Finance of America ReverseConsumerAffairs 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.
Our financial planner suggested we consider a reverse mortgage. We have no heirs and a great deal of equity in our home. I called three lenders, and William ** at Finance of America Reverse offered us the most favorable terms without knowing that I was shopping. In addition, William was readily available to me, clear in his requests for information and genuinely interested in helping us. We started this process in January and were closed in about 30 days. Overall, this has been a very positive experience and one that will help us financially for the rest of our lives.
We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with William. We work hard to find the best people to provide a great experience for our customers. Thank you for your business
We decided to do the reverse mortgage because none of our kids want our ranch. Before Finance of America Reverse, I was dealing with a broker who then went through a third party and then to the mortgage lender. I kept getting delayed and delayed with these other companies. I just got tired of the runaround. By the time I got to Finance America, I was kind of a little leery, but they started calling me back every day. Finance of America is direct and they stayed right on top of it. Whatever they needed, I could furnish them. It was really quick and easy and they stayed on top of it. They have the right connections. But I learned a lot by going through those other places. There are a few of bad companies out there. They’re just trying to make an easy buck off of people that aren’t in a good position.
My loan officer took care of all the questions. I also worked with the manager when he stepped in because the loan officer had a family emergency. They worked together and it was a seamless transfer. The application process was really simple and including the underwriting, it took about three months. Now, I don’t have any payments anymore and I’m going to retire in another year.
Thank you for leaving a review with Consumer Affairs. Great to see our team made this a simple process for you. Thank you for your business!
I'm alone and I'm not getting any younger. I have nobody to leave the house to and if something happened before I could sell it, that would be unfortunate. I thought a reverse mortgage would be a good idea. That way I wouldn't have to worry about it if something happened to me. I was going to go with the company that was most popular but Finance of America Reverse was next on the line in the list. I called and loved the gal that I talked to. She was the only one who sent me a package and and everything was in it.
I had studied on reverse mortgage and I had experience with my own parents so it was something I had in the back of my main mind. I was ready and all I had to do was call somebody and take up the lesson. It went so easily. Monica was exceptional and I love her. She was right on top of things every step of the way. It took a couple of months, which was just right. We closed and I'm happy. I also had an A-1 experience from the girl who came for the closing. I would recommend that company to anybody.
I got the money that I wanted and the terms were wonderful. The reverse mortgage was more than I expected. I had taken out a loan to build up credit even though I have good credit and they paid that off for me and I'm very satisfied with everything. It's nice to know that there are alternatives somewhere and you don't have to be stuck somewhere. It works well for me, not having any family. I came from Rhode Island and I got back four months out of the year. I built a house up there with my kid brother and hopefully, I'll be buried there. That was why I wanted to make sure I had something solid that I could depend on if something happened to me.
We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with Monica. We work hard to find the best people to provide a great experience for our customers. Thank you for your business
William ** handled the process of obtaining our reverse mortgage with the greatest of ease. He is very professional and fully explained the program to my wife and I. Like most people we had heard all the bad stories from everyone about reverse mortgages and I am here to state William fully explained over a period of 6 months all our that turned out to be very good. I completely refer him to anyone thinking about doing this process on their home.
When my husband and I decided to do a reverse mortgage checked with different lenders offering this product. Needless to say that after talking to Taylor his honesty and knowledge of the product left no doubt that he had to be the one. Our experience with Finance of America Reverse and Taylor was perfect and we highly recommend the company and our friend Taylor **.
Miriam,We are pleased to hear that you chose to work with Finance of America Reverse and that Taylor was able to help you understand all of the details of a reverse mortgage. We work hard to find the best people to provide a great experience for our customers. Thank you for your feedback.
Feel free to contact us with additional questions anytime.
This was a very efficiently executed transaction with Taylor taking the lead. The quotation process was also well done with all rates and costs accurately stated up front. I would recommend anyone seeking this type of financing to give Finance of American Reverse the opportunity to provide a quotation.
