Thank you for leaving a review with Consumer Affairs. Glad to see that we helped make the process easy for you.
Original review: Oct. 11, 2016
We have a business and we wanted help finding some other business and doing some extra things to the house. With a reverse mortgage, we didn't have a monthly payment. If we wanted to pay $200 or a thousand dollars in one month, we could do that unlike with a regular mortgage. A lady at my church told me about Finance of America Reverse. Their staff were really good. They called a lot and they made sure everything was done. They helped me to get it go through really fast and they talked me through everything. That was really nice and the process was really easy. They worked really well with me so I liked it.
Thank you for your review on Consumer Affairs. We are happy to hear your loan officer was able to help you understand all the details of a reverse mortgage.
Thank you for your business!
Original review: Oct. 10, 2016
I had a few large credit card debts and a bank line of credit, so I wanted to get rid of all those debts to lower my monthly bills. The loan officer from Finance of America Reverse always responded to my calls and kept me informed of everything. The guidance was great, there was nothing that I didn't understand. He explained the refinance options very clearly, and answered any questions I had. Everything was very good, went smooth as far as I was concerned, and I was impressed by that.
Thank you for placing a review on Consumer Affairs. Happy to hear you hit it off with our loan officer and they were able to make the process easy for you.
Original review: Oct. 7, 2016
I hit it off with the girl from Finance of America that called me. We talked about my situation financially, family, where we lived and hobbies. She's about the same as age as me, and answered all my questions. She convinced me to go with them. I didn't really know that much about reverse mortgage and she explained it to me in a very easy way to understand. Overall, they're very easy to work with and it didn't take much time. They would set everything up, including the meetings with the notary. And any paperwork that had to be done was easy to do.
Thank you for leaving a review with Consumer Affairs. We appreciate the opportunity to help guide your through the process.
Original review: Oct. 2, 2016
I was afraid that the interest rates would increase and lots of people said they’re going to. I would have a tough time making my payments so I got a reverse mortgage. I looked up reverse mortgages on the internet, got all of their documents, carefully checked them, and Finance of America Reverse was the best one. I got them and they gave me excellent guidance.
Thank you for your review. Glad to hear our communication was top notch and allowed you to get through the process with ease.
Original review: Sept. 21, 2016
I like the dealing with the person from Finance of America Reverse who I was assigned to or who I talked with. It was overall a pleasant experience with the communication with her and what was said was followed up with whatever I needed or she would return calls. I'm glad that I did proceed through having a reverse mortgage put in place on my own.
How do I know I can trust these reviews about Finance of America Reverse?
- 607,960 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
Awesome! Thank you for leaving a review and speaking so highly of our loan officer. We work hard to find the best people to provide a great experience for our customers!
Original review: Sept. 14, 2016
After recently closing on Reverse Mortgage with Finance of America, I would like to thank our representative, Jamie **. She is the Ultimate Professional, spent many hours on the phone with me answering endless questions with patience & impressive knowledge! She is absolutely the reason we chose Finance of America. Just cannot say enough about how much her true interest & concern for our particular situation helped to walk us through the process from start to finish. Thank you so much, Jamie for everything you did to help us! I will always consider you a true friend!!
Thank you so much for leaving us a review with Consumer Affairs. We appreciate you working with Finance of America on your reverse mortgage and so great to hear that your received excellent care from your Reverse Mortgage Specialist!
Original review: Aug. 24, 2016
I thought about reverse mortgage a couple of years before but I didn't get all the right answers I wanted. But when I talked to a young lady from Finance of America Reverse, she went through the whole deal for me and has done a superb job. Plus, the guidance from her was excellent. From the time I started until we got through, the process seems really fast.
Thank you so much for leaving us a review with Consumer Affairs. We appreciate you working with Finance of America on your Reverse Mortgage. Great to hear you had an overall great experience with your Reverse Mortgage Specialist!
Original review: Aug. 16, 2016
I have a bunch of free money sitting on my equity on my house and thought I’d get some of it out. I was online, filling out a claim at LendingTree and Finance of America Reverse called me. Their interest rate was too high but the lady that handled it was pleasant and fun, and did all of her stuff right. However, whoever they sent to do the closing had to come back three times in order to get it right because they didn’t get all the right stuff signed. But I didn’t have to make an appointment. I told her where I was going to be and what time, and she came to meet me where I was. After that, before she left, she said sorry.
