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Finance of America Reverse
Finance of America Reverse
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(844) 336-1893
Overall Satisfaction Rating
4.62/5
  • 5 stars
    440
  • 4 stars
    77
  • 3 stars
    23
  • 2 stars
    10
  • 1 stars
    13
Based on 563 ratings submitted in the last yearSHOW RATING DISTRIBUTION

Finance of America Reverse

ConsumerAffairs Accredited Brand

Finance of America Reverse is one of the premiere reverse mortgage lenders in the United States. Since 2003, FAR has been providing homeowners age 62 and older with the financial independence they deserve while preparing for or during retirement. By utilizing home equity for a retirement asset, these savvy homeowners are able to strengthen and lengthen their retirement plans.

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1331 Finance of America Reverse Consumer Reviews and Complaints

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Verified Reviewer
Original review: June 22, 2018

Finance of America Reverse was wonderful. My husband died six and a half years ago and left me with a big home. I have turned down $1,000,000 for it back when the economy was up. But he left me enough money to live like I’ve been living for the rest of my life. But I’ve got a brother and a sister-in-law is really good to me so I thought I’m gonna figure out how much it would take me to live for five or six more years and then I am going to give the rest of my money to them, where I can see them enjoy. That was a big mistake. I wrote checks for 1.3 million and I have not seen a thing they did with it.

My funds were almost depleted and a reverse mortgage was the only choice I had because I had no income but my social security which is nearly $1,900 a month. I could not get a conventional loan because I could not pay for it and everything I had was paid for. I’m 80 years old, but I’m a young 80. I still go and drive and do what I want to. I called several places and then I called Finance of America Reverse and they were so nice to me.

They didn’t offer me the most money, but they were just so kind and I thought I may get in trouble but that’s what I’m gonna do and my house will go to whomever when I die, which it could be tomorrow or it could be 10 years. But I’ve got such a big house and I love the neighborhood and I didn’t want to move. With Finance of America I’m living just like I was. Nobody knows the difference. I live in the same house, drive the same car, wear the same clothes and go to the same places. They’ve done what they said they’d do so far.

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Verified Reviewer
Original review: June 21, 2018

We were looking at three different lenders and I felt like Finance of America Reverse was local and more friendly so we decided to go with them. Their application process was agonizing though as I never signed so many papers in my life. There must have been an almost two-inch stack. I talked to the guy I went with originally and over the phone, I signed all of the pages and sent them back to him. Later, they sent some guy out and he had all the stack of papers again. We signed all of them all over again which took an hour or two. Then, they sent out a notary public and he had a whole bunch of stuff that we all went through and signed so that he could stamp it that I had signed it. We had to go through the counselor too before we could do the loan.

The whole application took a while. We're 80 years old and retired and I just wasn't in a hurry. And then they want to get it done. It would have been better, faster and easier if I have gone in the office and dealt directly with them across the table, instead of working over the telephone and then having them send somebody out. But it worked out okay. We're in the boat and we're happy. The loan officers were friendly and more than accommodating too. They gave us numbers to call them directly so I didn't have to call the main switchboard and ask for so and so.

The rate came out about what I thought it would be. When the appraiser came out, he was $10,000 higher than what the mortgage company said although that didn't really change anything. We were pretty satisfied with the money we were getting, anyway, which we put in the bank and spent some. We put $5,000 down on a new car to help get our payments the way we wanted them to buy a new car. We're also looking at a couple of remodeling projects on the house. Overall, I'm pretty happy with my experience with Finance of America.

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Verified Reviewer
Original review: June 21, 2018

My house was paid for my brother-in-law. I’m single and I don’t have any kids. My sister didn’t want a reverse mortgage because they’re fairly wealthy and my brother-in-law just told me it’s ridiculous just to get old and die in it and not get any equity out of it. It’s basically just money in case of emergency. We called three or four different lenders and Finance of America Reverse seemed to have more flexible terms and fees. I also had quite an experience with them. We started out with an amount and ended up with totally different amounts and holding out the money because they said my credit wasn’t good which they didn’t tell me to begin with. Even so, we got it all straightened out.