William **, the loan mortgage officer was extraordinarily helpful and patient during the process. He helped create a reverse mortgage that best fit the needs of my mother-in-law. The process was surprisingly smooth and was completed in a very short period of time. I would recommend this company to others.
I’d like to say what a pleasure it was to work through my Reverse Mortgage with Nicholas **. Sometimes were tough, but he always got us through. He ALWAYS returned phone calls in a timely manner & ALWAYS had answers to my questions or would find out quickly. Again, it was a pleasure working with Nicholas ** & I Thank You, Again Nicholas.
It is great to hear that our Reverse Mortgage Specialist Nicholas was excellent and responsive during the lengthy process. We are pleased to hear that you chose to work with Finance of America Reverse and that everything went as smoothly as possible during the process. Thank you for your business and your feedback.
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I wanted to get out of paying a mortgage payment and selected a reverse mortgage as part of my retirement plan. I had another lending provider but I didn’t like what they were saying and what they were doing. When I decided not to use them, I opened the packet that our Finance of America Reverse loan officer, Matthew, sent and gave them a call. We started to converse back and forth, and the follow through was excellent. Matthew was top-notch. He did everything he said he would do. However, I didn't like the guy who came here to do the appraisal. I’m an old-school salesperson and sold for 33 years. I crisscrossed across the country in many times and he didn't look business-minded and business-fashioned. Other than that, I personally recommend Matthew and the way he operates to anybody who’s looking to do a reverse mortgage.
We work hard to find the best people to provide a great experience for our customers. We are glad to hear that Matthew was able to help you understand all of the details of a reverse mortgage. We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a great experience.
I had to retire prematurely and there was not enough money coming in. My house was also paid off so that was why I did a reverse mortgage. I shopped around and Finance of America Reverse came in with better figures than the other two companies. In obtaining the mortgage, I was online and put out some fillers, and I got calls back. We started going from there, what the closing would be, and what would come out of my pocket. I had a figure in my head of what I wanted and this particular company met my expectations, and I got in under the wire on what they're doing now.
The application process has been so far, so good. However, it got dragged out because I was not sure of this and that. It went on for a good five months. It was not really their fault. I was a truck driver. I was going through different things at that time, and I was not sure of what I wanted, but then once I made up my mind, it went very fast after that. The loan officer really went above and beyond. She is an asset to their company. She was right there when I needed her. If I really got upset about something because there were several times that I did not like the way things were going, she got right back to me, and she took care of it. I was very comfortable working with her because someone tried to steal me away from her, and I would not do it. Right at the last minute, this girl came in, and she wanted to give me a better deal, but I just would not do it to my Finance of America loan officer because she was there for me.
I knew what I was going to do before I talked to anybody. They gave you counseling and that, to me, was kind of a waste. But it's part of the process you have to go through. I thought it was stupid because you pretty much know what you are going to do when you get to that point. You had to get a counselor and when you got the counselor, they couldn’t have that interview with you at a certain time, so you had to change it, and you have it at a different time. I went to more rigmarole with that than anything else, and then you had to pay for it. The mortgage terms and rates could have been better, but at the point I was at, I just did not have much choice. Other than that, I would recommend my Finance of America loan officer because I like her and she worked hard. She was at my beck and call almost from the beginning of the whole process.
My wife developed a fatal disease and our expenses got out of hand so we resolved to go with a reverse mortgage. I did a survey of rates and spoke with several lenders. I was most comfortable working with Finance of America and after I compared their rates with six others, they were the most competitive. The people there were helpful and they did most of the process for me. I've had to do a counseling session, then an application, got a snack and so forth. With the government involved, the application process was more expensive than any other mortgage I've ever obtained but other than that, it was just voluminous yet straightforward. It took about a month and a half from the original go-ahead that I gave them until finishing out.