Thank you so much for leaving us a review with Consumer Affairs. We appreciate you choosing to with with Finance of America and are so pleased you had a wonderful experience working with Molly!
Original review: Aug. 12, 2016
We previously looked into a reverse mortgage with another lender. We pulled out as they were hard to work with and not very friendly. No warm fuzzy there!! BUT a year later we found Finance of America Reverse!! They are top notch and Molly our loan officer was wonderful and friendly!! She helped us with everything and the process was quick and very informative. Love our loan officer she is awesome!! I give them an A++++ rating.
Thank you so much for leaving us a review with Consumer Affairs. We appreciate you choosing to work with us on your Reverse Mortgage and pleased to hear that Bunny gave you such excellent customer service!
Original review: Aug. 8, 2016
Finance of America Reverse, and especially Bunny **, their Mortgage Specialist, made my day. There is one heck of a lot of paperwork in submitting an application and in closing on the loan but Bunny ** was always there to straighten me out and answer all my questions, and she always did it in a friendly and courteous fashion. It is nice to do business with someone friendly, and knowledgeable as well!
Thank you so much for leaving us a review with Consumer Affairs. We appreciate you choosing Finance of America for your Reverse Mortgage and pleased that you have a great experience working with Ellen!
Original review: Aug. 5, 2016
Our house was bought and paid for, so our money was sitting in equity and we wanted to see what kinds of avenues were out there to get a reverse mortgage. Ellen, my agent from Finance of America, was exceptional. She got everything done right away, and she was very business-like and pleasant to work with. The counseling also went very well for us and they explained pretty much all the reverse mortgages, the do's and don'ts and the good and the bad. They were very thorough and got the job done.
I got the numbers from around four companies, compared them, and picked Finance of America Reverse. Their loan officer was easy to talk to and answered all my questions right away. He didn't try to push me.
Having a reverse mortgage seemed like the most effective use of our funds and gave us something to finish up some things we wanted to do. I had started a program with another company but got tired of their glaze. We couldn’t do this and they couldn’t do that so I contacted Finance of America Reverse and the gentleman was extremely helpful. He was always very polite and very knowledgeable. I was very well taken care of and I've been very pleased.
I needed money at the time and Finance of America Reverse seemed like the easiest way to go which, of course, it wasn’t because it was a lot to do. But it was something I had been thinking about, so I did it. I looked them up and I started talking to them. I liked what they were saying, so I went with them. I didn’t really check on a lot of others. Chris was a wonderful guy. I enjoyed him right from the very beginning. Their reps have all been very good. They were really on top of everything and were really great with me. I’m very impressed with them. They were very kind, considerate and very patient so I would go with them again.
I looked into the web and saw Finance of America. We got a reverse mortgage because it fit with what we wanted to do and we went with them because of what we read online about what they had to offer. They weren't coercive, and I had a pleasant experience with them. They did what they have to do and I did mine, and we finally settled it out. I went through my counseling and they stayed out of the way. The loan officer was also very nice and good. I would recommend them to a friend.
I recently inherited a house that needed a lot of work and a reverse mortgage was the only way I can afford to do everything I needed to do. I started looking at reviews online and Finance of America had very good reviews, so I went with them. The loan officer was very informative, seemed to really care about my concerns and interests, and answered all of my questions. And even since I closed the loan, I've talked to him a couple of times and he’d just call to see how things are going.
Finance of America's guidance was quite helpful. I had an unusual situation because I just inherited the house and in less than a year, I had to jump through a bunch of different hoops to get the deed changed over to the way that the underwriters wanted it. I had to get a few more papers, which wasn’t a big deal, but it took a little more time.
I chose reverse mortgage for my elderly mother and Finance of America Reverse was very cooperative and eager to ensure the transaction went through. I had dealt with another company prior to them and decided to stay with Finance of America as I thought they were very helpful and truthful. I found the person I worked with to be easy to deal with. It was a good experience all the way around.