Also, we thought that the process would close in two or three weeks but it took several months. They kept having problems. There were a couple of times where I was to the point of backing out. They were saying they need to hold out $20,000 to pay property taxes and my insurance because my credit doesn’t approve. I told them that I pay that as an installment but they said that I can’t and they gotta pay that. So they held that back and held out the money for something else and I don’t know what it was. They eliminated the origination fee which was $2000. Of course to do that, I had to take $25,000 upfront but they said I could pay it back and I do have to talk to them. I don’t know how to pay the money back and they keep sending me plenty of information on how to ask them for money but not how to pay something back.

I also wish I should've known more upfront before I got into a reverse mortgage. I didn’t have a bad credit. I just didn’t have anything. I had a couple of old debts that they contacted and then contacted me. If they would have not contacted them, I could have worked out a much better deal with them. Also, this reverse mortgage is a little scary because even through it’s a money sitting there, I still feel like I sold my house. I’m having a hard time dealing with it right now but my brother-in-law is trying to explain it to me.

Nevertheless, the loan officer was very kind. We like him but he seemed like he didn’t know a lot of things and it sounded to us like he really wasn’t sure of what he was doing. He was checking on a lot of things but that’s all right. He might have been fairly new. Also, I was comfortable working with Finance of America Reverse. They did a lot more than the others.

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Verified Reviewer
Original review: June 20, 2018

My dad requires 24-hour care and the reverse mortgage is how I’m paying for it. The reverse mortgage was a scary thing to do but Finance of America made me feel comfortable. I got a really good loan processor. She was a very nice and normal person so the process went very well for me. It was very quick too and I closed in about a month because I wanted to. As far as the rate and terms of the mortgage, it was hard to say that it was great but it wasn't awful either because I got counseling and I know that they gave me the best deal they could give me.

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Verified Reviewer
Original review: June 19, 2018

I recently applied for a reverse mortgage. I worked with Tim ** at the Indiana office. There is a lot involved with this process from paperwork to FHA requirements, and he was always available to answer any questions when I had them. He had a lot of good advice to help with the process from beginning to end. Finally, there are a lot of facts and figures that needed to be explained so I would understand what my obligations are and he explained them very clearly.

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Verified Reviewer
Original review: June 19, 2018

The people I talked to at Finance of America Reverse were positive and straightforward and they gave me good information. The application process was okay. The reps came out, went over it initially and then got out for the final papers, so I didn’t have to go anywhere and do anything. I worked with the same people and I was happy with the lending process. The loan officer was accommodating. Anything I had, he took care of it. I felt comfortable working with him. If I had a question, he addressed it in a proper way. He was responsive. He was out of San Diego and I didn’t realize that. I thought he was back East. I called him early and got him out of bed.

I had to go through a conference deal. It wasn’t really necessary, but it was okay. The rates and terms were comparable with other firms that I had contact with and the prices I had. It was competitive. Working with Finance of America Reverse stabilized my income and I've taken care of a lot of things that I wouldn't have been able to do otherwise.

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Verified Reviewer
Original review: June 19, 2018

I'm 72, and I cannot afford to pay my property tax, and some of these other utilities. So, I took the reverse mortgage 'cause I had to make some repairs for the house. But the $11,000 for processing fee only was too high, but it was all right. We had no choice anyway. They did the assessment of the house and they had a representative and asked questions, and I answered them all. They came here three times. The application and underwriting process took about two months. They could have given it right away because the house was paid for and they know that, but I was not in a hurry for the loan. Right now, I'm okay with Finance of America Reverse and I will recommend them. They keep on calling me, following up with me. Working with them is good. I like it because it has helped me, except I'm only taking withdrawals up to $2,000 every two months.

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Verified Reviewer
Original review: June 18, 2018

I applied for a reverse mortgage and it was pointed out by Bradley ** that there was a new program that I could apply under. He helped me through the process and was professional, diligent, and very helpful. With the new program, there were many steps and Mr ** kept me informed at all of these steps. He even arranged the closing when I was out of the country and arranged all without a hitch... First class help from a first class person. Many thanks.

