my property and appreciation.
I hate being in debt ‘cause it has always been my goal to stay out of debt. I pay things off as quickly as I possibly can. So working with Finance of America Reverse makes me a tad uncomfortable. Just before I paid this house off, I’ve never owed that much money to any one person. This was my fourth purchase and so the first thing I wanna do is pay them off and I did. To me, that’s money in the bank. They can’t take my house away if all I have are property taxes and insurance. I don’t think the fees for the line of credit I got was unreal. The experience with Finance of America Reverse was stressful, but that’s just me because I’m going on a hook and putting my name on the dotted line, even with only being, at this point in time, about approximately a $14,000 balance.
Other than that, I have been inundated with phone calls about Finance of America that is not them but evidently, my information was shared and I’m not caring very much for the unsolicited phone calls coming in. I don’t like that. I’m finding myself having to block at least one number per day. I know they sell those stuff. They share it with people and the people they share it with, share it with somebody else and right on down the line. I don’t feel like getting up and answering my phone. Thank God I have caller ID. When it says an unknown number or private number, sorry. Even Finance of America has numbers that they can call it from my area code.
I asked the agent who I was working with one time, and she said that they can do it from my area code so it looks familiar to me. I said, “I’d rather it came from your area code. I know where you are. So if you want to talk with me, use the same number every time you call or you’re gonna find yourself blocked.” It might be easy for them and it might save them a few nickels but they could lose a customer doing that, too. Other people should investigate Finance of America Reverse on their own. I would throw a few questions at those people and I would be available to them if they were concerned about something that I might be able to clarify a bit more and redirect them with the questions that they needed to ask to get their question answered.
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We wanted to travel and feel the freedom of enjoying our wonderful place here, but not having to sell it. We don’t have family that needs to have it willed to them, so we wanted the last years of our life to be more quality. We heard of Finance of America Reverse from a friend right when we started thinking about doing it, so we called them and moved forward.
We were very impressed with Gary, who was the person in charge of our application, and he got it right through. We had trouble getting a price on because of the size of land, but Gary kept forging on to find someone to give the second mortgage, and so it went pretty smoothly. He was very good to call when he said he would and be available to call back if he was with someone when we had a question. He was very succinct in giving us the information we needed. The rate seems reasonable and comparable to things that are going on now. We ran it by my son who does things with banking and is a realtor out in California, and he said it sounded like a good thing for us. I will certainly recommend FAR, and I’m sure my husband would, too.
Everything went smoothly except for the damn appraiser. He kept wanting more and more. He came to the site here and said he needed certain things. We did those certain things but that wasn’t good enough for him. Then we found out that part of it was that he wanted a completely different fixture. Overall, the process only took up about three months. But the loan officer at Finance of America Reverse, Taylor, got a little pushy. I really didn’t need this thing and he kept pushing that I really needed it for my financial problems. I guess he was just doing his job in trying to get me to go. At times, I was comfortable in the process but then a lot of times, no. I also thought I was gonna get a little bit more than what I got and I’m still waiting to see after the first year what more I can get. But I was agreeable with the rate and terms and overall, I was happy. It’s given me some money to work with, to work on my finances.
We got a reverse mortgage because it was the best way for us. We had our house paid for, but we decided we could use it to further our income. So, that worked out very well. I got in touch with Finance of America through a brochure and Carol then called me. She really walked us through everything that we needed to do. She was very personable and helpful in walking us through some things that we weren’t certain about. So, we were very happy with her. She really understood what we were looking for. She was a very good person, and I looked upon her as a friend after this experience.
Carol also tried to help us with the rate, but when they evaluated our house, they took some of the surrounding houses, but they were in a different part of where we lived, and they weren’t selling for as much as the ones around us. She tried to get that rectified. But they still went with the value. Nevertheless, it’s been very reassuring that we have that kind of money. We wanted to do some repairs and things, and we can go ahead and do that. I had some questions on the repairs, and somebody got in touch with me right away and told me exactly how I should go about it. That eased my mind about what we should do on it. We’re very pleased with the way things went with Finance of America,
I wanted to free up the cash we were spending on payments to enjoy our life more and Finance of America Reverse has taken some stress out of my life. Compared to other companies, they were more straightforward and they broke down everything where I could understand it better. The process to get the reverse mortgage took just under a month. But I was in the mortgage business before so I know the application process is a pain in the neck no matter what you do. I think everybody is in the same boat. It was very lengthy and there was a lot of things to sign. I would have also liked to get a little better rate but it's all based on the LIBOR so there's really not much they can do about that.
