Finance of America Reverse Mortgage Review
ConsumersAdvocate.org
80 Customer Comments & Reviews - see all comments
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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.
What We’re Hearing From Our Readers
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Customer Comments
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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.
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.
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.
C
Carolyn W
Customer Representative of Finance of America Reverse Mortgage
Official Response
Customer Representative of Finance of America Reverse Mortgage
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
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.
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.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
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
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.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
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
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.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
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
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.
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.
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
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
Your organization gave us the most information of all the Companies we contacted. Good job.
5 People found this helpful.
J
Javiera M
Digital Marketing Manager of Finance of America Reverse Mortgage
Official Response
Digital Marketing Manager of Finance of America Reverse Mortgage
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