Finance of America Reverse Mortgage Review
ConsumersAdvocate.org
80 Customer Comments & Reviews - see all comments
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Finance of America is a leading provider of reverse mortgage solutions, offering a range of products designed to meet the diverse needs of older homeowners. With a strong reputation, extensive product offerings, and a commitment to transparency, Finance of America is a top choice for those considering a reverse mortgage. The company operates in 50 states and is headquartered in Tulsa, Oklahoma.
Diverse Reverse Mortgage Products
The HomeSafe product suite gives older homeowners more choices and flexibility than typical reverse mortgages. Designed to meet the needs of homeowners 55 and older(1), it offers loans up to $4M(2) with no mortgage insurance premiums (MIPs).
- HomeSafe Standard provides a lump sum payout, ideal for those seeking immediate access to home equity.
- For those who prefer flexibility, HomeSafe Select functions as a line of credit, allowing homeowners to draw funds as needed.
- HomeSafe Second is a second lien that allows homeowners to access a portion of their home equity while preserving their current first mortgage rate and terms.
Finance of America(3) also offers the FHA-backed Home Equity Conversion Mortgage (HECM) for homeowners aged 62 and older. The HECM for Purchase (H4P) allows seniors to use a reverse mortgage to purchase a new home, combining homeownership with financial flexibility.
Commitment to Customer Service
Finance of America holds an A+ rating with the Better Business Bureau (BBB)(4), reflecting its commitment to professionalism and ethical practices. Customers consistently praise Finance of America for their support and guidance provided throughout the reverse mortgage process. With a 92% customer satisfaction rate(5), the company’s loan officers work closely with clients to ensure they fully understand their options and make informed decisions tailored to their financial needs.
Educational Resources and Online Tools
FinanceofAmerica.com is a user-friendly online experience designed to educate homeowners and those considering tapping their home equity.
The website includes a reverse mortgage calculator and educational articles on reverse mortgages, retirement planning, and product offerings. Additionally, the site’s inspiring customer stories show how real customers used their home equity to make the most of their retirement. These resources ensure homeowners have the information they need to make informed decisions.
A Trusted Provider
With over 20 years of experience in the reverse mortgage industry, Finance of America is an established, trusted lender. The company’s reputation is built on their commitment to transparency, customer education, and ethical practices. Consistently receiving high ratings across various review platforms, Finance of America’s dedication to customer satisfaction is evident in the positive feedback from clients who appreciate the personalized service and expert guidance throughout the reverse mortgage process.
This article is for informational purposes only and should not be considered financial advice. It is recommended to consult with a financial advisor to discuss specific situations before making any financial decisions.
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For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
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Loans up to $4 million available for certain HomeSafe products. The HomeSafe reverse mortgage is a proprietary product of Finance of America and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe products are available in every state. Please contact us for a complete list of availability.
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Finance of America is a division of Finance of America Reverse LLC. The company does not do business as Finance of America in CA, NM, NY and OK.
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Source: Better Business Bureau - Finance of America Reverse LLC – A+ Rating, Accredited since 5/13/2004.
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Source: Consumer Affairs - Finance of America Reverse 4.6 / 5 Stars Consumer Affairs Average 4.6 / 5 - 92% Customer Satisfaction Rating as of 6/25/2024.
What We’re Hearing From Our Readers
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Customer Comments
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WE ARE VERY FRUSTRATED --- WITH FINANCE OF AMERICA ! WE ARE IN THE PROCESS OF GETTING A REVERSE MORTGAGE...MAYBE --- HOWEVER, THE REQUESTS FOR DOCUMENTATION COMES FROM FOUR (4) DIFFERENT ENTITIES AND ARE "ENDLESS" --- NY, TEXAS, INDIANA, OKLAHOMA ET AL UNDERWRITING HAS PUT NEVER ENDING BARRIERS IN OUR PATH TO A REVERSE MORTGAGE --- ASKING DAY AFTER DAY FOR MORE INFO --- OUR CREDIT SCORE IS ABOUT 700 --- WE OWN OUR HOME OUTRIGHT ABOUT $500,000 FREE & CLEAR ! WE HAVE A CHECKING ACCOUNT AND IDENTIFICATION GALORE ! MY HUSBAND IS A MEMBER OF HOMELAND SECURITY AND WE ARE "NOT" CONVICTED FELONS ! IF YOU DO NOT WANT US --- JUST SAY SO AND WE WILL GO SOMEPLACE ELSE --- THIS EVERY DAY ANOTHER... Read More
118 People found this helpful.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
Dear Kathryn,
We understand your frustration and will have someone contact you for further explanation. We would like a chance to review your situation and get a better understanding of what happened. We appreciate your business and value your feedback.
