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Finance of America Reverse Mortgage Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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.
 
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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.
  1. 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.
  2. 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.
  3. 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.
  4. Source: Better Business Bureau - Finance of America Reverse LLC – A+ Rating, Accredited since 5/13/2004.
  5. 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.
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Customer Comments

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Robert R
10/5/2018
Hold back information not disclosed, process way too involved and to may calls and emails from the sales person
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hblsurfr
5/15/2022
The most unethical company I have ever worked with. In getting a mortgage. If you go with this company carefully watch the fees. They will add or change. They are probably thinking that seniors are too senile to understand the documents. If you go with this company you certainly will need an attorney. I would never recommend this company to any of my friends or family. The loan servicing department is a disaster. When your insurance company sends you a check for a claim it Hass to be sent to their servicing department called CeLink. They will have you wait weeks to disperse the funds even though you have repaired and paid your contractor. Numerous hours and phone calls and each... Read More
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Christine W  
Official Response

Reputation Management Specialist of Finance of America Reverse Mortgage
Hello, We are not able to discuss loan information in a public forum. Our goal is to provide the best experience, and we’re sorry we failed to meet your expectations. Please reach out to Reviews@far.com with your customer information so we can help resolve the issues.
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Greg
9/6/2021
The reverse specialist, Katie May, made a 2 month process into 3 by wasting weeks. She withheld information sometimes on purpose. She created surprises and stress needlessly. She could not properly read an insurance statement, even showing erratic behavior. She was trying to make me way over insured, not understanding market conditions at all. Reverse mortgage borrowers should go somewhere else for their loan.
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Christine W  
Official Response

Reputation Management Specialist of Finance of America Reverse Mortgage
Hi Greg, Thank you for bringing this to our attention. We appreciate you taking the time to leave a review and will use this as a learning experience to train and implement new processes. If you still require additional information, please call us at 866-615-1257 and we'll be able to assist you. Again, we apologize for any inconvenience this has caused as customer service is our highest priority.
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Kathleen K
9/1/2020
Customer service is terrible I have requested a withdrawal line of credit form 4 times & have not received it yet. Is the money still there? makes me wonder!
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Olivia S  
Official Response

Representative of Finance of America Reverse Mortgage
Hi Kathleen, we're sorry to hear that and would like to assist in a resolution but need more information to identify your account. Please give us a call at (855) 981-8921, or you can directly contact CeLink, the company who handles the line of credit draw requests, by phone: 866-654-0020, fax: 844-569-1565, or email: LOC@reversedepartment.com
johnsmithcapps
5/6/2020
The refi process went promptly and flawlessly, despite the challenges of doing business during the coronavirus pandemic. FAR representative Taylor Williams was consummately professional: proactive without being overbearing, rapidly responsive whenever we reached out.
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bpkorn
11/13/2019
Reverse Mortgage Specialist and Team Head were terrific, but the back office processing encountered numerous delays that should not have happened. Need to build in time cushion for closing and funding to occur.
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Terry L
11/13/2019
Randi lee Schwersenska went above and beyond to make my loan happen, trusted, sincere, friendly, and always available to answer questions!!!
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Richard B
11/4/2019
Sales person was friendly, responsive, professional. Made the whole process interesting, easy, and expedient. I would recommend Finance of America and Joe DeAngelis highly!
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Kenneth D
10/30/2019
FAR provides excellent service throughout the entire process. They send notaries to you for document signings. They provide the information you need for financial analysis including very useful loan amortization schedules. I highly recommend this company. We went from initiation to closing in about 50 days.
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Guszella B
9/14/2019
It long and tedious process but Matt Anderson got me through it. He worked continuously for and I thank him very much.
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