I started out on the process and ended up with the same officer, which was helpful. I worked with Toby and interacted with him over the phone. They were out of country for a short period, but the other person was also knowledgeable such that he didn’t have any real difficulties. I could get a hold of him on a moment’s notice and did more than once actually. The closing officer, I had a question on a Sunday afternoon at 4:00. We made a call long distance to them, and they got back to us in 20 minutes. That’s on a weekend. And that’s impressive. They were very direct, friendly, professional, knowledgeable, courteous, knew what they were doing and did it. I'd recommend them easily.
So sorry to hear about your wife and glad to hear that our loan officer Toby was able to help guide you through the process. Reverse mortgages have many regulations in place to make sure that all parties (including the borrower) are protected and it may take some time. Feel free to contact us with additional questions anytime. We appreciate your choice to work with Finance of America Reverse.
The lending process at Finance of America Reverse went very well and I had no issues whatsoever. It was outstanding from beginning to end and communication was great. The rep Aaron and I talked several times, and I felt like he was a friend of mine at the end. He was honest from day one and he didn’t pull any strings or make any claims he couldn’t back up. He laid everything out and he was respectful. He did the best I could expect, and he said I could call him anytime and we'd talk about any questions or concerns I had. I couldn't imagine anything better or easier.
Finance of America Reverse worked exceedingly well with me to close the loan and the rate of the mortgage was good. Having a reverse mortgage made it easier for us to make our budget each month. As a senior citizen, I mistrust a lot of people because of a lot of scams and situations. And when things are spelled out for me, it means a lot. Finance of America Reverse made our lives easier and I would recommend it to anybody.
Reverse mortgage is not for everyone like couples with kids and all these other couplings but I was divorced and I didn’t have any kids. So under my circumstances, it fit me right down to the letter. I’m not wholly concerned about dying and leaving everything I got to someone else so I decided that I would use the equity that I have in my home to travel a little bit more. Up to this point, I’ve been fortunate to be able to travel still but this will let me do more of it down the road in the future.
Tim from Finance of America Reverse was very good and completely upfront about everything. He was very professional and any time he told me he would get back with me the next day or if he had to get information, he would get back to me. He always did exactly what he said he was going to do. He was also completely honest which is something that’s hard to come by these days. Somebody would say they’ll do a thing for you and then halfway through the process, they change the rules or do something different. He was very efficient, knowledgeable, on top of his game and he took care of business. There was never any kind of pressure and it was all very casual and laidback.
During the application process, there was a huge stack of papers and it’s about five inches high of the process itself but it was all necessary. It’s like buying a house and this is another complete mortgage process. From the time we talked until the time we closed the loan, it was a good three weeks or so. The fact that it took as long as it did is part of the process. It was a lot of things to do and it takes time. I don’t have any kind of second thoughts or regrets or whatever about taking out the loan and I’m very happy with everything. As the value of my house goes up, the value of my money goes up. I just retired in January and I didn’t know exactly how the budget was going to look. But up to this point, it’s been a really good experience. I've already taken some money out to pay off some credit card debt which has allowed me to put more money into my budget so, it’s been a win-win so far with that.
We work hard to find the best people to provide a great experience for our customers. We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with Tim. We are glad that you will be able to pursue your ambitions.
William **, from Finance of America, is the best Reverse Mortgage Loan Officer you could ever hope to deal with, as is Finance of America. His representation of Finance of America and his customer service is impeccable. He is very knowledgeable in his company's products and how they work. Documents were thoroughly prepared, explained to us, and questions answered on the spot. I highly recommend Finance of America and William **, a winning team.
We are pleased to hear that we were able to give you all the information and that you think so highly of William. We work hard to find the best people to provide a great experience for our customers. We appreciate your choice to work with us at Finance of America Reverse. Thank you for your business and feedback.
