Finance of America

• Professional Mortgage Specialists Provided
• Competitive Fees
• Variety of Reverse Mortgage Products
• Finance of America Reverse Reviews

Professional Mortgage Specialists Provided

Finance of America Reverse offers professional retirement assistance through financial advisors, real estate professionals, and mortgage brokers for the borrower. FAR's Reverse Mortgage Specialists ensure that you understand the process and that you feel supported every step of the way. The company will assist you in reviewing equity solutions to help you live your best retirement.

If needed, FAR's reverse mortgage specialists can work alongside the borrower's real estate broker to help with purchasing a second home through a reverse mortgage loan. Using The Home Equity Conversion Mortgage (HECM), older generations can increase their buying power.

Competitive Fees

In some cases, Finance of America Reverse is able to eliminate its origination fees on certain products. Avoiding an origination fee can save you thousands of dollars. Not all reverse mortgage lenders offer this perk, making Finance of America stand out from other lenders. In addition, the company offers lender credits on closing costs and on certain products for eligible buyers.

Finance of America Reverse's many reverse mortgage specialists across the country can help customers compare rates. Customers can receive a free quote over the phone or email and calculate their potential benefits without ever leaving their home.

Variety of Reverse Mortgage Products

It is typical for a reverse mortgage company to offer only an HECM and a HECM for purchase loan. Finance of America Reverse offers one of the widest selections of reverse mortgage loans through its additional proprietary loans. Take a look at the list of products below to see which solution may best fit your retirement needs:

HECM

Access your home equity while continuing to live in your home and free up cash for renovations, a trip, or just have some extra funds on hand. With a HECM reverse mortgage you can do the following:

• Pay off your existing mortgage
• Increase your buying power for a new home or condo purchase
• Free up cash for medical expenses, vacations, renovations, etc.

A HECM differs from a traditional home equity line of credit (HELOC) in many ways, such as the fact that you don't need to make any monthly payments, and your unused credit will grow over time. 

Terms and conditions will be dependent on your age and appraised home value.

Silvernest

Earn extra income by home-sharing. Silvernest pairs aging homeowners with qualified housemates, allowing you to stay in your home and share expenses. Silvernest uses detailed profile analysis to match potential housemates.

HomeSafe® Select

Access your home equity to pay off your mortgage or supplement other expenses. 

Reverse for Purchase

The Reverse for Purchase option is designed for those who are looking to buy a new home in retirement. This program facilitates the following:

• Offers increased buying power and eliminates monthly mortgage payments*
• You choose the size of the home to fit your needs
• Finance a portion of the total sale price of the home personally
• Finance the rest of the balance with a reverse mortgage
• Live in your new home without a monthly mortgage payment*
• Don't pay off the loan until you leave

_{*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.}

EquityAvail®

EquityAvail is a product for those who wish to lower their monthly mortgage payment but do not qualify for a reverse mortgage. EquityAvail is a hybrid product that combines elements of a forward mortgage with a reverse mortgage, and is available to borrowers aged 60 and older.

Finance of America Reverse Reviews

The majority of customers really enjoy their experience with Finance of America Reverse. Out of 100+ reviews, 87 percent of them are four and five-star reviews with only 2 percent of the reviews being one-star.

The positive Finance of America Reverse Reviews highlight the following:

• Customer service representatives that are knowledgeable and helpful during the whole process
• The company will work with you to find the best solution for your situation

Some customers complain of a long process. But in most cases, extremely positive experiences with customer service seem to overshadow longer processing times and any other complaints.

Customer Review: Sandra Broughton from Woodway, Texas

"I liked working with them because I was always kept informed about the progress my loan was making. Also, I was encouraged to call at anytime if I had any questions. I don't know how it could be improved but, it takes a long time from start to finish. I guess when you are working with the government it's always slow."

It is important to note that the majority of reviews are outdated, from two or more years ago. Thus, from these reviews it is difficult to know what the current customer experience is like with Finance of America Reverse.

Read what real Finance of America Reverse consumers had to say about their experience in the Finance of America Reverse reviews below.

• Limited Exclusive Product Availability

Limited Exclusive Product Availability

Home Equity Conversion Mortgages (HECMs) and Reverse for Purchase products are available nationwide, but Finance of America Reverse's other products are only available in limited states:

• HomeSafe Standard — available in 27 states
• HomeSafe Select — available in 20 states
• EquityAvail — available in 10 states (AZ, CA, CT, FL,GA, NJ, NV, SC, TX, and VA)

It is unclear whether or not the Silvernest program is available in all states.

If you have any questions on Finance of America Reverse's programs and/or state availability, you may want to contact the company and speak with a representative.