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.
Finance of America Reverse offers a wide selection of reverse mortgage products for standard and jumbo loans. FAR reverse mortgage specialists are knowledgeable about retirement finances and help you through the entire process.
- Competitive fixed interest rates
- Price-match guarantee
- Loans up to $4 million
- Not available nationwide
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…Read full review
Everything went really well with my experience with Finance of America. Their rep was very knowledgeable about reverse mortgages… He was there and he answered any questions I had. I couldn't ask for anyone better than him. I would recommend Finance of America Reverse Mortgage.Read full review
About Finance of America Reverse
Finance of America Reverse (FAR) provides financial options for retirees who want to pay off their mortgage early, cash in on their home's equity and move into a new house without dealing with a new mortgage payment. As a wholesale lender, FAR works with independent mortgage brokers to originate reverse mortgages. Finance of America Reverse wholesale loan products includes HECMs, HECM for purchase, HomeSafe and refinancing.
Expert mortgage specialists at FAR help you select the best reverse mortgage for your financial situation. FAR reverse mortgage products can eliminate your mortgage payments and give you access to more cash each month. Because of their price-match guarantee, FAR will send you a $200 gift card if they can’t match a competitor’s propriety offer.
How does HomeSafe work?
A FAR HomeSafe reverse mortgage loan pays off an existing mortgage, and the borrower keeps the remainder of the funds. Unlike regular reverse mortgage loans, which cap at $726,525, Finance of America jumbo reverse mortgage amounts can increase to $4 million dollars. Depending on the HomeSafe option, you can get cash in a lump sum or in payments over time.
Like most reverse mortgage loans, a HomeSafe loan only needs to be repaid when the borrower permanently leaves the home. HomeSafe loans are non-recourse loans that do not require monthly payments. However, the borrower is responsible for paying taxes and insurance on their house.
HomeSafe loan limits are higher than conventional HECM loans and offer many of the same protections and features. HomeSafe is available to homeowners over the age of 62 with some equity. The age of the borrower, the appraised value of the home and the type of loan selected determine HomeSafe loan amounts. Credits are allowed for HECM to HomeSafe refinances, but not for HomeSafe to HomeSafe refinances.
Finance of America Reverse HomeSafe options
- HomeSafe Standard
- HomeSafe Standard is a full-draw reverse mortgage loan with fixed rate options and no origination fee. Other HomeSafe Standard fees are comparable to HELOC and second mortgages, but borrowers can get more cash at closing since the lender credits for customary closing costs. HomeSafe Standard offers six rates and loan-to-value (LTV) ratio tiers, with purchase transactions also available.HomeSafe Standard is best for those who want to increase their cash flow without up-front out-of-pocket expenses. HomeSafe Standard is available in the following states:
- District of Columbia
- New Jersey
- Rhode Island
- South Carolina
- HomeSafe Flex
- HomeSafe Flex is a fixed-rate reverse mortgage option with no origination fee. Since HomeSafe Flex pays out 60% of the loan in a lump sum and 40% over five years, borrowers keep more of their equity by taking a smaller upfront lump sum, with the remaining proceeds paid out over five years. HomeSafe Flex is best for those who don’t need a large sum of cash upfront and prefer more flexible payouts over time. HomeSafe Flex is available in the following states:
- South Carolina
- HomeSafe Second
- HomeSafe Second is a second-lien reverse mortgage. HomeSafe Second borrowers get a lump sum loan with a fixed rate. Borrowers can conserve their equity by continuing to make payments on the first mortgage but also access funds without making additional monthly payments. HomeSafe Second is best for borrowers with an existing mortgage who want to access equity but can’t qualify for a HELOC. HomeSafe Second borrowers often use the funds for home improvement projects. HomeSafe Second is available in the following states:
- South Carolina
- HomeSafe Select
- HomeSafe Select is a loan option similar to a HELOC but with the benefits of a reverse mortgage — borrowers get access to a line of credit but don’t have to make monthly payments except for taxes, homeowners insurance and property charges. There’s no origination fee or minimum draw amount, and HomeSafe Select loans come with an adjustable rate. HomeSafe Select is best for those who want the comfort of a line of credit with the opportunity to keep building equity if they're going to make more payments. HomeSafe Second is available in the following states:
Compare HomeSafe options
Through HomeSafe reverse mortgage products, replace your current home loan with a reverse mortgage, lowering your monthly mortgage payments.
|HomeSafe Standard||HomeSafe Flex||HomeSafe Second||HomeSafe Select|
|Fixed rate option|
|No origination fee|
|Lender credits for closing costs|
Finance of America Reverse FAQ
- How does FAR calculate funds?
