Finance of America Reverse (FAR) is one of the leading reverse mortgage lenders in the United States. The company empowers homeowners and homebuyers ages 62 and over with the tools to achieve financial independence.
Finance of America was originally founded in 2003 as Urban Financial. In 2013, the reverse mortgage lender was acquired by Walter Investment Management Corp. In 2015, Urban Financial changed its name to Finance of America Reverse (FAR).Finance of America Reverse is a lender that specializes in reverse mortgages. A reverse mortgage loan can best be described as an option that gives homeowners who are at least age 62 years of age the opportunity to transfer a portion of their home’s equity into cash or a line of credit.
A reverse mortgage is attractive to some borrowers, since loan payments are not due during the term of the loan. Furthermore, the borrower can continue to live in and own the home. FAR is deeply committed to providing adults ages 62 and older with the resources needed to achieve financial freedom. The company strives to help seniors maintain a superior quality of living throughout their retirement years.
How do I reach customer support?
|By phone or email|
Is the company licensed in all 50 states?
|Yes, and Washington, D.C.|
Are online tools and advice provided?
What products are offered?
Does the company provide independent reviews?
|Yes, the company includes 3rd party reviews on the website|
Can borrowers search for local agents?
|A form is available to have an agent contact the borrower|
Is AAG accredited by the Better Business Bureau?
|Yes, the company is fully accredited by the Better Business Bureau|
What fees are involved?
|Depends on your individual reverse mortgage|
What if I am not satisfied?
|You can cancel within a three-day window|
How long has the company been in business?
|Since 2003, originally as Urban Financial of America|
Does the company provide a guarantee?
|Unclear from website; speak to an agent for details|
Is it easy to get started?
|Yes, simply call the company or go online|
You may have lived a frugal lifestyle, as well as saved consistently throughout your life. However, as you near retirement, you may realize that your nest egg may not take you as far as you’d hoped. Your monthly budget may barely carry you from month to month, and you may be running out of financial resources. In an instant, one of life’s many surprises could make the retirement you’ve dreamed of seem unlikely. Fortunately, FAR is available to help you optimize your retirement so that you may have a secure and healthy financial future.
Accessible only to homeowners ages 62 and older, FAR offers reverse mortgages as a stable means of supplementing your retirement income. If you find yourself in a financial bind, you may feel embarrassed or discouraged to seek help. To ease these stresses, once a call is placed toFinance of America Reverse, a licensed Reverse Mortgage Specialist will be assigned to guide you through the process. Additionally, the specialist will maintain communication, answer any questions, and provide tailored guidance to help you meet your individual financial needs.
Each year, the cost of healthcare in retirement continues to increase. Financial experts have estimated the cost of healthcare in retirement to exceed$200,000. A reverse mortgage can serve as a reliable means for you to put an end to your financial worries while in your golden years. A reverse mortgage can help you to optimize your retirement with little to no risks, while enhancing your quality of life, managing your healthcare costs, and settling other debts.
A reverse mortgage through FAR permits you to borrow against your home. In return, a fraction of your home’s equity will be converted into tax-free resources for you to use however you choose. Also, proceeds from a reverse mortgage usually have no impact on your benefits from either Social Security or Medicare.
Finance of America Reverse is available to help you optimize your retirement. Its Loan Specialists are committed to treating each customer with the upmost level of respect. They will help you to explore innovative ways to ease your financial burdens, while making your unique needs a top priority.
Finance of America Reverse is a proud member of the National Reverse Mortgage Lenders Association (NRMLA) and works tirelessly to provide a wide range of reverse mortgage resources and services to offer to customers, while keeping them abreast of the latest reverse mortgage products and services.
By choosing to utilize a reverse mortgage from Finance of America Reverse, you will gain a means to strengthen your financial future in your retirement years.
Frequently Asked Questions:
If the decision to obtain a reverse mortgage was made prematurely, can a borrower later reverse the loan or cancel it?
After the final documents are signed, the homeowner has three business days to cancel the loan. Once the three day period has passed, the loan funds will be disbursed.
What are the obligations of the borrower?
Unlike a traditional home equity loan or home equity line of credit, the borrower is not obligated to make monthly payments. The homeowner is, however, required to maintain upkeep and repairs of the property, as well as to stay current with property taxes and hazard insurance.
Is there help available if the borrower is struggling to meet the obligations of the reverse mortgage?
The company has a team dedicated exclusively to helping the senior population. If someone is facing a hardship, the company provides in-depth expertise and understanding to resolve each person’s unique need.
Overview: Finance of America Reverse (FAR) is one of the leading reverse mortgage lenders in the nation. Founded in 2003, FAR has continued to provide homeowners ages 62 and older with financial freedom through administering reverse mortgages.
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Accreditations: Finance of America Reservehasan accredited business profile with the Better Business Bureau and maintains an A+ rating.
Company Details: Headquartered in Tulsa, Oklahoma, Finance of America Reverse was founded in 2003.The company is licensed to write loans in 42 states and Puerto Rico, and has over 100 employees.
Finance of America Reverse
8023 East 63rd Place, Suite 700
Tulsa, OK 74133