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Finance of America Reverse
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Finance of America Reverse

 4.6/5 (356 ratings)
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Finance of America Reverse

About Finance of America Reverse

Finance of America Reverse (FAR) provides HECMs, HECMs for Purchase, jumbo loans and refinancing reverse mortgages for homeowners aged 60 and up. Its HomeSafe plans require no origination fees, and homeowners can borrow up to $4 million from the company. FAR’s products and requirements vary by state.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Refinancing options
  • Loans up to $4 million
  • No origination fees

Cons

  • Proprietary product only in 26 states

Bottom Line

Finance of America Reverse offers a wide selection of reverse mortgage products for standard and jumbo loans up to $4 million. The company charges no origination fees and requires no mortgage insurance premiums.

Finance of America Reverse Reviews

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Page 2 Reviews 5 - 15
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 17, 2021

The application process was very good. The whole process took a few weeks to get completed. I also felt very comfortable working with the rep. We're very pleased with our experience with Finance of America Reverse.

Finance of America Reverse response

Hi Jim,

Thank you for taking the time to leave a review about your experience. We are happy to hear that the process was short and sweet, and that you were able to achieve your goals.

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 16, 2021

Our experience with Finance of America Reverse went fine. Katie, the rep I worked with, was great.

Finance of America Reverse response

Hi Sue,

Thank you for taking the time to leave a review about your experience with Finance of America. We are delighted to hear that Katie was able to assist you in achieving your goals!

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 15, 2021

I worked with Taylor from Finance of America Reverse. He helped me through the reverse mortgage process. I was very thankful for his assistance. He walked me through the process day by day, answered all my questions, and followed up with everything that needed to be followed up. He told me exactly what he needed to do. When I accomplished that, he reviewed all of the information that I provided and gave me some good feedback on that. I relied on all that information until finally we got through the final process.

I was on vacation during the final month before closing, from Hawaii, where my home is located. I was in Missouri and they had all of the processing done in Missouri. I felt that would be very convenient for me, that I didn’t have to be in Hawaii before closing. The information that I provided to the company and to Taylor made it possible that he would have all of the documents already completed. They had the notary come to my place of residence here in Missouri to do the final closing. That certainly provided me some great insight as far as what the follow through is. All the documents were completed and we reviewed them during the closing process. It was in order. So, I was very pleased with that. The rates at the time were also very conducive to what I was paying on the original mortgage.

Finance of America Reverse response

Hi Ronald,

Thank you for taking the time to leave a review about your experience. We are delighted to hear that Taylor was able to give you helpful information and assist you in achieving your goals.

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 14, 2021

Finance of America Reverse was the first company to answer me and I've had a very good experience with them. They gave me all the information I needed up front. And when I had to wait for different things, they constantly gave me updates. I was very comfortable with them. I got a good rate too.

Finance of America Reverse response

Hi Stephen,

Thank you for taking the time to leave a review about your experience. We are delighted to hear that FAR was able to help you achieve your goals!

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 13, 2021

The reverse mortgage process took much too long. It should have been done in 30 days but it took the better part of three months. My rep was fine but the procedure was a real pain. The trouble is that my wife is in a nursing home and she owns half the property. She's handicapped and she can't sign her name. I gave Finance of America a copy of a power of attorney. I thought that would be enough but it wasn't. Be prepared for the length of time the process will take. It doesn't happen as quickly as you think it will or as quickly as your representative tells you. Other than that, I'm very happy with their service.

Finance of America Reverse response

Hi Robert,

Thank you for taking the time to leave a review about your experience. We understand that the process can be tedious, but we are delighted to hear that you were able to achieve your retirement goals at the end of the day.

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 12, 2021

The application process was pretty good. I was very happy with Amber, the girl that got me going on it. Working with Finance of America has made my life better.

Finance of America Reverse response

Hi Steve,

Thank you for taking the time to leave a review about your experience with Finance of America. We are delighted to hear that Amber was able to help you achieve your retirement goals.

Please let us know if there is anything further we can do for you.

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Rated with 1 star
Verified Reviewer Verified Buyer
Original review: July 11, 2021

The rep of Finance of America Reverse was very helpful and we worked together right from the beginning to end. It was frustrating for her, frustrating for me and my wife, but we got it done. The end result is, we really didn't get anything that we wanted other than we don't have a mortgage payment anymore. We didn't get much cashout. We have a house that's appraised for 638 and we owed 340 on it, and they wouldn't give us $50,000 cash out so we could pay a couple of small bills and have a little reserve. There was way too much paperwork too. The guy that okays it at the very end was also a nitpicker. Just awful.

Finance of America Reverse response

Hi Al,

Thank you for taking the time to leave a review about your experience.

The appraiser is an independent nonaffiliated third party. They do not work for us and due to compliance regulations we do not communicate with them or contract them ourselves. We are not allowed to communicate with them directly, only through another third party so we have no influence on their results. They are certified to inspect and evaluate your property in adherence with FHA guides.

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 10, 2021

I contacted Finance of America Reverse and discovered that they charged either none or minimal origination fee. They were somewhat cheaper than the competition. The interest rates were roughly comparable. The process went smoothly too. I worked with a lady named Linda and she was very good to deal with. She kept in touch and facilitated the whole process. If I had something that could have gone smoother, it had to do with the property appraisal and the closing. During the COVID thing, it complicated all of that.

They did the appraisal. They sent it in and whoever reviews those things decided that there should be a second appraisal. So, they sent somebody out to do the second appraisal and there was some difference in the amount. Then there had been an inconsistency in the square footage of the house. One appraisal was giving me certain square footage, and the other appraisal had different square footage. Then they had to get that resolved, and they had to get on the same page with regard to square footage. It was a kink in the hose. But I don't know that it was Finance of America’s fault. It may have been the fault of the appraiser. They use independent appraisers. It’s more their problem than Finance of America’s. I wouldn't hesitate to recommend anyone using Finance of America.

Finance of America Reverse response

Hi Fred,

Thank you for taking the time to leave a review about your experience. We are delighted to hear that Linda was able to help you achieve your goals.

The appraiser is an independent nonaffiliated third party. They do not work for us and due to compliance regulations we do not communicate with them or contract them ourselves. We are not allowed to communicate with them directly, only through another third party so we have no influence on their results. They are certified to inspect and evaluate your property in adherence with FHA guides.

Please let us know if there is anything further we can do for you!

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 9, 2021

My rep was a down-to-earth person and I enjoyed working with him. He was clear about everything and honest. I got very good terms.

Finance of America Reverse response

Hi Dann,

Thank you for taking the time to leave a review about your experience with Finance of America. We are delighted to know that your loan officer was able to help you achieve your goals.

Please let us know if there is anything further we can do for you.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 8, 2021

The agent was responsive and sent me the information he said he would. Like most underwriters the process was a bit of a pain and was redundant sometimes. But other than that, it was an okay experience. Things came out the way the agent said they would. Check this company out.

Finance of America Reverse response

Hi Dave,

Thank you for taking the time to leave a review about your experience. We are delighted to hear that Finance of America was able to help you achieve your goals!

Please let us know if there is anything further we can do for you.

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Finance of America Reverse Company Information

Social media:
Company Name:
Finance of America Reverse
Company Type:
Public
Year Founded:
2003
Formerly Named:
Urban Financial Group
Address:
8023 East 63d Place, Suite 700
City:
Tulsa
State/Province:
OK
Postal Code:
74133
Country:
United States
Website:
www.fareverse.com