- Finance of America Reverse uses a proprietary reverse mortgage calculator to determine loan amounts, or principal limits, based on a borrower’s age, the type of HECM product they want, expected interest rate, closing costs and the appraised home value.
- How is HomeSafe different from a traditional reverse mortgage?
- HomeSafe has higher loan limits than government-insured HECM loans, and borrowers get more competitive fixed interest rates. Plus, condos appraised at $500,000 or more don’t require FHA approval.
- Who is eligible for a FAR HomeSafe loan?
- Homeowners who are 62 or older with some equity are eligible for HomeSafe reverse mortgages.
- Do I have to get an appraisal to get HomeSafe?
- Yes, you must pay for a home appraisal to determine the current value of your property.
- Where are Finance of America Reverse locations?
- Finance of America Reverse has offices located in San Diego, New York, Tulsa and Indianapolis.
Do we recommend Finance of America Reverse?
Yes. Finance of America Reverse offers a wide selection of reverse mortgages for standard and jumbo loans. FAR reverse mortgage specialists are knowledgeable about retirement finances and help through the entire process. There have been very few Finance of America complaints in the last year. Finance of America Reverse mortgage reviews points out the company's knowledgeable reverse mortgage specialists, professional customer service and reasonable terms.
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Scott ** went beyond the words "customer service" to direct me through the entire process. His quick response to my request for info is what sold me on the idea plus choosing FAR. Thanks for a job well done!!
Thank you for the great review, John!
My experience with Taylor was exceptional. He is so pleasant and cooperative with all my questions. He was always available when I needed him and he has a sweet sense of humor. Everything he said he would take care of he did and then some. I`m just glad that it was him that I got to work with.
Thank you for your wonderful review, Susan. We are proud to have kind and caring loan officers like Taylor.
As many consumers we were not sure what to expect when we first started the process. We were very blessed to have Taylor ** as our guide through the entire process. He met every expectation. He answered all questions in language we understood. We never felt pressured and felt free to call him at any time with questions and concerns. I feel even in future transactions if we had questions we could contact him. For us the process was easier and more pleasant than we might have anticipated.
Carl & Judith, we appreciate your wonderful review! You're right; you can contact Taylor with any questions you have in the future. We love to maintain a relationship with our borrowers long after the reverse mortgage is originated.
Finance of America Reverse is a good company to deal with. I needed money and a few of the companies I looked at kept referring me to them. For the average person, I’m sure the mortgage process is not as difficult as it was for me. My husband passed away and I had trouble hunting down the paperwork I needed. Other than that, Finance of America Reverse was great. If I needed an extra day, they gave it to me. They were always good with the advice too. If I had questions, they had the answers. They made things very simple. There were a couple of things I didn't understand or didn't know that much about and they explained everything fully, including escrow. It was good. Also, I felt like Monica (the rep) and I were friends for life. She’d call, I’d call. She’d text, I’d text. It didn't matter what time, day or night.
Thank you for sharing your delightful experience, Diane! We are so thankful to have loan officers like Monica who truly care about helping people. You are right to feel you have made a friend for life!
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 built an $800,000 house. I borrowed 200,000 from Finance of America Reverse to access the equity and to withdraw that money tax-free. I was not happy with their price. Also, there were certain requirements that the rep I worked with had no control over. The processing took too long, about five months. The application and underwriting process was simple but my rep, Julie, passed on the processing to somebody that she depends on and she would come back to me and say that the girl didn't do the job or she didn't get the information that she needed. They didn't seem to have a checklist.