I wanted to pay off some bills and not have to worry about any mortgage payments and decided to choose a reverse mortgage. I contacted a couple of lending providers and Randall, Finance of America Reverse's loan officer, gave me a callback right away. He seemed to be a straightforward and an honest guy and we hit it off pretty well. He told me all the positives, negatives, and everything else and I enjoyed his presentation better than the other ones. I was very comfortable working with him. We had a number of conversations back and forth, and he was always responsive and answered my questions directly. He gets back to me within minutes to an hour at the most. He had even given me his personal cellphone if I had any questions and he also told me he shut it off at 8 o’clock at night, which was understandable.
The application process seemed fine considering when I've gone through other closings and other financial requests. When I paid off a home equity loan from Wells Fargo, that took a lot longer than this seem to take. The process with Finance of America Reverse was mostly a bunch of questions done over the phone, filling out some paperwork and then I sending them back. From start to finish, the process took 25 days at the most and it went very well. They reviewed the process with me upfront, gave me suggestions on who to call to get the certification so that I was aware of all the ins and outs of it, and explained how it would work and how much money I could get based on it.
They worked with me on the appraisal and worked that into the deal also so I didn’t have to pay anything upfront. Then they sent out the lady that did the closing at the house so it was easy. Their rates and terms were pretty much across the board. Each lender has to follow federal guidelines so there was not much difference between anybody. With Finance of America Reverse, I don’t have to worry about paying the home equity loan anymore to Wells Fargo and that was paid off immediately. I was also given a cash settlement of about $6000, and I have a $2000 addition that I have to wait till next year to use. It gave me some money to pay off some other bills, spend my kids and on other things. I’ve also recommended it to a couple of people already.
We were living in a month-to-month and that is not the way I choose to live. I'm on disability and my husband is dead. I needed to increase the income. I wanted more backup than I've got and I was not going to get it on disability. Finance of America Reverse called me at a point in time when I was interested. I worked closely with my financial adviser, Melvin, and I ran everything by him. I got my financial adviser in touch with the rep from Finance of America Reverse. The rep sent Melvin information and they talked back and forth. My adviser agreed that it was a good deal.
I had to fill out papers and the rep did a lot of the work. The application process was fairly easy once I understood it, which took me a while, and Melvin had to help me understand it. Finance of America did most of the work. The application and underwriting process took about two months which was longer than I thought it would be. That was mostly because Melvin wanted to know everything but that was good because then he could explain it to me in English. At first, it was a little frustrating but then I thought we would know everything before I sign anything.
The loan officer, Chuck, was great too. He was one of the easiest people I've ever worked with. He explained things in as simple a term as he could for a non-financial person. And although it may have taken him two or three days to get back to me sometimes, he always got back to me. He was as accommodating and nice as he could be too. I was impressed with his friendliness and his willingness to do whatever it was I needed to do to get this taken care of. I can't drive and I don't have a vehicle, and when it came to signing papers, he sent a lawyer to my house to do it. Finance of America paid to send the lawyer over to my house and not many places will do that. It is a good company to work with.
They also appraised my house for a whole lot more than I thought it would be worth and it was more than twice what I paid for this house, seven and a half years ago. But when I looked at appraisers of other real estate in the area, it has gone up. I've got a son who is a senior in college and he starts law school in the fall. The first couple of years, it was scholarships and in-state tuition and it was not very much. But he went out of state for these last two years and I have no idea what law school is going to cost. But I'm not spending the extra income and that's giving me peace of mind, knowing I've got a stash of cash if it's needed.
We appreciate you choosing to work with Finance of America Reverse and are so pleased that you had a wonderful experience working with Chuck. Sometimes things don't move as fast as we'd like either because there are regulations in place to protect all parties. Thank you for your business and your feedback.
I had been thinking about getting a reverse mortgage for the last couple of years as a backup plan, and as it turned out, it was a good plan. I talked to three different lenders and I chose Finance of America Reverse because the numbers were better and I really liked Stacy. The process took less than 30 days and although it was lengthy and tedious, it was necessary. It's not the kind of thing you want to go into without dotting all your i's and crossing all your t's. What impressed me about Finance of America Reverse was their ability to communicate and to be patient, as well as their willingness to walk me through all the most minute details. I had a decent experience but you have to approach it as a short-term job. It pays to be careful. Since working with Finance of America Reverse, I sleep better. I know I got my help and I'll be able to stay in my house.