Thank you,
FAR
It took over 3 months to complete the process. 2 appraisals on a $900K property for a $600K mortgage; 2 closings because someone couldn't be bothered to check for the correct dates; despite having 3 months to check paperwork having to sign 2 deeds to get the phrasing correct, the second during the 3-day right of rescission. My salesperson was great - it appears everyone else was less than competent. It will be very difficult to recommend FAR based on my experience.
68 People found this helpful.
I came to Finance of America from AAG. They had dragged their feet for months, then told us they couldn't help us, then said they can. But we had already started looking for a new company after they said they couldn't help us. We also found out AAG was going to circumvent the lien on the solar panels which meant that if they got caught we would be without coverage. Unbelievable.. Andrew was on top of things all the time, explaining everything, emailing or returning calls. It was a real pleasure dealing with him during the month it took to close our loan. I would recommend you to everyone I know!
57 People found this helpful.
My experience was positive. I started with Lending Tree and got like 4 referrals. Finance of America proved to be the one I felt most comfortable with. As we got closer to finalizing, the computers changed some numbers, but my contact Carol got everything back where it belonged. She was the prime reason that I chose this company.
36 People found this helpful.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
Craig,
We work hard to find the best people to provide a great experience for our customers. We are glad that you think so highly of your loan officer Carol and that she was able to help you understand all the details of a reverse mortgage. We are happy that you chose to work with Finance of America Reverse to help you achieve your goals. We value your feedback. Feel free to reach out with questions.
Thank you,
FAR
Prior to selecting your firm for my reverse mortgage, I compared five different proposals. My financial advisor, Scott Zmikly was the differentiating factor.
My financial situation had some extenuating circumstances (victim of identity theft, fraud, and robbery), and I shared all information up front with Scott.
He assessed areas where he thought underwriters may have some concerns, and we made sure I provided adequate documentation to ensure a timely close of my loan.
Scott was very informative and patient, and kept me up to date on progress at each phase.
I would highly recommend FAR to anyone seeking a reverse mortgage.
VIRGINIA mccarthy
31 People found this helpful.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
Virginia,
We work hard to find the best people to provide a great experience for our customers. We are glad that you think so highly of Scott and that he was able to help you understand all the details of a reverse mortgage. We are sorry to hear about your extenuating circumstances and hope that your reverse mortgage will be helpful in achieving all the goals. We appreciate you choosing to work with Finance of America Reverse. Feel free to reach out with questions.
FAR
Matthew always kept me abreast of current details. Any wrinkles were anticipated before they happened and headed off before they became a problem. We really felt that you made the process as easy as possible. I really don’t like doing reviews like this by the way, but Matthew’s performance was just so exceptional I feel the need to make an exception in this case. A+++++!
24 People found this helpful.
This was my second experience with Finance of America Reverse.
I am glad to say that the second time was equally as pleasant as the first.
Joe Deangelis does an excellent job guiding through the process.
I will gladly recommend Joe and your company to anyone going through the Reverse Mortgage process.
Thank you very much!
21 People found this helpful.
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
Bob,
We value your feedback and glad to hear that you continue to receive excellent customer service.
We work hard to find the best people to provide a great experience for our customers. We are glad that you think so highly of Joe and that he was able to help you understand all the details of a reverse mortgage. We appreciate you choosing to work with Finance of America Reverse again for your needs. Feel free to reach out with any questions. FAR
I'm 67 and was in need of retirement and needed to pay off the first new vehicle I have owned in 25 years and give me a financial cushion for unforeseen expenses. Ellen was the first to contact me and was very pleasant to work with and put me at ease as to what it meant to give up the security of a paid-for house. I will look forward to the second half of my money this coming year, I'm still getting used to the idea that , even though I can still stay here for as long as I live, the property belongs to someone else. R Keith Lincicum
19 People found this helpful.
I have to say that I picked the right company to do this thing. I knew I wanted to do a reverse mortgage but I didn’t know what to expect. Hats off to Olivia Shinavar. She was super helpful in guiding me through the process. She happily answered every question I had and made it clear that she would help me understand everything I was seeing. And she did just that. I am glad I worked with Finance of America Reverse and can now look forward to a much better and worry free retirement.
16 People found this helpful.
Sherman was wonderful! He always kept me up to date on everything. This was quick and easy. I would definetly recommend Sherman to anyone I know. Thank You Linda
12 People found this helpful.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
Linda,
We work hard to find the best people to provide a great experience for our customers. We are happy to hear that Sherman was able to help answer any questions about the product and that you had a great experience. Feel free to reach out with questions. Thank you for choosing Finance of America Reverse.
FAR