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Verified Reviewer
Original review: June 18, 2018

I needed to renovate my house and although Finance of America's quote was a little bit higher than the others', the straightforward attitude of the loan officer gained my confidence and convinced me to go for them. However, the application process was a bit lengthy because there were too many delays and some issues regarding some other person within the company. They sent an appraiser and rejected the appraisal saying that the value of the house was too high. Then they sent a second appraiser which went way low in regards to the value and I wasn’t too content with it. But after that, everything was okay.

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Verified Reviewer
Original review: June 18, 2018

A reverse mortgage as a part of my retirement plan was my only viable option at the moment so I chose to go through it. I was scammed of a great deal of money and it left me with some hurt. I liked Finance of America Reverse's rep very much. She was very helpful, upfront and didn’t lie nor try to mislead me. I want people who have my interest at heart and I felt like she was just that. Once, we had to use her boss for something that I wasn’t happy with which wasn’t her fault and he was helpful too. It took no time for them to answer if I have questions or concerns. I would call in and it would be less than 24 hours always. We did a lot of stuff over the phone because I felt more comfortable talking to a person than messing around with the internet. The application process took two months. We had only a certain length of time we could do it and we did it. I was happy with Finance of America Reverse in general.

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Verified Reviewer
Original review: June 17, 2018

I haven't had an increase in my retirement in quite some time but everything else has gone up. I just couldn’t quite make ends meet. The application process with Finance of America was relatively easy and I did it by phone. It was several different times they called and I did some of it online and some of it on the phone. It took about a month. Toby was my loan officer and he was very knowledgeable and very friendly without being condescending. I am a rather strong-willed person, and I dislike being treated like a demented 10-year-old, which some people often do because of my age. They say something that irritates me beyond words. I am neither senile nor stupid, and I don’t like being treated that way. You'd be surprised at the number of people that do. Toby was a very pleasant young man, and he explained things without being overbearing.

However, I got a little disturbed about the almost microscopic evaluation of my finance. It's because there were a couple of bills I couldn’t pay and that kind of irritated me, but at the same time, I can see their reason. But I was very pleased with the rates. I had an overall pleasant experience, and Finance of America has made things much easier finance-wise for me. I have recommended it to a couple of people.

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Verified Reviewer
Original review: June 17, 2018

I spoke to a couple of different providers and Finance of America Reverse was willing to completely waive the $6,000 loan origination fee, which lenders are allowed to charge. A lot of lenders will waive part of it, but they waived all of it and that was the deciding factor. There were a couple of hiccups during the process, things that I never knew about or anticipated, but it all worked out. There were just a couple of things that nobody really knew about that were FHA requirements, so it would have been easier if I had known about them upfront. They were fairly aggressive time-wise and the loan officer was a really nice person.

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Verified Reviewer
Original review: June 16, 2018

I went to Finance of America through LendingTree and I was surprised how fast the process was. I talked to a woman and she told me what we would do. She said that all the other agencies like AAG usually take two or three months for this stuff to go through while she guaranteed that within 30 days, everything will be signed, sealed, delivered and I would be approved. I was in shock. She had a package sent to me overnight the next day and within the following week, she had other stuff set up and then she came in person a week and a half later and talked to me. Everything was thorough. She went on vacation and another guy called me up and said that he would be taking her place in case I had any questions. It was the final week when everything would be going through and he told me that it was the day my loan was gonna be paid for. Overall I’d recommend Finance of America Reverse.

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Verified Reviewer
Original review: June 16, 2018

Finance of America Reverse was recommended by the company I had previously. The woman on the phone who handled my loan was a very good helper. She was very courteous and she answered all of my questions. If she didn't know the answer, she’d get back in a few minutes with the answer. At the very end though, they retained some money because the inspector wanted some paint done. They retained something like $4,500 to cover that job. And he had the job done and it cost me $3,000. So they told me that they were gonna send me $3,000 and that was the full amount that they retained out of the original loan. It didn't really matter because I had more cash than I wanted in the first place. They insisted on taking everything instead of doling it out as I needed it. And I'm still waiting for that money. It's taken weeks to somehow clear. But other than that, everything was fine. I'd recommend them.

