Finance of America Reverse Review

Rating: 8.2 / 10 (Excellent)
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How is Finance of America Reverse rated?
Lender Details
Consumer Experience

Finance of America Reverse is a direct lender that specializes in providing reverse mortgage to consumers nationwide. The company was founded in 2003 as Urban Financial Group and is licensed to operate in 43 states. Finance of America Reverse is also a member of National Reverse Mortgage Lenders Association (NRMLA) and National Aging in Place Council (NAIPC).

Services and Features

Finance of America Reverse provides a reverse mortgage program called HomeSafe which allows homeowners 62 years and older to borrow amounts of up to $2.25 Million. HomeSafe has no initial disbursement limitation and mortgage insurance premium. With HomeSafe, condominiums are appraised at $500,000 or more and do not require an FHA approval. In case a customer decides to buy a condo or house, lender credits and seller concessions is allowed.

The company’s HomeSafe reverse mortgage program gives a reasonable fixed interest rate with competitive lump-sum draw for customers. Traditional mortgages on the other hand as well as HECMs let borrowers use proceeds to pay their existing mortgage debt to get rid of their monthly payments. This enables clients to pay for medical bills, in-home care expenses, or home improvements. This is only allowed if a borrower does not meet the loan obligations such as taxes and insurance.

  • Eligibility

For clients to be eligible for Finance of America Reverse’s program, they should first meet the following criteria:

  1. Home must be the borrower’s primary residence
  2. Must be age 62 or older
  3. Home must be one of the following property types: two- to four-unit home with one unit occupied by the borrower, HUD-approved condominium, or single-family home
  4. New constructed homes must have a Certification of Occupancy or equivalent before a client applies
  5. Home must meet Federal Housing Authority (FHA) minimum property standards and flood requirements
  6. Client must have sufficient home equity. A Reverse Mortgage Specialist from Finance of America Reverse will tell borrowers if they have enough home equity to qualify.
  • Proceeds

Customers can receive their funds as a line of credit, lump sum, or as monthly payments. A combination of these options is also allowed by the company.

  • Costs Associated with HomeSafe’s Reverse Mortgage Program

An up-front fee may be charged to borrowers which include fees such as origination fee, closing costs, mortgage insurance premium, servicing fee, and appraisal fee. Closing costs may vary based on the size and type of the loan purchased by the customer. A Finance of America Reverse’s Specialist will give borrowers a detailed breakdown of the loan expenses and up-front costs.


Services and Features

Reverse Mortgage Calculator

Online Quotation


Financial Guide

Types of Reverse Mortgage

VA Loans

Single-Purpose Reverse Mortgage

Home Equity Conversion Mortgage

Proprietary Reverse Mortgage



Home Owner

Amount of Equity

Not Stated


62 and older


Member of US Department of Housing and Urban Development

Member of Nation Reverse Mortgage Lenders Association

Insured by FHA

Approved by Equal Housing Opportunity

Plan Details

No Pre-Payment

Not Stated

No Monthly Servicing


Interest Rate

Not Stated

Closing Cost and Fees

Not Stated

Help and Support

Mobile App

Telephone Support




Reverse Mortgage at Finance of America Reverse

Finance of America’s HomeSafe loan program is an attractive alternative to traditional reverse mortgage. Customers can enjoy a number of advantages such as no mortgage insurance premium and no initial disbursement limitation where borrowers can get the full amount upon closing.

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