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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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stephen f
9/6/2019
Ernie Sambrano was great! Kept me informed, got us through some issues, coordinated the process with everybody very timely and professionally.
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Robert A
9/6/2019
I am very pleased with the ease and professional manner Meranda had while helping me thru a complicated process. She made it so simple and clear, I couldn't believe how well it went. Would recommend Her and your process to friends and family. Thank you for the great service.
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william
8/31/2019
Could not be happier with Linda Carney from Finance of America Reverse! We found a house we wanted to purchase, deposited $10,000.00 and called AIG who we had already been working with and been approved. We were told by AIG they could not close within 45 days and would not give a date they could close. The builder of the new home we were purchasing required we close in 30 days. To say the least we were shocked by AIG as we were already a couple weeks in the process. We called Finance of America Reverse and spoke with Linda Carney. She gave us hope she would do her best. Linda from F.A.R. closed us 7 days before the deadline. She and the team at Finance of America Reverse are... Read More
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Lisa O
8/10/2019
This was one of the easiest settlements I have ever been through in my many years of buying and selling homes. The agent, Scott, was extremely knowledgeable and answered all of our questions leaving us with no doubt that this was the right choice. Scott was also extremely timely and would respond to any of our questions within hours. I would highly recommend Finance of America Reverse to anyone who is considering. I feel such a huge weight has been lifted from our shoulders in our retirement years. Thank you Scott and Finance of America.
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ccugoblue
6/7/2019
Tim Cranston was very helpful and professional throughout the whole process. He was a pleasure to work with.
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Marybeth C
5/27/2019
Kevin Schrader has been supportive, professional and responsive to the challenges of securing my loan. I enjoyed working with him, and would not hesitate to recommend him to friends and family, Thank you Kevin. Marybeth Colman
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Dennis C
5/12/2019
Specialist Toby Beers was helpful and very easy to work with from day one. Finance of America Reverse is an outstanding organization.
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William S
5/8/2019
It was a pleasure to wok with Toby Beers through the process.
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Steve C
4/23/2019
The service was friendly and professional with very competitive terms and rates.
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Lia D
3/13/2019
My lending officer, Diana Rogers, was there for me every step of the way—all my questions were answered, extensions obtained when necessary, encouragement and cheers when they were most appreciated, all that I needed to help me feel confident that I was making a wise decision for my future. This kind of empowerment is invaluable.
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