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Finance of America Reverse Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
80 Customer Comments & Reviews - see all comments
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Finance of America Reverse is a direct lender focused solely on reverse mortgages. Founded in 2003, FAR operates in 50 states and is based in Oklahoma.
 
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Finance of America Reverse is the reverse mortgage arm of Finance of America. Finance of America is recognized as one of premier mortgage lenders in the United States and has a substantial lending history of nearly 20 years in business.  

Most Flexible Proprietary Loan

Among lenders currently offering proprietary reverse mortgages, Finance of America Reverse stands out for a number of reasons. For starters, its proprietary loan, the HomeSafe® reverse mortgage, is more a suite of tools than a single, one-size-fits-all type of loan.

There are three versions of the HomeSafe® proprietary loan: HomeSafe Standard, For Purchase, and Select. The biggest difference between them is how funds are disbursed to borrowers. HomeSafe Standard offers single, lump sum payments; and HomeSafe Select is an adjustable-rate option that functions as a line of credit. No other proprietary reverse mortgage shows this much versatility in terms of payment options.

Requirements for FAR’s HomeSafe® products are quite reasonable. There is no minimum property value and non-borrowing spouses are protected under specific circumstances.

HomeSafe® is also the proprietary reverse mortgage with the greatest regional availability in the market. HomeSafe Standard loans are available in a total of 26 states (the average is around 15), HomeSafe Select is available in the following states: California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Texas, Virginia, and Utah. FAR has expressed its desire to keep adding states to this list, with some already on the way.

Widest Selection of Products

We found that Finance of America Reverse had one of the largest product portfolios in the industry, with six different available options: HomeSafe®, HECM, Reverse for Purchase (H4P), Refinancing, and Silvernest. Most reverse mortgage companies only offer FHA-insured loans, with only a few lenders having a proprietary option.

 

FAR’s Refinancing options are unique in the industry. The latter is an HECM-to-HECM refinancing program that works similarly to regular loan refinancing. The program can help those whose homes have significantly appreciated in value, who want to take advantage of lower rates, and who want to add another borrower to the loan—a spouse, for example.

Finally, FAR borrowers have another option to consider thanks to the company’s partnership with Silvernest. A room and house-sharing service, Silvernest matches users with potential housemates in their area for a fee. It does this via detailed profile analysis and can provide aging homeowners with extra income and companionship. Those with an active FAR loan are provided with a one-year subscription and have the cost of matching with a housemate covered.

Top-Notch Online Experience

Finance of America Reverse’s website is straightforward and offers a good amount of learning resources, including a handy loan calculator and retirement personality quiz.

Information on FAR is easy to access, with one tab dedicated to exploring the options available through the lender, and another focused on how to be ready for retirement. FAR also has an articles and news section, where users can find numerous writeups not only about retirement products, but also about retirement living as whole. The company’s retirement personality quiz can also help pinpoint the right product for a consumer depending on what their outlook on retirement is.

FAR’s reverse mortgage calculator is simple but can provide a good projection of how one’s equity will translate into funds. After inputting just four values—age, home value, mortgage balance, and state of residence—users are redirected to a pie chart showing the total amount of proceeds, mortgage payoff, proceeds available after paying off your mortgage, and remaining equity. A second chart will appear with the same fields but based on a HomeSafe® loan, for qualifying homes in states where it’s available.

 

Finance of America Reverse LLC NMLS ID # 2285 (www.nmls.consumeraccess.org)

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Customer Comments

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Cheryl B
4/28/2021
I was happy with my customer service representative until we ran into funding problems with Bank of America. Due to escrow funding a few days before funding the mortgage the wire transfer was stalled. I suspected something was wrong but my rep said everything was ok. It was not and for a week I dealt with the bank to correct the shortage. I spent hours an believe it will be corrected shortly. My rep only said it was funded correctly. I spent the time to get this done and will know in a few days if the correction was done. So I have a reverse mortgage but no finalization of the the completed wire transfer. It has been stressful and hope this will over in a few days. My rep did... Read More
7 People found this helpful.
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poonam j
4/15/2020
Background: The property mentioned above is foreclosed and now owned by ‘The Finance of America Reverse LLC’, currently listed for sale. We wanted to buy it and so made an offer through our agent. After a couple iterations of counter offers, the institute finally gave us a counter offer of $405K around the end of business on Thursday, April 9th 2020, through their real estate agent Jeff Pallack, They also sent us the counter offer addendum to enable us to sign and accept their counter offer. We reviewed the documents (after creating time for it, late night, from our little kids and working remotely), and signed and send them back the 2nd business day on Monday morning April 13th 2020.... Read More
7 People found this helpful.
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Barbara
3/8/2021
How can you comment on Finance of America when that is not who you actually deal with; other than who they use to actually contact you? I have my reverse mortgage with them, but the person I had to deal with (Senior Lending) in Tampa Fl I would never recommend. They said 3 days before closing I would get a copy of my appraisal- I got it with my final mortgage papers- which I cannot even read. They are printed so small you can hardly read them with a magnifying glass. They couldn’t even staple them, no folder, just papers. I had already had a reverse mortgage (which was professionally done) but I was going for a better rate. So this was actually a refinance. I told them I did not want to... Read More
6 People found this helpful.
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Carolyn W  
Official Response