We work hard to find the best people to provide a great experience for our customers. We are pleased to hear that you chose to work with Finance of America Reverse and that everything went as smoothly as possible during the process.
I wanted a cash that is available as far as monthly roll type of thing for retirement. I talked to people for months and I got a better response from Finance of America Reverse so I went with them. Their application process was just like any other type of loan. I know they were trying to get everything done by the end of September because the deadline was October 1st to get whatever rates and whatever money that I was going to get. Since I couldn’t get the HUD people to even answer the phone, that date left. So when I did get through and do all that, the amount of money I was getting on a monthly basis was a lot less, so I was not a happy camper.
The loan officer was friendly and knowledgeable. However, we thought we had to pay the closing cost so we were holding out some money. That was included in the process and they held out the money. We had to go back and say, “Fix this,” because they took out the money twice. They were fine. We'd just get the end result, and we'd say, “No. That’s not what we were signing up.” So, they had to sign the paperwork back through. The person who came out to get our signatures tried to explain some things but she didn’t explain them too well. Nonetheless, we're done. I would tell friends to shop around, talk to people and get with whomever they feel comfortable with.
We were struggling, and I needed to get some money. We don’t have any children to leave the house to, so I decided to do a reverse mortgage. Finance of America Reverse's application process was all right but it took forever to get it set. We applied in October and it was set in January. Their loan officer was really nice to me and helped me a lot. He stayed in contact with me and I had a couple of issues that he solved. Furthermore, their rates seemed fair. They gave me a quote and I accepted it. Finance of America Reverse is good but I'm a little upset that it took too long to get it settled. I had made some commitments because they said it was going to be settled. I had to go back on my words, which is something I never do since my word is my bond. I was very upset but it came out all right. I would recommend them to a friend. I'd tell them to go to Finance of America Reverse if they are interested in a reverse mortgage.
Reverse mortgages have many regulations in place to make sure that all parties (including the borrower) are protected and so sometimes things don't move as fast as we'd like either. We apologize for the inconvenience this may have caused. We appreciate your choice to work with us at Finance of America Reverse and value your feedback. Feel free to contact us with additional questions anytime.
I borrowed $64,000 against the house to help my daughter who got in a predicament with her student loans. I had to pay it off for 10 years. Then all of a sudden it was up to $190,000. And it got to a point where I didn’t really qualify for anything. I was on 30-year loan and then I started seeing ads on TV. I started out with a different outbid but they left me there and nothing happened. Then somehow, I was able to get a hold of Finance of America Reverse's refinance. I had the house appraised for the amount that was needed to be in order to qualify for the program.
I talked to Jill and she worked her ass off and spent time to make sure that I got in there. She was faxing me stuff and I was signing things and faxing them back. She went out of her way. I didn’t think anybody would have ever done something like that. The process started in June and everything got finalized in December. Their rates were a bit higher than what I was paying but I would expect that. They also sent me a sheet that showed me what value would be in the house based on certain periods of time. My experience has been really good.
I was buying a house and I was going to go with the regular reverse mortgage but we did a reverse for purchase instead. I went on the internet and it gave me about three groups. Nicole, the loan officer from Finance of America Reverse, called me and we got along right away. I felt like I could trust her and she seemed like she cared. She was perfect. We would email, do phone calls, and she was there when I needed her. I sent in all the stuff for the application, did my consultation, and things went on from there. I did the application online, she sent stuff for me to sign, and I sent it back. The rate was high though and I had a hiccup because of the appraiser but their company just went after it and got it done. Working with Finance of America Reverse helped me get my home and they did great. I was really happy with them and if my friends would ask me about the company, I would tell them to use Nicole.
