Finance of America Reverse Reviews 619

Our home was paid for. We took a reverse mortgage for some home repairs. In October 2018, we received $9,400.00. This is the total amount of cash we have received.. period except a yearly deduction of $1,400 for taxes and insurance. My statement this month says we owe $83,500.00. So basically we have received $19,200.00 over a 7 year period and we owe $64,300.00 in interest for 7 years. DO NOT DO A REVERSE MORTGAGE.

Repeated failure to follow through on providing basic information. I gave up after several attempts of contacting this company eventhough they committed to taking action.

Due to the recent passing of my aunt instead of asking for the only amount that she ACTUALLY took they want the whole line of credit! They also don't forward mail so how is someone from another state supposed to know what is going on? They SHOULD NOT be allowed to collect on the whole amount especially if it was not used! No help from the customer service department except send this and do this. I'm thinking that I'm going to get my Attorney involved due to this extremely unlawful practice!

The majority of issues came into play post death of the family member. Be aware that the funds borrowed are at a very high interest rate and you actually pay/accrue PMI in additional to the interest. So, equity in the property evaporates rapidly. Our PMI alone ate up about $800.00 a month in equity. The upfront fees upon origination are ridiculous as well.
The Shanaghan’s began upon the death of the family member. They are notified pretty much immediately upon the death. Technically the loan is in default at that moment. F of A starts with the frequent automated phone calls advising you to call them. These automated calls would come in with no one on the line but a recording. The Irony is that it is almost impossible to actually reach a human being when you try to return their call. The company contracts out to a call center in the Philippines. The level of customer service is what they read of off que cards and that is pretty much it. When I had follow up questions it was impossible to even get Manila on the line. Their VRU would simply say that they were sorry about our loss and would just disconnect the call.
I would send updates to their email address as I was told keep up with the status of the property. I provided detailed documentation on the status of of the property. Taxes and insurance all current, etc. This does not matter. If the property is not sold within about three months finance of America will begin foreclosure proceedings. This is when they start charging thousands of dollars in legal fees. I asked for a call back via email. Someone from the US called me back once. I asked if they needed any further information and was advised no. “Everything is fine”. I asked if I incurred any legal fees and was advised “no”. This same day I receive a payoff letter with about 5-6K in legal fees. It was impossible to reach them by phone and difficult to get a call back when requested via email. We were never served or contacted at all regarding their legal proceedings. I discovered their actions online. I attempted to contact their legal representation on the complaints. Emails and Phone calls were completely ignored.
We ended up just paying their lien off so we could property sell the property and obtain the highest and best offer without having to deal with F of A antics. We have yet to see a satisfaction recorded. My fear is that this will also turn into a spiel requiring legal action to get them to behave.
Be aware that a foreclosure can take up to a year or more but during this time F of A will charge thousands of dollars in legal and other fees. F of A will not be upfront about what is happening behind the scenes until you start seeing legal feels piling up. They are an unethical company and have no integrity at all so my advice is to not engage with these shysters to begin with. Good Luck.

Dealt with Teresa Prendergast. Extremely unprofessional and misleading. I have excellent credit, No debt and own my home valued by REMAX at over 1,4 million. After over 9+ weeks, Teresa and Finance of America kept coming up with excuses and delays. They wasted my time and cost me money. I finally told them to take a hike. Other lenders are beating my door down for my business.

Well unless your home is worth $200,000 or more, don't bother contacting this company because they could care less about you. Their CEO lives in a multimillion dollar mansion and doesn't want to be bothered. Keep running your B/S commercial, just so normal people can call you to be told no.

I am a senior citizen needing to get funds from my line of credit with Finance of America that are legally mine and they have been putting me off FOR WEEKS 😡Absolutely stalling and telling me they will in 14 days then it is another 14 days, then they send you something in the mail wanting you to fill out or you must contact them, all done to prevent me from getting money that is mine. I have done EVERYTHING they ask for FOR WEEKS! Their DRAW REQUEST FORM says you can do it online, but their website is AWFUL and won’t accept my on Email, so they will block you from getting your funds that way too! Anything you send them by Postal Service with a tracking number so YOU KNOW they have it, they will tell you it isn’t processed yet and you will hear that for WEEKS and still not have the money you need 😟

The absolute worst web site. IT should be replaced

I had the best experience with Finance of America Reverse. My parents are extremely happy, we compared rates with 5 different lenders and they came out on top. Service was top notch too.

Worst Business Experience in all my 65 years! Rampant incompetence and disorganization! TOTAL LACK of CUSTOMER CONCERN. Loan Officer simply a messenger to try to smooth over all the misinformation. No Process or Procedures. Contacted them in Feb- they missed end of April, May close dates and did not fund until 6/3! Constant paper chase too often find Not Needed! Lots of Equity in my home✅ excellent credit (738)✅ verifiable income✅ 65✅ WORST NIGHTMARE BUSINESS TRANSACTION EVER!!!! At one point wanted two people to swear my deceased wife of Four years never was married to anyone else nor had kids!!!! (I couldn’t make this up!) then decided not necessary. Notary had to come out twice on regular papers because he missed a couple pages!!! Why you ask didn’t I go somewhere else? Because once you start this nightmare you are pretty much committed- you will have already sent them a forest or two of useless paper! Your appraisal and some other docs will expire and you will have to pay Again for these! ***AAG is now part of FINANCE OF AMERICA***** RUN!!!!!! AWFUL EXPERIENCE!!!

My salesperson was very attentive and responsive during the "sell" phase of the transaction. Communication became poor as we approached closing . At closing I was told about all the follow up I would get starting that same day . It was 10 days before I heard anything from anyone - - I was actually ghosted which was not a very secure feeling .

I am very pleased with FAR. My rep Tim Warfield was there for me and he even set up a conference call with my children to ask questions. I would recommend your company to my friends.

You were the first company that did the reverse mortgage professionally and when it was time sign the numbers did not change.

Was disappointed appraisal review was done before I had finished

tim cranston just went above and beyond in helping me with every inquiry i had.

Finance of America Reverse is a lesson in who NOT to trust with your future. I have had to deal with your "Loss Draft Department" for MONTHS trying to get them to send back the roofing contractors money from my insurance company for MONTHS!!! Ive spoken with managers who lie about returning calls. I have filed a complaint with the Arizona Attorney Generals Office and will warn everyone to AVOID this corrupt company at all costs.

Knowledgeable loan officer

Heather made the entire process so pleasant. From start to finish she was clearly in my corner. Her helpfulness, general attitude, and knowledge truly came through in the work that had to be done. There were never any hard-sell techniques applied. She gained my trust quickly and kept it though out the process. She is a true professional who is easy to talk to and understand.

Good knowledge. Felt rushed with conversations.

Taken care of at my home was most rewarding