Customer Representative of Finance of America Reverse
Hi Barbara, We are Finance of America Reverse and thus the reviews and feedback captured here are used to make improvements on our service. Unfortunately your review is for Senior Living and not Finance of America Reverse. Please let us know if there is anything we can do to help you make your retirement goals work for you. 855.421.4745
Randall H
11/8/2018
I have nothing, but praise the way David Mount of Finance of America helped me with the my Loan. I applied on Oct. 27,2018 and was funded 29 days later. David was always available and professional to help me with any questions and the process went smoother than i expected. David helped with my all the information i needed to forward to obtain my loan and it went very smoothly. My experience with Finance of America was 5 stars.
6 People found this helpful.
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David O
9/4/2018
I was pleasantly surprised how fast and smoothly the whole process went From the counseling in the beginning,to the appraiser to the notary at closing they all were very professional I knew their job, and answered all my questions. The person that helped me through the whole process the most was Autumn Guieb She also answered all my questions and still does if I have any. She is a very personal and considerate person that really cares about her clients. You are very lucky to have her working for you. Thank you to all for making this a pleasant process David Owen
6 People found this helpful.
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Javiera M  
Official Response

Digital Marketing Manager of Finance of America Reverse
David, We value your feedback and appreciate you choosing to work with Finance of America Reverse. We are glad to hear that you had a good experience with Autumn and that the process went smoothly for you. Feel free to reach out with any questions in future. FAR
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steve m
8/8/2018
i am extremely pleased with the service I received from Jill Portilla. She has the perfect blend of being professional and personable. She was always available when I called and she kept my apprised every step of the way during the process. From start to finish, the whole experience was very positive.
6 People found this helpful.
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Javiera M  
Official Response

Digital Marketing Manager of Finance of America Reverse
Steve, We work hard to find the best people to provide a great experience for our customers. We are pleased that you chose to work with Finance of America Reverse and that Jill was able to answer your questions. We value your feedback. Feel free to reach out with questions. FAR
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Sandra B
6/6/2018
I was very pleased with Robert Commerford and the service he provided. He called me with any information he thought I might want to know. He kept me up to date, called me about every other day or so. I called him with questions and he never minded all the calls. It took longer than I thought it would but I had some problems with my roof along the way. All and all it went pretty smooth and I received my money. Thanks Robert, for all your help and helping me achieve my goal.
6 People found this helpful.
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Javiera M  
Official Response

Digital Marketing Manager of Finance of America Reverse
Sandra, We work hard to find the best people to provide a great experience for our customers and glad to hear that Robert helped you understand the process and the process went smoothly. We appreciate you choosing to work with Finance of America Reverse and feel free to contact us with questions anytime. FAR
howardsvilleroad
8/19/2020
I recently chose FAR to do a reverse mortgage. I am very pleased with them and the way they handled everything. I was grateful for their associate Monica Emmert. She helped me all the way through the process. She was extremely helpful with the paperwork. She walked me through each step including sending things on the computer and cell phone. She taught me how to copy and send documents and pictures and if i didn't get something right she was right on top of it. She was just a phone call away and was there when I needed help. So thanks again FAR and Monica. Now I will be able to live out the rest of my life in my home and enjoy not having to make the big mortgage payments. WooHoo, Thanks... Read More
5 People found this helpful.
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Roger L
6/25/2018
Very good experience, from beginning to end. Matt Anderson knows his business and was very helpful in educating us and providing full disclosure. In addition, closing costs and loan rates were very competitive. Appreciate the integrity, honesty, and transparency.
5 People found this helpful.
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Javiera M  
Official Response

Digital Marketing Manager of Finance of America Reverse
Roger, We work hard to find the best people to provide a great experience for our customers. We are glad to hear that Matt was able to help answer all your questions and that the process went smoothly for you. We appreciate you choosing Finance of America Reverse. Feel free to reach out with questions. FAR
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Larry S
5/12/2018
Your organization gave us the most information of all the Companies we contacted. Good job.
5 People found this helpful.
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Javiera M  
Official Response

Digital Marketing Manager of Finance of America Reverse
Larry, We are pleased to hear that we were able to give you all the information. We work hard to find the best people to provide a great experience for our customers. Feel free to contact us with additional questions. Thank you, FAR

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