I kept telling Julie that I had a house payment coming up and that the reverse mortgage processing needed to be completed before the house payment was due. They didn't hit the deadline and I was very upset. She said, “I guarantee you, you will not have to pay the mortgage.” She called me at 4 o’clock on a Friday and said, “I’m sorry, but you need to go ahead and pay the mortgage.” I did make the payment, and then after everything was done, I got a check from my mortgage company. Despite that, Julie followed up, she checked. The problem was my wife didn't wanna do this reverse mortgage. So, Julie provided a lot of information to help me convince her. Julie handled some of my wife's concerns, so I give Julie credit for a lot of stuff. She even FedExed everything more than once. I couldn't ask for anybody to be any nicer. On following up, she wasn’t pushy.
I just built this house and I did it on a cost plus with a guaranteed max. I had my actual cost from the builder. And so, the appraiser came out and he came back with an appraisal of 610. I got a house that was just built across the street from me that was 1.25 million. This guy came out and the only thing that he did for me was he confirmed my square-footage. But for him to put it at 610 was ludicrous. I had a heartburn on that, but FAR couldn't do anything about that. I think they were at their mercy. I had two choices and I didn’t know either one of the choices as far as the appraiser. I just picked the wrong one and I didn’t know that FAR could’ve done something on that. This guy shouldn’t be on the list to do an estimate for FAR.
If in the future, I’m not making a payment on a $200,000 mortgage and it accumulates, I don’t really know how negative it will be, other than I think it will actually be a positive because the value of the house, if you’re looking at 610, then that’s almost 800,000. I’ve got a lot more equity in the house than what was shown with the valuation, but I think that’s a negative because the appraisal was not correct. In the end, the advantage is I don’t have a mortgage. I’m debt-free and I have no quarter payments. I was looking at reverse mortgage as just having more expendable income.
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I had applied for a reverse mortgage before. It was almost a year and I never got anywhere. I was so mad at the whole thing that I just threw it in a corner. When I tried the first time, my wife had brain cancer. When she was asked questions about stuff, she got all really screwed up and messed up. She was scared and nervous. When we did the paperwork on it, we were told that my wife wouldn't have to sign anything. But when it got all said and done, we were told she had to sign something. That was not gonna happen because I was not gonna put her through it. I just told the mortgage company to go to hell.
One day, I was messing around on my phone. Something about reverse mortgages came up. I decided to deal with it and try again. I happened to come across Finance of America Reverse. I was checking it out to see what amount they would give me approximately. Their people called me to find out if I was interested or not to get a quarter of what I could get.
Their rep William was the most awesome dude I ever met. I didn't meet him, but I’m gonna, someday because I want to. He helped me with every single bit of the process. We only ran into a couple of issues but it wasn’t his fault nor was it the company’s. It had something to do with the FHA appraisers. We don’t have that many around up here and it was a hard time to get it, but it had to be done before a certain date. And then a bunch of stuff happened. I found out things had to be changed the way they wanted it before a certain date, so it was quite a challenge to get everything kinda lined up. William got me extensions and did all kinds of stuff to make sure we could do it. I have his number and he told me to call him if I ever run into any issues.
William did a good job. He had done some of what I couldn't. We both had to work really close together to get things done in time enough to make it happen and change things. Even though it was less protection for my house with what they wanted, that was the way it had to be. I was working on my front porch that I was closing in to seal it off and make it a closed porch instead of just an open porch. I had the windows in and the bottom part done but it didn't have the top pieces in yet. I was also doing the back laundry room.
It was decided that that wouldn’t pass because it could get water in there. We came up with the idea that if it’s an open porch again then it can’t have water in it, so I was just gonna take the windows back out and take the bottom panels back off that I put on and put a couple of flat rails. William said he was going to check to make sure because he thought it would be fine. That was what we ended up doing. I took a picture of it all torn apart and now I’m putting it back together again. William worked with every single thing we had. Finance of America Reverse was very good about it even though I got frustrated sometimes. Even so, I’d still recommend Finance of America Reverse to anybody only because I had special circumstances that we ran into and money that I didn't wanna put out a certain amount. I didn't do it because I needed the money. It was just a weird situation. But they did everything they could do for me.