Working with Finance of America Reverse was a good experience. The young lady that I worked with was awesome and she was the main reason I stuck with them. When I spoke to her, what she had to say and what the terms were worked for me. The process took a week and she helped me a great deal. They were very knowledgeable too. They understood the situation and they tried to tailor the loan to fit my needs. They worked with me and I got what I wanted so it worked out.
My application with Finance of America Reverse went very smooth. It was an excellent experience all the way around as everybody was courteous, experienced and very good at their jobs. Their rep, Aaron, was friendly and knowledgeable. He answered every question I had. The process took about three weeks, and it went pretty fast. Also, the terms were acceptable. I wish I could have gotten a little more equity out of my house but rules are rules. Working with Finance of America Reverse has eliminated my mortgage payment which was a help. That put a little extra in the budget.
I had money tied up in my house and I was not able to enjoy that. I have two daughters and either one of them would be interested in buying the house, so I figured I might as well enjoy it. The agent from Finance of America Reverse was straightforward with me on what my option was. He was also very personable and friendly. He was able to answer all my questions pretty quickly and I probably spent more time with him than I've ever had with a real estate agent. He was very pleasant and he seemed to be a straight shooter so we hit it off.
When it comes to the rates, compared to others, FAR seemed to be almost non-competitive in the sense that everybody was doing the same thing except with this one fee that they could literally just completely remove. I didn’t feel like I was getting a terribly good deal but I got a competitive deal in the sense that the agent was able to match anything that I had because I was there the same time I was being pestered by these other folks. The only thing that I found disconcerting was when he told me that they don't sell my loan like the others, and the first thing I got was some other company I'd never even heard of. I was disappointed that I didn’t get a complete heads up on that.
I wanted to get a reverse mortgage so I could stay in my house. I already had one reverse mortgage with Finance of America Reverse and the service was so good that when it came time to ask for another, I just asked them. There wasn’t much to the process, however, a couple of things with the house needed to get fixed before I could go through with it so it took some extra time. I just made the phone call and everything was pretty much done. I had a great guy, Joe. And he helped me with it, so it was good and not blurry. I was impressed with the way that he kept calling me back, kept me hard on the deal and made sure I wasn’t getting discouraged because it could have taken five months as some small things kept coming up. But he kept reminding me everything is doing well. He made me feel good and confident.
I got caught between federal housing regulations and Massachusetts’s regulations because they’re not exactly the same. My septic system wasn’t 50 feet away from my well and in Massachusetts, it only has to be 40 feet away. The same problem didn’t happen during the first reverse mortgage where everything went right through. Joe told me that there was a way, though. We simply put in a request and he told me exactly how to do it and almost exactly what to write. I had to go through a lengthy process. I had to ask hard for a waiver, put it in writing and explain why. But it worked out great in the end.
The rates were great and I was very excited to hear that I was making so much every month on the money I willed to just sit in the plan. It was about 5.5 percent, which was very nice. It’s also nice to stay in your own house and have quite a few thousands in the bank with nothing to do unless you have an emergency. I'd tell friends to do it as well.
The application process at Finance of America Reverse was very easy and simple. Everything went really smooth. My contact there was Eric and he was so nice and informative. He was also patient and polite. He was an easy person to work with and he made the whole experience a lot smoother. I had a paralegal friend that did the closing, so he helped me along with it and that made the process a lot easier because she understood things that I didn’t and she explained them to me. The government oversees the rate and terms of the mortgage, which made it a lot easier since I didn’t have to worry about shopping around for the best deal. It was a very good experience.
I had a lot of bills to pay and my income was not enough to cover what I needed to pay. Finance of America Reverse was more receptive and nicer than anybody else I was in contact with. They made the process easy as well. They walked me through all the steps that I would go through. The gentleman, who was my representative, made sure I knew exactly what I needed to do, what was going to happen next, who I was going to talk to, what it meant and why I needed to do it, and the importance of it. He was quite knowledgeable, extremely nice, personable and informative. He was good at what he did.