We spoke with one representative for the most part and she was very knowledgeable. She had been doing this for quite a while and she had been on the other side of the business before, regular mortgage lending, so she knew what she was talking about. I also got quotes from other companies and she was able to explain to me why what they were telling me wasn't gonna happen. She did a good job. I'd recommend this company.
Aaron, the one that I worked with, was very nice and reassuring. He was at my beck and call all the time. He answered my phone calls right away and he called me back. It was like he was living in my house. So he worked well with me. I was impressed with his availability as well as his ability to explain things and put me at ease. When I did it initially, I had second thoughts and pulled back. But the process was very easy and the rate is good. I wish it was better but I didn't have good credit anyhow so I'm okay.
My only problem with them is that I did not know they were financing my home insurance and my taxes. So I also paid them. I straightened that out today. But I would have liked to have known they were doing that because I didn't want my home insurance going under a loan. I've been paying it right along. So that was a little bit unsettling to me. Nonetheless, working with Finance of America Reverse certainly took a multitude of stresses off me. I had gotten myself in a lot of financial difficulties through family illnesses and other situations that I shouldn't have, and I was able to get out of it.
We're really happy with Taylor ** at Finance of America. He made the reverse mortgage process easy, easily understood and left us with a sense of security. Taylor has made himself available for any and all questions, answering them in a timely manner.
Everything went really well with my experience with Finance of America. Their rep was very knowledgeable about reverse mortgages. I talked to a few different ones and I liked what he had to say. He knew more about it. They went through the application process pretty thoroughly. It got a little aggravating, but all in all, it really wasn't that bad.
The whole process felt like it took a little bit long because they had to have a second appraisal, and that took another week. It stalled my closing in about another week before they ever got that done 'cause somebody had to come out. But the rep I worked with was good. I had no complaints. He'd done everything. And the only thing he didn't have control of was the appraisers and the guy who want the second appraisal. He helped me through the process and all the paperwork. I could call him anytime I wanted to. He was there and he answered any questions I had. I couldn't ask for anybody better than him. I would recommend Finance of America Reverse Mortgage.
There were four different parts to getting a reverse mortgage but it was painless. It was good. I wish the rate would've been lower but that’s understandable under the circumstances. The whole thing took a couple of weeks, maybe longer, but I spoke with one guy at Finance of America Reverse most of the time. Then I also spoke with a lady once or twice. The guy was very helpful and I really liked him a lot. I was very appreciative of everything he did for us. The girl was good too. She was very helpful.
Nick, and everyone working with him at Finance of America were absolutely wonderful. Always communicated what he needed from me in a more than timely manner. All worked out perfectly and I so appreciate all Nick, and everyone else involved did for me. TY so much, Michael
Finance of America Reverse is a lifesaver. I was on the verge of losing my home and I was very depressed and not feeling very good about myself since I was going to lose the home that I had already paid off. I applied for a reverse mortgage with Finance of America. There was a lot of paperwork to go through but the rep, Scott, seemed to have taken care of everything for me. He would keep me informed, even if it was just to say, "Hi, we're waiting on this, and as soon as I get it, I'll get back to you." He stuck with me through all the problems we had. Overall, the experience was very good. I could see myself having gone into bankruptcy and maybe losing the house but that didn't happen. I had $500 in my bank account when the reverse mortgage was finally approved. They provided me with some upfront cash and now I have a lifetime supplemental payment. I'm happy. I would recommend Finance of America Reverse.
This process is not something you want to start without being well prepared which means having all the information you will need readily available. Getting all the paperwork and details sorted out beforehand will lessen the expected aggravation of the process. As far as Finance of America Reverse I am very happy and pleased that I went with the company. And what I learned is the agent you work with is Very, very important! Make sure you are comfortable working with this person; this is the person who's going to be with you from the beginning of the process to the end. If you read through the other reviews and comments, many of the problems people encounter are with the process, and not with the agents who are helping them jump through the many hoops along the way. I was very lucky! I worked with Miranda who was knowledgeable and persistent enough to keep the process moving to completion.
If you are reading these reviews from different sites trying to decide what company to go with, my advice is simple: pick Finance of America Reverse. They have competent, knowledgeable people who are willing to work with you. No matter what company you go with, the process is basically the same, it's the people who work with you -- that's what's important! That's why I am very glad and satisfied I went with Finance of America Reverse and worked with a great agent like Miranda! Terence
Taylor was great to work with on refinancing my reverse mortgage. He stayed in contact with me through the whole process and we worked together as a team. He was honest and straight forward answering my many questions. Yes, I highly recommend Taylor to my friends and family, which I have already done. Great job Taylor!!!!
