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 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.
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
Armenta,
We are happy that you chose to work with Finance of America Reverse and that everything went as smoothly as possible during the process. Reverse mortgages have many regulations in place to make sure that all parties (including the borrower) are protected, which is why we request information.
Pleased to hear that Toby gave you such excellent customer service. Feel free to contact us with additional questions anytime.
Thank you,
FAR
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.
4 People found this helpful.
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.
4 People found this helpful.
Everyone was very helpful and curtious. And they did everything they said they would do. We would recommend Finance America to anyone we know .
4 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
Patricia,
We appreciate the opportunity to help guide you through the process and happy to hear that you are satisfied with your reverse mortgage from Finance of America Reverse. Thank you for working with Finance of America Reverse and for your valuable feedback.
FAR
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.
4 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
Marcy,
We appreciate the opportunity to help guide you through the process and glad to hear that Amy was able to help you understand all of the details of a reverse mortgage. Feel free to contact us with additional questions anytime. Thank you for your business and feedback.
FAR
So disappointed in this process! We provided all the documents requested by our loan specialist very early in the process. When the loan was turned over to underwriting, they continued to request additional documents, sometimes duplicate documents, and our loan closing was delayed by a week. It would seem that these documents could have been requested before turning over to underwriting in order to save time. We spent an additional $2000 in moving costs, hotels and meals because of the delay. I will not recommend Finance of America Reverse.
3 People found this helpful.
Christine W
Reputation Management Specialist of Finance of America Reverse Mortgage
Official Response
Reputation Management Specialist of Finance of America Reverse Mortgage
Thank you for taking the time to submit your review. We understand and empathize in your frustration, and unfortunately the delays were caused by the title company who took longer than expected to send us the report and your approval. We are happy to know your loan is now funded and that you are settled into your home.
We value our relationship with our customers, so please reach out if there is anything further we can do for you and your family.
This is our second reverse mortgage w/FAR and as with our original (reverse) we are very happy to continue our relationship with an outstanding company. From our first conversation with DAVID MOUNT (San Diego office) my wife & I felt right at home discussing every detail. We really appreciate all the work he did for us. He was always prompt, answered all our questions and was very detailed. He is an outstanding credit to your company. If we have any further questions we will feel very good giving David Mount a call. We trust that you will recognize him as an outstanding employee for your company.
3 People found this helpful.
Carolyn W
Customer Representative of Finance of America Reverse Mortgage
Official Response
Customer Representative of Finance of America Reverse Mortgage
Thank you for taking the time to share your experience with us. We are delighted that our team was able to build trust and make you feel supported along your second journey. Finance of America is lucky to have David and are honored to have been able to work together again. Please feel free to reach out for anything you need.
Since this was our first foray into the reverse mortgage arena, I can't honestly rate FAR as a reverse mortgage company other than to say they did what they said they would do. I can, however, rate our account rep, Scott Zmikly.
Scott was responsive, patient, anxious to answer all our questions and calmly reassured us when we expressed frustration with all the hoops through which we had to jump. "There is one more thing" was the phrase we grew to detest, but Scott's unflappable demeanor saved the day for both FAR and us. We will be happy to recommend Scott, and by extension, FAR to anyone seeking to enter the reverse mortgage realm.
3 People found this helpful.
Katie May was very helpful. She gave good advice and attempted to refute a way too low estimate on my house, which was rejected. I had to take the reverse mortgage due to the falling stock market to preserve my 401K.
3 People found this helpful.
I was the go between in obtaining a reverse mortgage for my elderly mother for some repairs on her home.the person that helped us was katie may. She was excellent; she kept me informed of the process and was very kind and made us feel like she really had our best interest at heart. Thank you for helping my mother.
3 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
Alfred,
That is great that you and your mother see the value a reverse mortgage could possibly provide to people in retirement. We work hard to find the best people to provide a great experience for our customers. We are pleased to hear that Katie was able to help guide you through the process. We appreciate you and your mother choosing to work with Finance of America Reverse and for your feedback. Feel free to contact us with additional questions.
FAR