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Verified Reviewer
Original review: June 15, 2018

I had a very good experience with Matthew ** with Finance of America. He helped us through the whole process, making it easy to apply. I would recommend Matthew to any of my friends who are looking into reverse mortgages.

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Verified Reviewer
Original review: June 15, 2018

This is the first and last time in my life that I'd do the reverse mortgage. The experience with Finance of America Reverse was good except that there were a lot of delays. They asked for some papers and it was an enormous amount. If I had to advise somebody, I need to tell them what they need. The process took about three months but it's okay because it worked out pretty well. They were the best in the market and the rep, Belinda was very good. The rate is 1% higher than I expected but at least I got rid of all of my debts so it's fine. But it could be at least 5.5 or 6%, not 6.5%. I can afford it so I took it but for other people, it's high. If a part of the interest is a little lower then I would recommend Finance of America Reverse.

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Verified Reviewer
Original review: June 15, 2018

My husband has been gone over 20 years and I managed well up until now. But since I was in the hospital last year and in and out a couple of times, my finances got in a mess. I was trying to get them straightened out and I finally figured to get a reverse mortgage and get everything done at once. I contacted three providers and Finance of America offered me the best deal. Their application process took longer than I had thought, but it turned out alright. My reverse mortgage has worked out well and the man that I dealt with, Scott, was extremely pleasant and helpful.

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Verified Reviewer
Original review: June 14, 2018

We owned our home outright and with a reverse mortgage, we could access the money, do some repairs and fix our house up a little bit. And being that we're retired and on a fixed income, we knew that we could pay it back at our leisure. The first two companies we went to couldn't help us. Finance of America was the one that was able to. My loan officers were great. I was comfortable working with them. They changed twice but I've never had a problem with customer service.

The application process was mostly them sending forms to me to fill out and then me sending them back. It was quite expensive. Also there was an awful lot of paperwork that had to be filled out and a lot of T’s to cross and I’s to dot. It took four months from the first time I contacted them to the time I got the money in my account. But after everything, we've been able to do a lot of repairs around the home. Because we're retired and living in it, we want it to look nice. Also, if they appraise the home now, it would be a lot more than what they appraised it for before.

In the end, however, I was surprised. The amount we got was based on the percentage of the appraised value of our home. This was the third time it was appraised in less than a year, and the particular appraiser that they used appraised it $40,000 less than the other two appraisers appraised for that, which we could not understand. It lowered the total value of our loan. Then they withheld $50,000 of the mortgage amount in order to guarantee payment of taxes and insurance for the balance of the loan.

And that was rather disappointing because we always paid our taxes and insurance. Why wouldn't we pay the taxes and the insurance on a home that we own outright? It's not like we're gonna abandon it and go down the street. We understand that’s a condition of a loan but that was my only really unhappy experience. So if I were to recommend them to somebody, I would tell them, “Well, they did a great job for me but you need to be aware of what might happen.”

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Verified Reviewer
Original review: June 14, 2018

We wanted to get rid of our house payment. But one of our lenders doesn’t do a reverse mortgage here in Northwest Arkansas. They suggested that to call Finance of America. The application was straightforward and obtaining the reverse mortgage was simple. It was done in three in three and a half weeks. They took care of everything on their end, so they were very helpful and did a great job. Also, our loan officer was impressive and was at the top of his game plan. He took care of business very quickly. Though their rate and terms could be better, everything went according to plan.

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Verified Reviewer
Original review: June 13, 2018

Finance of America Reverse was referred by the other reverse mortgage I had. The loan officer that I dealt with explained things and when I asked him anything, he was right there to talk to about it. And if I had anything back, he was back to me right then. The application process took a couple of hours and their rates were better than the other one that I had. Working with them has made my life easier too. I could get out and do more things. I got back to doing my walking every day. I recommended them to my brother and his wife.

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Verified Reviewer
Original review: June 13, 2018

Obtaining the mortgage was lengthy but once I signed all the papers, things went pretty quick. Our loan officer was great and the rates and terms, so far, are fine. I just wish they'd let me know when I'd get that $1600 so I could apply it to the repairs that I've already done since I have fixed almost everything.