It was a real pleasure working with Taylor always responded to my phone calls. Explained everything every step of the way. He even took my call after hours when I was signing loan documents. I would highly recommend him and your company.
I had so much equity in the house and we were tired of pulling money out of 401k. Finance of America Reverse offered a competitive deal, and I liked the representative. Their application process was a little bit cumbersome. But I liked not having to speak to anybody but one person through the whole thing. And that person got me the answers I needed to make the decision. He gave me what I asked for. It was a good experience, and I’m happy with the service that I got. FAR is the model that I would like to see all the companies use.
Thank you for your feedback, John! We're glad to hear you had a positive experience.
After applying for a HERM at another competitive reverse mortgage company and having a very negative non-customer-focused experience and long delays with no updates from that company's representative, we called Robert ** at Finance of America Reverse. His 10-15 years experience with reverse mortgages was apparent from that first phone call, and his estimate of closing costs, sent to us within 24 hours, was significantly less than those quoted by the previous company... So we agreed to go forward with Finance of America Reverse. Within 3 weeks, we had closed. Robert kept us up-to-date on each step of the process, answered all our questions in a very timely manner, explained the complexities of reverse mortgage types, interest calculations, mortgage insurance, pros and cons, etc. We HIGHLY recommend him and the company he represents!!!
Choosing which lending company to go to is a really complicated decision. There were so many variables and Finance of America Reverse was a logical choice. We put some feelers out there, and we got multiple responses. We received some quotes and information through the US mail, and then we received some via the internet. We took a long time to do the refinance. We started the process, and it took us three months to decide exactly what we wanted to do and how we wanted to do it. So, when we decided, then we went through the appraisal process, then it was pretty much closing. The rep was very informative and there was no high pressure. He was willing to compare to all their competitors. He was very straightforward and honest about it.
But I’m not real thrilled with the whole reverse mortgage set-up, and I know it’s federally regulated. Compared to a traditional mortgage, it’s much more expensive. But when you look at it from the standpoint that we will never have to pay back, and we get to live in our home as long as we want, it was all good. Their rates were competitive as well. There was a temporary deal we got that allowed us to reduce the rate greatly. Some of Finance of America's competitors didn’t match it upfront. They only did it when they were faced with competition. Finance of America didn’t compete after the fact. But they went ahead and gave us the discount upfront.
The reverse mortgage allows us to flip our home while we live in it, which will boost the value and give us more equity. We may do some serious travelling. So, life is good. I hope everyone has the blessings that we’ve had. We didn’t need to do this. We had some disposable income. But this just allowed us to make some improvements to the home and enjoy them before we sell the house whenever that comes down the road. I’m pleased with the whole process, and if anyone asked me, I would definitely recommend Finance of America.
My son-in-law picked Finance of America Reverse and they did a very good job. The rep was amazing. The process took a month and the rates and terms of the mortgage seemed fair.
We had equity in this house, and we figured we might as well use it up. The process at Finance of America Reverse was fairly simple, though the amount of paperwork was brutal. It also seemed like it took a while after it was done. But they kept us informed and if we had any questions, we got the answers right away. The rep Cyndi was very thorough. She gave us time to think and call us back, and it seemed like she didn't leave anything to doubt.
I got in a financial situation and I didn’t have many options left. I talked to several companies and Finance of America was the one that I seemed to like the best so I stuck with them. They explained to me everything such as what I needed to do and what I needed to get paid off. But the application and underwriting took longer than normal and Finance of America had to stop it for a while. In order to get the service, I had to get a couple of things paid off. Other than that, everything seemed to go smoothly.
My rep was really helpful. I wouldn't be where I have all my paperwork and everything without him. He's even on my email list on my phone because he sent me emails and I sent copies of the paperwork to him back and forth all the time. I felt like Finance of America handled everything really well. I got good rates too. The company helped me get out of a bind I was in with my too many credit cards.
I was fearful because I’m by myself now and I’m getting old. I wanted money in reserve in case I need it. I talked to a gentleman that I know who’s in a club that I’m in, and he said he used Finance of America Reverse. Ellen from San Diego was great and I love her. She did most of the work and she knew everything. Every time I had a question, she had the answer. I received a thing in the mailbox and I gave her the phone number, and she said, “They’re not something you wanna deal with.” So, she helped me out a lot. Now I have money to break my bills. I’m well-pleased.