The whole process took about six weeks at most. The rates were also very fair. It’s an FHA reverse mortgage and it was thoroughly explained to me what I would have to do if I sold the house or when I died and how the money was to be paid back. It was very well explained that I understood it. I would tell my friends exactly what I tell my children who were freaked out that I was doing it. The process has changed and it's no longer something to be afraid of. It is now an FHA mortgage and my children wouldn't lose the house the minute I die. They have a year to sell it and it isn't going to be snatched away from them. They could either pay the mortgage back themselves or they could sell the house and pay it back. I was counseled well enough and I have enough literature from the contract and from the counselors. It was well-developed and wasn’t something where seniors were going to lose their homes like what happened in the past.
I needed money and a reverse mortgage was the easiest way to do it. I talked to a couple of companies and Finance of America Reverse was pretty attentive and easy to talk to. Their application process was very easy and the overall lending process went smooth. I thought that they were not going to get back to me but they did and even after everything was done, I got calls asking me if everything was all right. They were very attentive. The loan officer assigned to me was a down to earth guy and he was pretty good. He gave me information on what was going to occur and how it was going to occur and it did. I would recommend them.
I needed a reverse mortgage to help pay my bills. I get SSI but it wasn't enough to pay my bills. I started out with one reverse mortgage but the company turned me down after they said I didn't have enough residual income. And then I found Finance of America Reverse on the internet and called them and they approved me in about three weeks. It's a very good company and I was lucky I found them. Since I got a reverse mortgage from Finance of America Reverse, I don't have any problem paying my bills anymore.
I had to get a counseling service and get everything in order. I had a lawyer who got the deed put in my name because when my father passed away he didn't have a will, and it went to my mother. Then when she passed away it was probated in both their names. The application process with Finance of America Reverse was very good, fast and very efficient. I had a very good interaction with the loan officer, Matt. He was very good in answering my questions and in calling me back when I needed something. He did a good job. He was very nice, very helpful, very efficient and fast.
The rate of the reverse mortgage was very good and it was also a very good closing cost. Working with Finance of America Reverse took the burden off of me so I could pay my bills and I have a lease just set up with them and they're going to pay my homeowner's insurance and my taxes every year out of my reverse mortgage. It used to keep me up a night worrying about my bills, but now, I can pay my bills, and so, it's a very good deal. If anybody needed Finance of America Reverse, I would surely recommend them as they treat their clients fair and do a very good job.
We work hard to find the best people to provide a great experience for our customers. We are happy to hear that you are satisfied with your reverse mortgage from Finance of America Reverse. We appreciate your business and your valuable feedback.
I have a long-term disability that was supposed to stay with me until I was 70. We purchased a vehicle and it would’ve been paid two, three years before I reach 70. But lo and behold, they were going to cut me off when I reach 65, which is next month. We only have three years left on our home, but we wouldn’t be able to make it. So, we had to do something and reverse finance was the most logical way to go. We then looked at several places, and Ernie, our rep from Finance of America Reverse, was excellent to work with. He has excellent people skills and he was really good.
He kept in contact with us and he was the only one that I allowed to keep calling us because he wasn’t pushy. He was also able to answer my questions. He was honest, forthright, and when he said, "I’m not sure about that. Let me check it out and I’ll call you back,” he did it. Then, if ever he was not there, ill or something, rather than waiting until he got back, his manager Eric would call us and let us know things that we needed to know. The team was really good. Finance of America has always been very good and when there was a problem they were right there to answer it and take care of it.
I needed the money and Finance of America Reverse was the first company I responded to. The person who called me told me all about the reverse mortgage to see whether I was capable of understanding what he was talking about. And they were free. Everybody else wanted money upfront. They sent a person out to speak to me first and I filled out the application with her then she sent it in.
Randy was the guy that I spoke to most of the time about the reverse mortgage and he had people come out to look at the house. He was very patient with me and he tried to help me to get the stuff done in a timely fashion. He was very helpful, knowledgeable and understanding. I felt very comfortable working with him because I had his work number and he also gave me his personal number after I tried to reach him but couldn’t.