My husband and I are both retired and it's so hard for us to cope up. The Social Security is not enough. My husband did a research on reverse mortgages and he chose five of them, but in his research he found out that the reverse mortgage we've chosen with Finance of America Reverse was the best. Our loan officer was great and did an excellent job. He was patient and knew what he was doing. Besides the excellent customer service, Finance of America gave us ample materials and we read it, we researched and we're happy about it. I would recommend them.
I'm 82 and reverse mortgage is the best option for me because I don't want to move nor sell the house. So, it works out the best to have a little cash for the kids when I go. Carol, a broker in California, was familiar with Finance of America Reverse and with the reverse mortgage I had before, and she recommended them. She was real nice. There was all that paperwork, but it's a necessary evil. She was the go-between in all of that paperwork. The guidance that I got was all good. They laid out all the information in front of me and we discussed everything before I decided. The other reverse mortgage company I had was pretty good too, but Finance of America Reverse didn't charge for the closing cost.
Finance of America Reverse sent me a letter. They said that I'd end up getting around $22000 for my house and that sounds pretty good. They sent this guy over and he went through the yard and the house. He came back and he said it was 24. It doesn't come to what the other guy was working with. So I told my wife I should sell. I tried selling this house, at first we weren't happy 'cause we had just painted it. We also converted the garage into a second bedroom and we had put stairs going up the attic and it has windows on each side in two rooms up there. It's about almost 40 years old. I cut out part of it and built an eight foot fence out over there. We decorated the whole yard. My wife worked on this for about two months.
The estimator said he'd come back 'cause there was a couple of bad spots on the house that needed paint. So when he came back, we didn't have straps around the heater. He ran through the thing and he was in a big hurry because I really complained. He took off and left and the loan officer called me up and says, "You're going to receive $9000." I said, "What happened to the 20?" He says, "Well you waited too long and your house depreciated." My wife needed some money for something. I turned around to her, "Are we going to take that?" and she says, "Yeah, go ahead and take it." So we took the $9000. The loan officer kept saying, "Right now, everything is free" but when he sent them back there were whole charges on it. I said, "This ain't free." I don't understand what he's talking about but I know I wasn't going to take that but my wife wanted the money for something. She wanted to pay off that one bill.
I was very upset and I'm dissatisfied. The loan officer said it was going to be $11000 and pretty soon it just got down to $9000. We never even got $11000, but they did pay the insurance on the house for a year. That was 800 something dollars. But then I didn't understand because we just paid it and he says, "We'll send you a check." We never even got that refund back. We called our insurance company. I really felt like we were being screwed around. And I did send them an email stating that we're just going to drop out. But my wife kept pushing me and they already had that estimator come over, so we got our $9200.
The thing that really done it was I wasn't happy with this estimator that they sent over for the opinion. The loan officer says, "Well, what they say goes, we got to take their word." I said, "Can I get another opinion?" and he says, "Oh no. The government says that you got to go by with him because he was licensed and all that. You got to go by what they say."
I wanted to keep our savings that we had but still had money available. We were also wanting to do some remodeling so we decided a reverse mortgage was the best way to do it. Finance of America Reverse seemed a fair deal so we did it with them and they gave us adequate money. We were pleased with them.
I took out a line of credit reverse mortgage from Finance of America so that if we needed it we could get it. It made sense as a safety blanket for our retirement. They'd cost me just the same as several other companies that I I talked to, but I like what I heard from their representative. They were pleasant, quick, accurate and answered all of my questions. The guidance I received was good and the closing was reasonably fast, even though there was a heck of a lot of documents to sign.
We got hit hard with what happened in '08-'09 and our 401(k) weren't where I wanted them to be so we had to come up with an alternative way to come up with the finances we needed to retire. I looked at several companies and liked Finance of America who wouldn't sell my mortgage off to someone else after completing the transaction. Their rates were attractive, too, and I had a really good rapport with John who was my main contact with the company. He was very informative and only called me back when necessary. He handled his business very well.
I received a phone call from one of Finance of America Reverse’s agents who said that he was working under the agent who had gotten us the reverse mortgage the first time around and this gentleman said the property values in our area had increased considerably and would we consider a new reverse mortgage. My husband had a stroke eight years ago and we've been having trouble making ends meet. The agent’s figures indicated as if we got an appraisal that was of a considerable value that we could pick up that extra amount of money that we needed for medical tests and so we went ahead and did it.