Ellen, the rep, contacted me a year and a half ago when I was looking at Finance of America Reverse but I said I wasn’t ready yet and I wanted to look around. Then, this year, when I looked at it again, she contacted me. She was right on top of things and I was very impressed. She knew all about it, gave very good directions and she was good. She also kept reminders, checked and followed up. She took care of everything and I felt very comfortable working with her. I would highly recommend her. I got the reverse mortgage so that I didn't have to work two part-time jobs. The process of getting it took almost a month and it wasn’t difficult. They needed to go through all the steps and the counseling is important, too. The rates and terms were good and working with Finance of America Reverse relieved a lot of stress.
I've already got a mortgage plan with another company. I am always covered. I've already got the equity line paid off, and I got some money in the bank to pay additional things. Both our kids don't seem to be interested in the house. And for that reason, we decided we go to reverse mortgage, get what we could to pay off that loan that we had loaned our son, and we paid that. And now, he's gonna be out to paying it in that reverse mortgage if he's going to keep our house or just go and sell it, and he gets what's left. So, I felt like that was way better than I thought.
The application and underwriting process with Finance of America Reverse took a couple of months. It was quick. The only thing is the people that came out to inspect the house here had to come back twice. I got pictures back from the company about the situation. And they had pictures of things that needed to be done, which I saw because I'm in a wheelchair. I don't go that much to the shop and get things to be correct. And the rail needed a little paint on it. I thought that's a little picky but we've always kept the place up here ever since we bought it 23 years ago.
Our loan officer, Taylor, didn't bug me to death which I thought was really good. He'd say, "Well, I'll call in a few days and see if we're able to talk." And he did that. The paper shocked us to death, but there's like 80 places we had signed. Also, it was 11,000 for the cost and fees and attorney's fees. The notary public was way up there like $400, but they already managed for me. The cost was unusually high. If I had one complaint, it would be that that was way out of proportion to what anybody should have to pay to get a mortgage of this type.
My family and I would like to thank those at Finance of America and especially my main contact Taylor. The loan restructuring will allow me to stay in my home, better service my debts and provide funds to enable me to enjoy life. The loan process was painless, explained thoroughly and the final agreed upon terms were excellent. The company's internal and outsourced agents were always punctual and professional in their duties. My best to you Taylor for your guidance through the process and to all at FOA.
Finance of America Reverse had good reviews, and I liked the people that they had. They didn’t make me feel rushed that I had to hurry and make a decision. They told me the interest rates may change but I can’t rush myself. I’ve gotta take the time to read everything, look things up, and picture myself. And I did all that. It took me years to decide. But then, Finance of America Reverse got me right at the right time.
As far as the process of obtaining the mortgage with them, you talk to them a lot on the phone and you write down your questions, and you read up on it. They send you stuff. They send you documents of what the numbers are. If you did this, you see the numbers for the month. Then you have to talk with a counselor. You talk with a counselor. But that wasn’t really that much help. The escrow account thing was the only thing he really came up with that made me question anything. I didn’t feel comfortable trying to find a counselor because there was a big list. And it was really hard to find someone. They’re busy, and I think certain people work with certain people. And they’re not supposed to say who this and that. But if they don’t tell you a couple of things, you’re really lost in that part. I felt that way until I found one.
The application process was easy because I didn’t have a lot of outstanding things. Everything was pretty much done. So when I came in, my house was paid for. I live here. A lot of the things that I had to qualify for, I already did. So, for me, I didn’t have to make things happen. Things were where they were supposed to be. With the money that you were gonna get, that wasn’t really clear to me at the end. It worked out okay. It was the correct monthly amount number, but as far as what the escrow amounts weren't what I was totally expecting. It still turned out great.
My loan officer was fine. He did really good. I like that he handled his papers ready-to-go, because I was ready to go. The guidance I received was good. They try to stay kind of neutral. But, what’s right for you, they need to tell you. My experience went smoothly considering everything. A lot of things had lined up. The guy that I was talking to on the phone with the reverse mortgage company really helped me. He didn’t get violent or kind of upset about something. When I thought, “Oh, this is gonna really put the kibosh on this. The kibosh is coming.” But he kept walking me through it.
I had excellent experiences with FAR throughout my reverse mortgage process. They offer very competitive terms and their goal is your complete satisfaction. I was given a comprehensive overview of the terms in the initial quote, and all my questions were answered upfront in concise easy to understand language. Their customer service and follow through is outstanding and I was kept well informed every step of the way. My experience with FAR could not have been better, and I highly recommend this company to anyone seeking a reverse mortgage.
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