About Finance of America Reverse

Brief Summary of Services: 

• Reverse Mortgage 
• HECM for Purchase 
• Jumbo loans 

Finance of America Reverse Synopsis 

Review Summary: Finance of America Reverse has a unique offering of loans. In addition to the traditional Home Equity Conversion Mortgage (HECM), it also offers a “Retirement Mortgage” that is a combination of a reverse mortgage and traditional mortgage. It also offers jumbo loans to individuals as young as 55 years of age, but these are only available in 26 states and the District of Columbia. Finance of America offers a service to those who are looking to make additional income by renting out space in their homes by helping to match them with potential tenants.  

Recommended for: Finance of America Reverse is a good option for those looking for a way to access their equity before age 62, if you live in one of the select states. It is also great if you are looking for other options beyond the traditional reverse mortgage loan.  

Pros and Cons of Finance of America Reverse

Finance of America Reverse Customer Reviews 

Finance of America Reverse Full Review 

Overview 

Finance of America Reverse offers traditional reverse mortgages, HECM for purchase, jumbo loans, and something it calls a retirement mortgage that goes by the name of EquityAvail.  

The EquityAvail loan is a hybrid of a traditional mortgage and a reverse mortgage that works by borrowing elements of each type of loan.  

Instead of completely eliminating monthly payments from the beginning, EquityAvail loans reduce payments for the first 10 years of the loan’s term. After the 10-year period is over, the payments are eliminated.  

The remainder of the loan balance will then be due when the borrower sells the house or passes away.  

Finance of America’s jumbo loans, also called HomeSafe loans, are available to those who are 55 and older. These loans allow homeowners to borrow up to $4 million. However, these loans are not available in every state.  

HomeSafe also allows borrowers of certain types of condos to potentially qualify for a loan that may not qualify under the standard Home Equity Conversion Mortgage (HECM) loan. 

Finance of America Reverse Loan Options  

Finance of America Reverse offers the following types of loans and services:  

• Reverse mortgages (HECM) 
• Reverse mortgage for purchase (HECM for Purchase) 
• Jumbo reverse mortgages (HomeSafe loans) 
• Retirement Mortgage (EquityAvail ) 
• A home sharing matching service (Silvernest) 

Finance of America Reverse Mortgage Loan Application Process 

Finance of America Reverse breaks its reverse mortgage loan application process into seven steps:  

• Step 1: Educate and Research. In this step, Finance of America recommends that you start by educating yourself about the different types of reverse mortgages. 
• Step 2: Attend HUD Counseling. Before borrowers are able to submit an application for a reverse mortgage, they must first attend a 90-minute counseling session with a counselor from the U.S. Department of Housing and Urban Development (HUD). The lender will provide you with a list of approved counselors to choose from.  
• Step 3: Review Application, Fees and Disclosures. In this step, you will meet with your chosen lender and go over the application process as well as any fees and disclosures you should know about. You will also choose how you want your funds dispersed as fixed monthly payments, lump sum, line of credit or a combination of all three.  
• Step 4: Submit for Loan Processing. The application will be signed and submitted. This is where the appraisal and title are ordered. Once the appraisal is completed, the application is sent to the underwriter. The underwriter will process and approve the application, which can take anywhere from a few days to several weeks.  
• Step 5: Close on the Loan. Once approved, closing is scheduled. This is done with either a title agent or attorney, depending on the rules in your state. Closing can take a few days. Borrowers are still able to back out of the loan at this point.  

• Step 6: Receive Funds. Even after closing, borrowers have three days to cancel the loan. After that period is over, the disbursement of funds may begin. You may change the way your funds are dispersed at any time.  
• Step 7: Work with Loan Servicing. Your account will be managed by a loan servicer. The loan servicer manages the distribution of your monthly payments and will notify you if there are any issues that you need to know about.  

Finance of America Reverse Company Information  

Finance of America Reverse (FAR) was founded in 2003. It went by the name of Urban Financial of America, LLC until 2015 when it was changed to Finance of America Reverse. It was then added to the other Finance of America family of lending companies. Finance of America loan products include traditional mortgages, commercial loans, student loans, reverse mortgages, and more. 

FAR is currently one of the top reverse mortgage loan originators in the country.  

FAR is based out of Tulsa, Oklahoma, but also has offices in Indiana, New York, and San Diego. 

It is fully accredited by the Better Business Bureau (BBB) with an A+ rating, a member of National Reverse Mortgage Lenders Association (NRMLA) and is an approved lender of the U.S. Department of Housing and Urban Development (HUD). 

States Serviced by Finance of America Reverse 

Finance of America Reverse is currently licensed to originate reverse mortgage loans in all 50 states, the District of Columbia, and Puerto Rico. 

Office Locations: 

• Indianapolis, Indiana 
• New York, New York 
• San Diego, California 
• Tulsa, Oklahoma 

How to Contact Finance of America Reverse 

Finance of America Reverse can be contacted in the following ways: 

• By phone: 844-315-9002 
• Online: Fill out the form on this page 

Read More About This Topic:  

• A Guide to Reverse Mortgages in 2022 
• Reverse Mortgage Loan Process 
• Top 10 Reverse Mortgage Lenders YTD  

All reviews updated as of 10/31/2022.