It was a gamble, but the appraisal came in. It was a $250,000 for the house and the three acres in 2012 and it's now $360,000, so it did appreciate and they were able to do what they said they would do. Adam, the first loan officer, was great and so I like his judgment so well that I really trusted him and the action with him was very good. The reps were easy and nice to work with except that we ran into a problem at the payout time, which I wouldn’t like other seniors to run into.
In the process of making the payment on the first mortgage and issuing the check for the first month of the new mortgage, they didn’t factor in Labor Day weekend. They make payment on the first business Monday of the month, which meant that the first Monday didn’t exist because of holiday. We have to have that month’s income because otherwise we're down 50% of our total income for a month and being we're in our 80s, we can't do that. I don’t know whether that check was sitting underneath a pile of stuff on somebody’s desk and never got mailed or if the post office lost it. I went back to them over and over again and the poor man who helped me kept calling that branch of the business and did not get any answers. So I finally called him back in the middle of the month and told him to stop payment on the check and have them reissue me a check, which they did, but I didn’t get the payment until the 20th of the month.
In the meantime, I had a lot of overdrafts from the people that automatically get payments from our checking account. So I had payments going out everywhere and had about $400 worth of overdrafts in the month of September because of that mistake. It's a very complicated process and I'm not sure if people are warned upfront. The process at the end where you sign all the papers that are required by HUD and by the mortgage company itself has well over 200 pages of papers requiring signatures and it requires a certified accountant in the house while you're doing it.
I would recommend Finance of America but I would advise anybody to make sure that they take a month’s worth of income upfront as a savings money, which you're allowed to do right upfront. Don’t lock yourself into monthly payments and then have those start a month a late because that’s a terribly bad situation. For elderly people getting the reverse mortgage, they need to get advice. The counseling is good, but it comes before the fact and counseling needs to come along with the process because by the time you get through the process two or three months later the counseling is gone.
I felt that Ms. Julie ** was very knowledgeable about the reverse mortgage. She immediately put me at ease because I didn't know anything in the beginning of the journey. She was always available to answer my many questions, everything was done in an expeditious manner. I am very satisfied with the whole process.
I had some financial problems and I needed to do a reverse mortgage to pay them off. When I investigated Finance of America Reverse, they explained everything to me and I was well treated. The loan officer was absolutely great. He was really informative and kept me up to date. I would recommend them to anybody.
I arranged a reverse mortgage with Finance of America for my sister. She lives on a very small income and not able to make it from month to month. She also doesn't make payments on the house she's living in, so we felt that the reverse mortgage was a good option for her. It was recommended to me by my brother-in-law and sister-in-law who live in Houston. I did most of the corresponding. I found out about the steps that have to be taken to get a reverse mortgage. I got the application information online and made an appointment with the counselor. Then I pretty much conferred with my sister over all the decisions that were made. The refinance options were very well explained and everything was done in a timely manner. They were upfront and clear about what our options would be for getting money back. The whole experience was very painless.
I wanted a better quality of life so I decided to do a reverse mortgage. I went with Finance of America Reverse because they were mentioned the most. I saw them on TV and they said they would send me a video which I watched with my wife. It showed me everything I wanted to know and I even passed it on to a friend. My loan officer, Ellen, was great. She kept me up and did everything. She screened me on everything that was going to happen, and even right before we got it, she called and re-screened me again. We’ve been on it a couple of months and it’s nice not to have big debt mortgage payments. It’s working out real fine.
We needed some money and got information from two companies. After contacting Finance of America Reverse, we felt like we weren't gonna qualify for a loan but the guy who worked there didn't let it rest. He called, asked us a bunch of questions, and we told him the problems. He said he would find ways to fix them if he could and he did. He finally got it to where we did qualify for the loan.
I live in an area that is growing and I wanted to have new kitchen and baths in the house, and Mark of Finance of America Reverse gave me good information and was very helpful. He was very attentive, gave me all the answers I needed, and walked me through my options. It's done and I was satisfied.
Michele LernerMortgage & Real Estate Contributing Editor
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.
More about Michele→
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 Profile
- Company Name:
- Finance of America Reverse
- Company Type:
- Year Founded:
- Formerly Named:
- Urban Financial Group
- 8909 South Yale Avenue
- Postal Code:
- United States
- (844) 336-1893