Finance of America: Reverse Mortgages Review
Ever feel like your house is sitting there, just itching to be more useful in retirement? That’s where Finance of America and their subsidiary, Finance of America Reverse, jump into the spotlight. They promise a pretty robust toolbox of reverse mortgage options aimed at folks who’d rather put their home’s equity to work rather than letting it snooze. Thinking about a reverse mortgage, or still skeptical? This review will help you decide if Finance of America is your match made in home-equity heaven—or if you should swipe left.
BEST RANGE OF REVERSE MORTGAGE PRODUCTS
Let’s address the elephant in the room: variety. Finance of America doesn’t just dabble in reverse mortgages; they offer a smorgasbord. Want a federally insured HECM? Sure. Retirement-focused options? You bet. Got a McMansion and need a jumbo mortgage up to $4 million? Come on down! They even have a unique home-sharing setup (for all the budding Golden Girls out there). The sheer range means more chances you’ll find a fit for your rather specific, possibly quirky, needs.
FINANCE OF AMERICA REVERSE MORTGAGES: PROS AND CONS
Let’s dish out the pleasantries—and the caveats, too. What’s the good, the bad, and the possibly annoying with Finance of America?
- Extensive range of reverse mortgage options
- Personal support from a dedicated account manager (no random phone tree!)
- That home-sharing program is as innovative as avocado toast was ten years ago
But it’s not all perfect:
- Forget about a fully online application; 1995 called and wants its forms back
- Recent closures—thanks, SEC—make me raise an eyebrow on the company’s future
- Transparency? Not so much. Interest rates and loan terms remain under wraps online
If you’re craving a deep dive into reverse mortgages beyond this review, check out basic guides elsewhere or explore the rollercoaster of pros and cons these products bring.
PROS EXPLAINED
Vast Selection of Reverse Mortgage Solutions
Remember that fabled buffet that had everything? This is it, in mortgage form. There’s something here for almost every kind of retiree: FHA-backed HECMs, HomeSafe for Purchase, mind-boggling jumbo loans for the house-rich crowd, unique retirement-tier choices, and their own home-sharing universe. Good news for the picky, the planners, and people with really big houses.
Personalized Customer Support
Here’s a perk that makes you feel more like a VIP than just another case number: you get an account manager, a designated concierge, the one person whose number you don’t want to lose. No more being bounced around—just direct, tailored answers (unless, of course, you secretly enjoy playing “guess the next representative”).
Home-Sharing to Boost Retiree Income
Now for something I wish existed for more age brackets: the innovative home-sharing program. Rather than take out extra loans, you could just match with a vetted roommate—possibly save on Netflix, too. The system aims to supplement income and keep loneliness, and bills, at bay. Roommate horror stories not included.
CONS EXPLAINED
No Online Reverse Mortgage Applications
Are you a digital native who loathes paperwork? Sorry, there’s no seamless online experience here. At best, fill out a “raise your hand if you’re interested” form and wait for a callback from a specialist—maybe quick, maybe not, like waiting on hold for your favorite radio contest.
Recent SEC Closures Raise Caution
This one’s a head-scratcher: after closing its traditional mortgage origination division (following a rather unglamorous $716 million in losses), Finance of America Reverse doubled down on reverse mortgage offerings. Not quite bankruptcy, but “business as usual” it ain’t. If you don’t like uncertainty, keep one eye on the financial headlines.
No Published Interest Rates or Loan Terms Online
Go looking for rate sheets online and you’ll find tumbleweeds. The only way you’ll get the nitty-gritty is by contacting them—after already dipping your toe into the process. If you like comparing rates from your couch, this could feel like déjà vu of pre-internet banking days.
FINANCE OF AMERICA REVERSE MORTGAGE OPTIONS
Let’s crack open the menu! Finance of America offers a full tasting flight of reverse mortgage products:
- HECMs: Think of these as the vanilla—but in a good way! If you’re 62+ and your home meets FHA standards, you can skip monthly payments and turn equity into cold, hard cash or a mortgage-credit line. Want to age in place? Check.
- HomeSafe for Purchase: Want to downsize (or upsize) without draining your mattress savings? You can buy a new home, using your current home equity—no awkward double-move required.
- HomeSafe Jumbo Reverse Mortgages: Got a home worth seven figures? This product caters to big spenders, with reverse mortgages up to $4 million and, mercifully, no origination fees. Fancy a fixed rate? Or more flexibility with a line of credit? Both are on tap.
