Finance of America Reverse, sometimes referred to as FAR, has been a leading name in the reverse mortgage market for years. Known for offering a broad range of products and serving as a go-to choice for many financial advisors, Finance of America has built credibility as a serious player in the industry. However, recent corporate turbulence has raised questions, and families should examine both the strengths and weaknesses closely before deciding if Finance of America is the right fit.
How Finance of America Works
The loan process with Finance of America mirrors that of other major lenders: counseling, application, appraisal, underwriting, and closing. The company has invested in technology to streamline applications, making it easier for families who prefer a digital-first experience. Average timelines are in the four- to six-week range, although some reviews suggest that proprietary jumbo loans may take a bit longer.
Strengths and Weaknesses
Strengths
- Wide range of reverse mortgage options, including proprietary jumbo loans
- Strong reputation among financial professionals
- Digital-friendly application process
Weaknesses
- Parent company’s bankruptcy may raise concerns for some borrowers.
- Jumbo loans can come with higher fees.s
- Occasional delays in communication and processing
Finance of America Reverse Mortgages
- One of the Largest Reverse Mortgage Lenders in the Nation
- 94% Customer Satisfaction Rating and A+ BBB Rating
- Support From Reverse Mortgage Professionals
- 4.7 out of 5 Trustpilot rating
- Finance of America Reverse Mortgage Review
Finance of America stands out for offering both standard HECMs and proprietary jumbo loans, making it a strong option for families with higher-value homes. Despite its parent company’s bankruptcy, it continues to operate and is federally insured for HECM loans.
- Pros: Wide product range, innovative jumbo options, strong industry reputation
- Cons: Jumbo loans can carry higher fees, and there are some concerns about corporate stability
Finance of America Company Background
Finance of America has specialized in reverse mortgages for over a decade. The company is recognized not only for its standard FHA-backed HECM loans but also for its proprietary products, which are aimed at homeowners with high-value properties. For years, Finance of America was considered one of the most innovative lenders, often praised for introducing flexible jumbo reverse mortgage options.
In late 2022, however, the parent company filed for Chapter 11 bankruptcy. Finance of America itself has continued to operate, but the news has left some borrowers uneasy. While federal protections still cover HECM loans, families weighing Finance of America should be aware of this backdrop.
Costs and Pricing
Finance of America’s pricing aligns with industry standards. Borrowers can expect origination fees, closing costs, and insurance premiums similar to those charged by competitors. Some families report that jumbo loans come with slightly higher fees, which is typical in the industry. Overall, Finance of America isn’t known for being the cheapest lender, but for offering flexibility in loan types.
Finance of America Customer Experience
Feedback on Finance of America is generally positive, with many borrowers highlighting the helpfulness of their loan officers and the smoothness of their communication. The company holds strong ratings on third-party review sites.
On Reddit and in forums, financial professionals often recommend Finance of America as a top choice, especially for borrowers with high-value homes who want more than the standard HECM. At the same time, some customers have raised concerns about delayed timelines and difficulty reaching support during busier periods.
How Finance of America Compares
Compared to Longbridge, Finance of America’s biggest differentiator is product variety. Where Longbridge leans on on customer care, Finance of America positions itself as the innovative lender with options for borrowers who don’t fit the standard mold. For seniors with higher-value homes, Finance of America often emerges as one of the few viable options.
Our Finance of America Rating
We compared Finance of America against the best reverse mortgage companies across four core categories. Here’s how it stacked up.
- Overall Score: (4.3/5)
- Customer Experience: (4/5)
- Fees & Costs: (4/5)
- Product Options: (5/5)
- Speed of Process: (4/5)
AssistedKin’s Top 5 Reverse Mortgage Companies
| Lender | Recommended For | Key Strength | Editor's Rating | Next Steps |
|---|---|---|---|---|
| Longbridge Financial | Best for Customer Support | Patient, detailed guidance with no monthly servicing fees | 4.2 | Explore Loan Options |
| All Reverse Mortgage (ARLO) | Best for Transparency | Online calculator and consistently strong customer reviews | 4.4 | Explore Loan Options |
| Mutual of Omaha | Best for Trust Factor | Backed by a century-old brand trusted by millions of households | 4.0 | Explore Loan Options |
| Guild Mortgage | Best for Community Lending | Long history and local branch presence for in-person service | 3.9 | Explore Loan Options |
| Finance of America Reverse | Best for Product Options | Wide range of loans, including jumbo/proprietary reverse mortgages | 4.3 | Explore Loan Options |
Final Thoughts
Finance of America Reverse remains one of the strongest names in the reverse mortgage industry, particularly for homeowners seeking options beyond the standard HECM loan. While the parent company’s financial troubles may give some families pause, Finance of America continues to originate loans and provide borrowers with federally protected options. For seniors with higher-value homes, Finance of America stands out as a top contender, provided families are comfortable with the corporate backdrop.
Frequently Asked Questions
Answers to common questions about Finance of America reverse mortgages.
Yes. Finance of America continues to originate loans, and FHA-backed HECMs remain federally insured.
Yes. Finance of America is well-known for its proprietary jumbo reverse mortgage options.
Typically four to six weeks, though jumbo loans can take longer.
Homeowners with higher-value properties or families seeking more loan flexibility than the standard HECM provides.
