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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.
- One of the Largest Reverse Mortgage Lender in the Nation
- 94% Customer Satisfaction Rating and A+ BBB Accredited
- Support From Reverse Mortgage Professionals
Latest Finance of America Reviews
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
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.
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!
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.
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
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+++++!
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!
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
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.
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
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
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
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
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.
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
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.
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.
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
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.
Your organization gave us the most information of all the Companies we contacted. Good job.
I was pleasantly surprised at how easy the process was. A little put off by the almost microscopic look at my finances, however, the agent I worked with (Toby Beers) was great. Very considerate and helpful. Altogether a good experience.
Having been a sales professional in a related industry and have dealt with hundreds of others as a client myself, it was a pleasure to work with Toby Beers. Toby was the most efficient mortgage professional I have ever dealt with and would highly recommend him to anyone considering a reverse mortgage. He understands the complexities of a reverse mortgage, responds in a timely manner and is a good listener. And understands customer service completely. There simply needs to be more Toby Beers working with clients in most any industry - he sets the standard of my firm belief in "The Golden Rule", when it comes to work or personal dealings in life.
Our agent, Carol Lynne Giery, was excellent. She handled our transaction in a very professional but personal manner. We are glad that we chose Finance of America Reverse for our reverse mortgage.
Everyone was very helpful and curtious. And they did everything they said they would do. We would recommend Finance America to anyone we know .
The Reverse Mortgage application through to the conclusion was very
complete and handled excellently by Amy Cecil. I appreciated her
attention to detail and friendly attitude. I am sure we'll stay in touch.