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Verified Reviewer
Original review: June 12, 2018

I wanted to stay in my parents’ home and redo it. I took it over, I invested heavily in remodeling and fixing up the house and it was burning through my savings. I'm 75 and retired now. I made good money, but I've also enjoyed it then. I had something saved, but from time to time, I have needed that savings for my health. Most of my life, I was told constantly that my lifespan was gonna be short, and it was gonna be about 55 or 60. I lived not believing I was going to reach 75, and I was looking ahead and decided that it was better to do something when I didn’t have to have money. I was worried most about paying taxes, buying food and spending for health reasons later in years and I had to mind a little backup plan if I will live longer than I think. Prices keep going up, and our rates don't come up. I explored options, looked at different companies and even looked at short term loans from the bank.

Having a reverse mortgage was my assurance for when I need money and I decided that if I was gonna do a reverse mortgage, then I will do it with Finance of America because of the service I got from them. I got very good help with the loan manager I spoke with all the time. She was very thorough and specific, but not pushy about things. She gave me the time to think about the reverse mortgage and I dragged things out for a good year making up my mind and deciding what to do about things. I don’t have any immediate family left or somebody I need to be worried about leaving the house to. My other resources are covered and I take care of them quite a bit through the years. I'm very generous each year with them and I prefer to give things to them alive instead of worrying about leaving a ton, but they're not looking for anything.

When I did the application, Finance of America sent me information, so I knew what to expect and I really liked that. They also did preliminary credit checks, so that they knew what we were dealing with, and when the moment came, the process went very smoothly. I was prepared with all of the information and backup information needed. I also went through counseling, a much better term to what some of the companies call training, where they specifically went over everything. The company gave me a list of different ones that were available, and I checked with a few of them, but I could tell right away the one that felt more professional and more efficient, and I was not disappointed.

There was an excellent combination of interview and educational process, and the gentleman who did the counseling had the right tone. He didn't talk to me like I wasn’t capable of understanding things, and at the same time, he was very thorough to make sure I understood what I was signing onto. When he finished his explanation to me, he asked if I had questions and I had a couple. We discussed that and then he quizzed me and went back over the major point of everything. I told him that it wasn’t a hasty decision and it wasn’t something I was doing because I was under water and I needed help. If I died tomorrow, there would be enough in my liquid assets to pay off the mortgage, so my family could still take over the house that they want. If not, they have a home so that they could always liquidate that if they need to use resources to have a bridge loan to take over this house.

Getting a reverse mortgage is a smarter way to do things although some people don’t know they're desperate until they're in the problem. I looked at it and realized I was using up my cash assets because I was improving the house and other things, and I thought that maybe it's not a bad idea to use a reverse mortgage. I'm at the stage now where a lot of my friends are looking at their own assets, and they're downsizing and moving into a smaller place. And I've mentioned to a couple of people that I was very happy with Finance of America.

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Verified Reviewer
Original review: June 12, 2018

We were hurting for money as we didn't have enough to go around to pay our bills and eat. I liked Finance of America better when they called and so far, the experience has been good. The process was long and it took a lot of signings, but the loan officer was very nice and she made me feel comfortable.

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Verified Reviewer
Original review: June 12, 2018

We have very limited income and reverse mortgage would make it easier for us so we decided to do it. Finance of America Reverse was one of the first that contacted me. I liked it and I thought it was a good one so I went with them. The application process went well and my loan officer was polite and very helpful. She contacted me so often about the things I needed to get taken care of. Everything went really well. The rate and the terms of the mortgage got a little confusing to understand, but it worked. We're swamped with property taxes and insurance. We got a certain sum of money. And as long as one of us lives in the house, then we're okay. Overall, our experience with Finance of America Reverse was good.

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Verified Reviewer
Original review: June 11, 2018

My experience with Finance of America Reverse has been fine. The guy I was working with was pleasant, efficient and knowledgeable and I like him. The application process was good but it was a little lengthy and there was too much paperwork. Their rate, on the other hand, was the same as everybody's. Finance of America Reverse gave me the freedom to pull some of the equity out of my house. They’re very good.