- EquityAvail Retirement Mortgages: For those 55+ who may not qualify for a traditional reverse mortgage but dream of lower payments. The deal: pay part of your interest for 10 years, keep more spending cash, then let the remaining interest roll into your balance. Oh, and an upfront lump sum, too, if you fancy a treat.
- Silvernest Home-Sharing: It’s like reverse mortgage “lite.” Instead of borrowing against your house, you can rent out a room. Their clever roommate-matching service helps avoid disaster roomie situations, all with the goal of boosting your financial freedom.
FINANCE OF AMERICA REVERSE MORTGAGE PRICING
If you love a good price tag, you’ll need to do a little more detective work. Finance of America is a bit cagey on the actual numbers, so you’ll have to dial them up for rates, terms, and all those lovely fees. Usual suspects for costs include:
- Property appraisal fees (those inspectors don’t work for free!)
- Origination fees
- Closing costs
- Mortgage insurance premiums
- Servicing fees
On the bright side, you can usually roll many upfront fees into the loan, so you don’t need to cough up a wad of cash just to get started. Choosing between fixed-rate and adjustable-rate? That’ll affect your payment consistency for years down the line.
FINANCE OF AMERICA REVERSE MORTGAGE FINANCIAL STABILITY
No one wants to partner with a lender that might disappear faster than socks in a dryer. While there’s no doomsday forecast for Finance of America, those $716 million losses and that abrupt departure from traditional mortgages should catch your attention. If you’re risk averse, proceed with eyes wide open—they could trim support or shift gears quickly if things get dicey.
FINANCE OF AMERICA REVERSE MORTGAGE ACCESSIBILITY
So, who actually gets to play? Most products hinge on your age, the house in question, and sometimes the property’s eligibility. For their HECM line, you’ll need to be at least 62 and living in a qualifying home. EquityAvail is a bit more inclusive, starting at age 55, as long as you call the house home (no vacation rentals, sorry). Credit requirements and home equity minimums are as mysterious as the Colonel’s secret spice blend—you’ll have to ask directly.
Contact details for your reference (pro tip: save these for when you’re ready to talk shop):
| Department | Phone Number | Email Address |
|---|---|---|
| HECMs | (866) 654-0020 | BC@reversedepartment.com |
| HomeSafe | (800) 902-7509 | Borrowercare@far.com |
| EquityAvail | (877) 200-0160 | Support@myfinancereverse.com |
| General Support | (866) 615-1257 | Contact@far.com |
For the tech-averse, Finance of America’s phone support can actually be a breath of fresh air. Just don’t expect to get instant online quotes or speedy chatbots deciding your future.
FINANCE OF AMERICA REVERSE MORTGAGE CUSTOMER SATISFACTION
Despite the occasional grumbling, Finance of America Mortgage LLC boasts an A+ from the Better Business Bureau. Sure, there have been 21 complaints in three years (who’s counting?), but if you want real talk, check out the array of online reviews to see if others’ drama mirrors your concerns.
FINANCE OF AMERICA REVERSE MORTGAGE FAQ
What is Finance of America Reverse?
It’s the reverse mortgage arm of Finance of America, built for older homeowners ready to unlock equity without giving up the house keys.
Is Finance of America Reverse a legitimate lender?
Absolutely. Founded back in 2003, FAR is publicly traded, seasoned, and (importantly) regulated.
Who owns Finance of America Reverse?
Finance of America Companies, Inc.—headquartered in Plano, Texas—holds the keys.
Is Finance of America going out of business?
Not at all. They’re just shaking up their focus. Forward mortgages? Out. Reverse mortgages and commercial? In. It’s called playing to your strengths.
HOW WE REVIEWED FINANCE OF AMERICA REVERSE MORTGAGES
If you’re wondering how I reached these conclusions (and why you might trust me): the review process covered their full product suite, tried out their support lines (no bots were harmed), studied recent financials, and lamented the lack of online rate cards. For further reading, check independent reviews if you’re the type who needs a second (or fourth) opinion before choosing a lender.
SUMMARY OF FINANCE OF AMERICA REVERSE MORTGAGE REVIEW
Finance of America shines in the “variety” and “flexibility” categories, offering retirees more choices than a brunch buffet. That said, some recent storms in their business landscape mean a little caution is wise. Need more one-on-one? Curious about other lenders? There’s always another fish in the reverse mortgage sea—just see our best-of guides.
Interested in squeezing more juice from your home equity with a reverse mortgage?
Give Finance of America (NMLS #2285) a ring to see if one of their many reverse mortgage options fits your retirement blueprint.