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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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stephen f
9/6/2019
Ernie Sambrano was great! Kept me informed, got us through some issues, coordinated the process with everybody very timely and professionally.
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Robert A
9/6/2019
I am very pleased with the ease and professional manner Meranda had while helping me thru a complicated process. She made it so simple and clear, I couldn't believe how well it went. Would recommend Her and your process to friends and family. Thank you for the great service.
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william
8/31/2019
Could not be happier with Linda Carney from Finance of America Reverse! We found a house we wanted to purchase, deposited $10,000.00 and called AIG who we had already been working with and been approved. We were told by AIG they could not close within 45 days and would not give a date they could close. The builder of the new home we were purchasing required we close in 30 days. To say the least we were shocked by AIG as we were already a couple weeks in the process. We called Finance of America Reverse and spoke with Linda Carney. She gave us hope she would do her best. Linda from F.A.R. closed us 7 days before the deadline. She and the team at Finance of America Reverse are... Read More
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Lisa O
8/10/2019
This was one of the easiest settlements I have ever been through in my many years of buying and selling homes. The agent, Scott, was extremely knowledgeable and answered all of our questions leaving us with no doubt that this was the right choice. Scott was also extremely timely and would respond to any of our questions within hours. I would highly recommend Finance of America Reverse to anyone who is considering. I feel such a huge weight has been lifted from our shoulders in our retirement years. Thank you Scott and Finance of America.
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ccugoblue
6/7/2019
Tim Cranston was very helpful and professional throughout the whole process. He was a pleasure to work with.
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Marybeth C
5/27/2019
Kevin Schrader has been supportive, professional and responsive to the challenges of securing my loan. I enjoyed working with him, and would not hesitate to recommend him to friends and family, Thank you Kevin. Marybeth Colman
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Dennis C
5/12/2019
Specialist Toby Beers was helpful and very easy to work with from day one. Finance of America Reverse is an outstanding organization.
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William S
5/8/2019
It was a pleasure to wok with Toby Beers through the process.
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Steve C
4/23/2019
The service was friendly and professional with very competitive terms and rates.
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Lia D
3/13/2019
My lending officer, Diana Rogers, was there for me every step of the way—all my questions were answered, extensions obtained when necessary, encouragement and cheers when they were most appreciated, all that I needed to help me feel confident that I was making a wise decision for my future. This kind of empowerment is invaluable.
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