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Verified Reviewer
Original review: June 11, 2018

We were running low on funds, so I chose a reverse mortgage as part of my retirement plan. The guy I was talking with at Finance of America Reverse was very knowledgeable and willing to negotiate. The process of obtaining my mortgage took over a month. Still, interacting with my loan officer was a good experience. She listened and explained things. I’ve had a little more funds since working with Finance of America Reverse and it was an easy experience overall.

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Verified Reviewer
Original review: June 10, 2018

I needed a new hip and my funds were very low. The first person I spoke to from Finance of America was very friendly and helpful. Although he was a bit pushy, it worked and he won over other companies. But their application process was ridiculous. The underwriters wanted a load of information, then they wanted my full tax returned for the last two years. I sent those including my paystubs from work which they also wanted. But apparently when I copied it, the cents did not show up after the decimal and I had to redo those. And then after they got that information from work, my most recent paystubs, then they had to call and talk to someone from work to verify that I work there. It was just one thing after another and I offered it to them but they didn’t want it, then they wanted it. It was a little extreme.

In terms of their rates, I thought it was a little excessive myself, but I'm not that knowledgeable and that financial savvy. But working with them made me feel much more secure and it improved my life. I have some money in the bank, and now, I’m no longer making a house payment. However, I am a little concerned that I hadn't received any paperwork from them over a month after it all went out, and I was told that I'd get it within two weeks. I was informed that I would be receiving paperwork from whomever the rep has been dealing with the money itself and I did not, so I texted him a couple times to let them know.

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Verified Reviewer
Original review: June 10, 2018

I'm aged 66, retired, so I'm reducing expenses. I worked with about three companies, Quicken Loans and there was another. But, Finance of America Reverse worked better with me. Their process worked fine. It was pretty straightforward but there was a lot of paperwork. I started it when I was 65 and finished it when I'm 66. I was in probate, so I had to wait until the probate was done, but it went pretty quick. Chiria, my loan officer, kept me in line and made sure I got things down on the timeframe that we needed to. The rate and the terms of the reverse mortgage I received were okay. I don’t have to worry about the mortgage anymore, so I'm happy.

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Verified Reviewer
Original review: June 9, 2018

My social security doesn’t pay enough for me to save money up to pay my taxes for the homeowner’s insurance and I support three grandchildren who live with me, so anything extra helps. I decided to get a reverse mortgage and picked Finance of America Reverse from a couple of lenders I was looking at. The application process was pretty much all done over the phone, except for when they came over to my house to have me sign the papers. It took a few weeks. I felt comfortable working with my loan officer who was very good. He was also a people person and did not sound fake. If I had any questions that he didn’t know the answer to, he would find it out and get back to me.

The rate I received from Finance of America Reverse was okay. The only problem I had was when they sent me the cash out part. I have a checking account without checks and when I gave the rep the routing number, he tried to put it through but the number wouldn’t go through. And then when they sent me the check, I was not home at the time. So, they came to the house and left the envelope sitting on my porch. It was $5,000 and anybody could’ve come up here and pick it up. That made me very uncomfortable as it should’ve been done that way. They should’ve made me sign for it. Other than that, I’m satisfied with Finance of America Reverse.

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Verified Reviewer
Original review: June 9, 2018

My mortgage company was nice to be with but one day, I got a statement that I might want to redo my mortgage as it could be profitable to me. I called the number that was there and it happened to be leading up to Finance of America Reverse. They talked and shared with me what I needed to know but it took a little while for me to decide to go with them. After I had called, their rep pursued everything and shared with me information that he thought would be important for me to make the decision. I found out that a reverse mortgage would help me live a better life. I was satisfied with whatever it was that he said to me and I made the decision to go with Finance of America. The application process was quick and they were right on it.

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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.

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Michele Lerner

Mortgage & Real Estate Contributing Editor

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Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.

Finance of America Reverse Company Information

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Company Name:
Finance of America Reverse
Company Type:
Private
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
Phone:
(877) 405-0917
Website:
www.fareverse.com

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