Finance of America Reverse
Review Counsel is affiliated with Mutual of Omaha Mortgage and Retirement Funding Solutions, and recommends them for their deep experience, customer service, and borrower reviews.
About Finance of America Reverse
Finance of America Reverse Synopsis
Review Summary: Finance of America Reverse has a unique offering of loans. In addition to the traditional Home Equity Conversion Mortgage (HECM), it also offers a “Retirement Mortgage” that is a combination of a reverse mortgage and traditional mortgage. It also offers jumbo loans to individuals as young as 55 years of age, but these are only available in 26 states and the District of Columbia. Finance of America offers a service to those who are looking to make additional income by renting out space in their homes by helping to match them with potential tenants.
Recommended for: Finance of America Reverse is a good option for those looking for a way to access their equity before age 62, if you live in one of the select states. It is also great if you are looking for other options beyond the traditional reverse mortgage loan.
What is a Reverse Mortgage?
A Reverse Mortgage is also known as a Home Equity Conversion Mortgage (HECM). It is a financial tool available to seniors who are at least 62 years of age. It allows them to cash-in on the equity in their homes without having to sell their home. The money can be received as monthly installments, a lump sum, a line of credit or a combination of the three. A Reverse Mortgage can also be used to purchase a new home. This is known as a HECM for Purchase. Those who obtain a reverse mortgage are still required to stay current on property taxes, homeowner’s insurance, and any necessary maintenance costs. Read more about Reverse Mortgages here.
Pros and Cons of Finance of America Reverse
Pros
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Product variety
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Jumbo loans available at age 55
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Loans up to $4 million
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Licensed in all 50 states, District of Columbia, and Puerto Rico
Cons
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Jumbo loans only available in 27 states and the District of Columbia
Finance of America Reverse Customer Reviews
| Consumer Review Platform | Rating |
|---|---|
| Better Business Bureau | A+ Rating; 1.5/5 Stars with 8 Reviews |
| ConsumersAdvocate | 4.4/5 Stars with 80 Reviews |
| Trustpilot | 4.2/5 Stars with 613 Reviews |
Finance of America Reverse Full Review
Overview
Finance of America Reverse offers traditional reverse mortgages, HECM for purchase, jumbo loans, and something it calls a retirement mortgage that goes by the name of EquityAvail.
The EquityAvail loan is a hybrid of a traditional mortgage and a reverse mortgage that works by borrowing elements of each type of loan.
Instead of completely eliminating monthly payments from the beginning, EquityAvail loans reduce payments for the first 10 years of the loan’s term. After the 10-year period is over, the payments are eliminated.
The remainder of the loan balance will then be due when the borrower sells the house or passes away.
Finance of America’s jumbo loans, also called HomeSafe loans, are available to those who are 55 and older. These loans allow homeowners to borrow up to $4 million. However, these loans are not available in every state.
HomeSafe also allows borrowers of certain types of condos to potentially qualify for a loan that may not qualify under the standard Home Equity Conversion Mortgage (HECM) loan.
Finance of America Reverse Loan Options
Finance of America Reverse offers the following types of loans and services:
- Reverse mortgages (HECM)
- Reverse mortgage for purchase (HECM for Purchase)
- Jumbo reverse mortgages (HomeSafe loans)
- Retirement Mortgage (EquityAvail )
- A home-sharing matching service (Silvernest)
Finance of America Reverse Mortgage Loan Application Process
Finance of America Reverse breaks its reverse mortgage loan application process into seven steps:
- Step 1: Educate and Research. In this step, Finance of America recommends that you start by educating yourself about the different types of reverse mortgages.
- Step 2: Attend HUD Counseling. Before borrowers are able to submit an application for a reverse mortgage, they must first attend a 90-minute counseling session with a counselor from the U.S. Department of Housing and Urban Development (HUD). The lender will provide you with a list of approved counselors to choose from.
- Step 3: Review the Application, Fees, and Disclosures. In this step, you will meet with your chosen lender and go over the application process as well as any fees and disclosures you should know about. You will also choose how you want your funds dispersed as fixed monthly payments, lump sum, line of credit or a combination of all three.
- Step 4: Submit for Loan Processing. The application will be signed and submitted. This is where the appraisal and title are ordered. Once the appraisal is completed, the application is sent to the underwriter. The underwriter will process and approve the application, which can take anywhere from a few days to several weeks.
- Step 5: Close on the Loan. Once approved, closing is scheduled. This is done with either a title agent or attorney, depending on the rules in your state. Closing can take a few days. Borrowers are still able to back out of the loan at this point.
- Step 6: Receive Funds. Even after closing, borrowers have three days to cancel the loan. After that period is over, the disbursement of funds may begin. You may change the way your funds are dispersed at any time.