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.
We needed a little additional expense and we're at our age now where we're not gonna sell the house immediately. So, we're allowed to stay here because it's still our house. And I continue to pay taxes on it and homeowner's insurance. But upon final closing and selling of the house, they will deduct the amount I had on the loan. I decided to look into a reverse mortgage then. I made a phone call to Finance of America and I got an agent who is out of lower Virginia. She worked with me over the phone, explained everything and helped me along. At the beginning, she told me I don't have to do anything except listen and sign a few papers. And that was more or less what I did. And when I had to do something, I said, "Listen, you're supposed to be doing this and that." They ended up doing any of the phone calls to different companies and so forth.
With Finance of America, we had to have an assessor come here and then we had to be backed up with another assessor to double check on it. And then, a notary had to come to our house and go through about 100 sheets and yeses and nos and sign each one of these sheets. It was a little more homework than selling a regular house and getting a mortgage. There were a little more paperwork but it didn't take that much time from ourselves. I got phone calls and checked my emails and everything was going over the email again. And the paperwork that the notary brought was about the final closing paper signatures that we had to provide.
Then the approval came out, and we got our amount and what we were more or less allowed and an actual cash value that were given to us. And then also, the expenses on final closing, which kinda surprised me, included my property tax for that quarter coming up. The agent that I spoke with provides a lot of the information and a lot of the legwork and phone calls, so we don't have to go out and do all that. I had to make a few phone calls to prove through my homeowners insurance company that I was gonna be doing this and I had to give them the okay.
Then, I also have a PTR, the property tax return. In this case, it was a homestead benefit that is paid to us from the state. And that was not deducted from the payment for the property tax for the month of second quarter. So I had to make a few phone calls on why and what happens there. And I called the agent up, who I started this with, and I told her she should be doing it. She did, but she said she represents a third party. I needed to make the phone call and I needed to tell them what was going on, which I did. But I thought that she should be doing this. And she apologized for not carrying on with it. But that was the only little problem we had.
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.
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Finance of America Reverse had the best deal and their rep who helped me was very good. I was impressed with his willingness to help. While I hope they could lower their rates, the length of time it took for the application process was reasonable.
I’ve retired and I was falling behind payments. With my girlfriend's help, we got a reverse mortgage done. We had two great, fine men who helped us, George and Ed, for the application to go through. We started it early October and it wasn’t final until December. I figured it would take a while and it did. Other than that, having the reverse mortgage helped me more than one would ever know and I appreciate it. Finance of America Reverse was nice to me.
It was quite a lengthy process. From start to finish, it took about three months. The longest was to make up my mind to actually do it. Once I decided to do it, the actual process didn't take that long. But getting all the paperwork and the preparation took some time prior to that. I had to talk to somebody, they had explained it to me, and then I had to get an appraisal. There was a lot of paperwork. But for me, the process seemed to be okay. The person that walked me through was very patient. She was excellent.
Finance of America Reverse got a good rating, and when we went to the City of Aurora for the counseling, the gal said that she’d heard of the company and they were good, so we stayed with them. I did the process online, and I got a call right away. It was real easy. I followed everything that Scott told me to do, and it was really pretty easy. I was surprised.
Scott seemed real knowledgeable and he was very friendly. He answered my questions, and most of the questions he even answered before we asked him, because we had no clue what we were doing. He made us feel very comfortable, and he was there any time we needed him. We were real happy with everything. The process took a little longer, but it was on our side, not theirs. We had trouble getting in with the counseling because my husband is hard of hearing, so we can’t do anything over the phone. Because of that, it got held up a little because we had to wait for an appointment.
I did a lot of research and I spent about two months going through it and I had a lot of information before I started contacting Finance of America Reverse. At that point, I was not a neophyte. I kinda knew what I was coming up against. The woman I dealt with was very professional. I contacted a number of people and she was the best of the bunch. The people that I contacted didn’t give me the information I wanted right away. Some people didn’t understand what I was trying to do and some people never responded at all.
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
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