I had to get some things done first before I got approved and those things took me about a month and a half. The crawl space door needed to be painted and my vinyl siding needed to be repaired. I also had to do pressure washing to the house because of the green scum on it. Then I had to have somebody come out and determine how long the roof could last without the need for major repairs. But Finance of America Reverse took me step by step on what was needed and they gave me time to get it done, which was very nice on their part because it was so long and hard for me to get it done.
Another reverse mortgage called me while I was doing that process and they told me that I was too old to get this and I was too that. But I didn’t care what they were saying. That was the first time I was doing a reverse mortgage and up to that point, Randy had not lied to me. I also felt really good about the experience with Finance of America Reverse because a lot of people were saying that it wasn’t good but I went to see for myself and it’s a great program. The little bit that I received from them made me comfortable.
I was new to reverse mortgage and approached two different lending companies. I wasn’t that pleased with the way the first one answered and proposed it. And then, I came across Finance of America Reverse and with the way they answered my questions, I was like, "Okay. Let's move forward this time." I had to provide them with all different kinds of information. And I hate things like that. Also, they were working out of different offices, so the same questions came twice which was a little bit nagging. And then, I had my credit report blocked. And for some reason, I had to open it, close it again and open it again. I said, "Why do you need to look three times at it or twice?" But the overall lending process was easy.
I'm Swiss and when I sold my house in Switzerland, we had two signatures and the whole deal was done. But here, I have to sign off here and there while applying. We remodeled our kitchen and they came to make an estimate. We exchanged for new cabinets but everything else were new. We also have running water, hot and cold, and my wife has a stove to work with. It just didn’t look as nicely. But it seemed to bother them more than me. Then, because the kitchen was not finished, they kept bugging me when it would be done and said that they would need pictures of the finished kitchen. I told them that I wasn't gonna rush any contractor and that I'd do it my way. I'm still waiting for proposals for the countertop and samples for the backsplash.
Getting everything in place took a week. The loan officer was very knowledgeable and she tried to explain as good as she could. She stayed on top of things and didn’t bug me too often. We knew all the options we had right from the beginning because I looked into reverse mortgage a long time ago. And this time, I still have a mortgage on my house and I talked already to the loan officer who said, "Okay. If you have a reverse mortgage, then some of the proceeds you get, some of the credit we will use to pay off your mortgage." I asked at what percentage and then she came up with the interest. And I said that I would pay off the mortgage myself and I would give them a call.
I came back with them a year ahead, but because I was in no rush, I didn’t look too much into a reverse mortgage because it was just a backup for us should ever something serious happened to us. But then, Washington changed the time frame. We paid off our mortgage September 15 to get the old conditions so that put me then in a rush. But it wasn't the reverse mortgage's fault because we waited till we have already paid off our mortgage, and then I came back to them again.
I saw different proposals and I saw something I liked better. But I was already much further along with the reverse mortgage and the experience and the service they've provided were good. I would tell my friends that Finance of America Reverse Mortgage is definitely worth to give time to. However, Finance of America Reverse should simplify the lending process. I said, "Can you not create a cover sheet referring to all the documents? Then you sign this cover sheet and the signature is valid for whatever is listed on this cover sheet." We don't have time to read all these things. We only start reading it if we have issues unless one would take their time. They also should have a website where I could log in and sign in all my information. Plus, they wouldn't need to send me my monthly statement in paper then.
Working with Finance of America Reverse helped us very well financially. Being able to get a little older here and we got rid of our payments. I worked with Stacy and she was awesome. During the application process, I went through counseling then I had my home appraised. And if that all works out good, then they give you the appraised value which I have to come up with cash or I get money back. When we were to close the loan, we had a person, locally here, that came to our home and we took care of the paperwork here at our house. The rates and terms I received from them were perfect. I’ve had one before and this is number one. It was a really good experience and I would recommend them to anybody.
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.