- Step 7: Work with Loan Servicing. Your account will be managed by a loan servicer. The loan servicer manages the distribution of your monthly payments and will notify you if there are any issues that you need to know about.
Finance of America Reverse Company Information
Finance of America Reverse (FAR) was founded in 2003. It went by the name of Urban Financial of America, LLC until 2015 when it was changed to Finance of America Reverse. It was then added to the other Finance of America family of lending companies. Finance of America loan products include traditional mortgages, commercial loans, student loans, reverse mortgages, and more.
FAR is currently one of the top reverse mortgage loan originators in the country.
FAR is based out of Tulsa, Oklahoma, but also has offices in Indiana, New York, and San Diego.
It is fully accredited by the Better Business Bureau (BBB) with an A+ rating, a member of National Reverse Mortgage Lenders Association (NRMLA) and is an approved lender of the U.S. Department of Housing and Urban Development (HUD).
States Serviced by Finance of America Reverse
Finance of America Reverse is currently licensed to originate reverse mortgage loans in all 50 states, the District of Columbia, and Puerto Rico.
Office Locations:
- Indianapolis, Indiana
- New York, New York
- San Diego, California
- Tulsa, Oklahoma
How to Contact Finance of America Reverse
Finance of America Reverse can be contacted in the following ways:
- By phone: 844-315-9002
- Online: Fill out the form on this page
Our Methodology
Reverse Mortgage companies are evaluated based on six factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, Better Business Bureau (BBB) Ratings, and the inclusion and functionality of a mobile application. Please find a full description of our rating system here.
This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement.
Reviews last updated: 4/2/24. (Reviews the typically updated monthly.)
Rating last updated: 2/2/24. (Ratings the typically updated once per quarter.)
Address: 8023 East 63rd Place, Suite 700 Tulsa, OK 74133
NMLS# 2285
Reviews for Finance of America Reverse
2.0 out of 5 stars (based on 3 reviews)
They hate you and will make your life miserable
My mother died. Already a horrible thing to have happen.
This place lied 100% of the time on every single phone call that was ever made to them.
They refused paperwork.
They refuse to call back.
They refuse to email.
They refuse to mail the estate trustee.
They give you “6 months” to show that you are working to sell/repay and “won’t file to forclose” and will still file.
They say “there is no issues of you closing on day X”, and then refuse to provide the required payoff information of clear up the foreclosure that is filed.
I have spent 6 months dealing with this company and the only true thing ever they ever said was “there is a survey after this call”.
I’d have to spend thousands with my own lawyers and threats of legal actions to get a loan company and they attorneys that they retain to speak with customers and give federally required information.
If you want to keep your house, whatever you do, do not use this company.
September 15, 2023
Soon to be searching for a different mortgage company
As a customer, I’m shocked by what has transpired on my mortgage with Finance of America Reverse LLC. I received a letter stating my loan was in default and headed for foreclosure…..over $85.00. My insurance is current as are my taxes, so??? After contacting the lender, they explained my insurance had lapsed for 28 days (??) IN 2021! The $85 was lender coverage they added. I said” If I didn’t pay the $85 the bank would move to foreclose”. I asked if I could pay it now over the phone? No, I needed to go to the website and fill out a form to confirmed I live in the home (they would foreclose on for $85) and then I could call back and pay……….Thanks for making it easy.
As a veteran Realtor, I was angry that I had a loan like this and WORSE, have promoted many reverse mortgages to my clients, not knowing that a few bucks out of a loan could cost them EVERYTHING!
The biggest hurtle I have heard when bringing up a reverse mortgage to my clients is “The banks will try to steal your home!”
Well?
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THIS IS AN UPDATE TO MY CONTINUED TREATMENT OF FINANCE OF AMERICA REVERSE MORTGAGE!!!!!!!!!!!!!!!!!!!!!!
Its’ almost April (2023) and Rev Mortg was sent a check for $24999.00 for partial payment from my insurance company. The instructions ( per you company) were that they would hold the money and send that money back to me to give to my roofing contractor to replace a damaged roof. I sent the check Feb 17th express mail. The said it would take 5 days. Its March 20th and NO ONE at the loss draft department can tell me anything or transfer me to anyone who dose. I’ve been told several times I would receive a call back from a supervisor, never happened.
I even received a letter from you stating what would happen if I didn’t get my roof fixed!!!!!
When (or if) this gets fixed, I will 100% refinance my home with a company who can perform correctly and with competence. Two opportunities to retain a customer (A REALTOR) and two opportunities lost!
March 20, 2023
Reverse Mortgage is a Lifesaver
I needed to take out a reverse mortgage to help with my bills. Finance of America was helpful throughout the application and it only took a few weeks to get my money. I would tell my friends to use them.
Verified
| May 1, 2019