You paid down the mortgage, invested in your home. Maybe, it’s time for your home to start taking care of you. Use your built-up home equity to give you tax-free cash1 for almost anything you might need.
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A+
Better Business Bureau® rating and accredited
Best Reverse Mortgage Lender2
4.5 Stars by verified customers as of 5/17/20243
17B+
Funded reverse mortgage volume
1Not tax advice. Consult a tax professional.
2Finance of America is listed as Best Reverse Mortgage Lender by Bankrate in this article, published January 2024.
3As of May 2024. Top Reverse Mortgage Lenders must have verified reviews on ConsumerAffairs, an overall satisfaction rating of at least 4 stars, and at least a 2:1 ratio of 5-star to 1-star reviews. Finance of America Reverse LLC pays a monthly fee to participate in the ConsumerAffairs Authorized Partner Program.
Explore our range of reverse mortgage solutions.
Unlock your financial possibilities
Get loans up to $4 million, establish a flexible line of credit, or even boost your new home purchasing power with our proprietary suite of jumbo reverse mortgages. Learn more about HomeSafe
Give your budget a second to breathe
Unlock a piece of your home equity without the burden of a new monthly payment using a second loan that complements your existing mortgage. Learn more about HomeSafe Second
Access stored home wealth
Eliminate monthly mortgage payments, free up cash, and continue to own and live in your home with the government-insured Home Equity Conversion Mortgage (HECM). Learn more about HECM
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The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.
November 13, 2023
They were honest. We were kept well informed of what was going on.
November 14, 2023
Everyone I dealt with were very kind and knowledgeable. All my emails or phone calls were answered in a matter of hours not days. I felt my interests were #1 with them
December 8, 2023
Taking the first step of inquiry was the hardest part. Once we spoke with the advisor assigned to assist us, it was smooth sailing from that point onward. Every question we posed was answered to our satisfaction.
December 21, 2023
It was a very pleasant experience. At first we were kind of intimidated when the sales person briefed us on the volume of documents, and whether we could sign them from home. He explained how that could be done. When the document came up, he guided through the process very professionally, very patiently. If he could not answer the question we had he would get back to us in a timely manner — he was very punctual and very understanding, did a fine job explaining the process, the financial end, the benefits, and prepared us for the closing. At no time did he exhibit any pressure, but explained the options and the benefits.
January 28, 2024
Caring about us, helping us when necessary, and being there for us when we had questions. They made the process easy, were happy and supportive, and got us through the steps necessary to complete the process!! Thank you for everything!
February 5, 2024
My loan processing was done quickly and efficiently. Appraisal was ordered and completed quickly. My loan officer was prompt in keeping me updated on everything. Altogether, a very pleasant and positive experience!
February 13, 2024
Everyone I dealt with was very positive and informative to make sure I was getting what I wanted and that there would be no surprises.
March 5, 2024
The help that we received during the entire process made all the difference for my wife and I. Courteous, friendly assistance was the key
March 13, 2024
Loan officers very knowledgeable, helpful, and personable. I liked that my messages were answered promptly!
March 28, 2024
Everything was smooth, very well explained, when there was a problem or concern. The people that I was working with got right on it, most delays were the fault of mine everything else was very good. Service is top notch, thanks guys for everything.
Reviews displayed are verified customers provided by ConsumerAffairs.
Thousands of older homeowners have trusted our suite of customizable home equity tools to transform their housing wealth into usable cash that could create financial peace, stability, and happiness in retirement. These are their stories.
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Finance of America borrowers have been compensated for their participation. Their statements are their own.
With a reverse mortgage, you — not the lender, own and control your home. You can’t be kicked out so long as you uphold the terms of the loan. As with a traditional forward mortgage, the lender simply puts a lien on the property to ensure the loan will be repaid.
No. A reverse mortgage is a “non-recourse” loan, which means that if you default on the loan, or if the loan cannot otherwise be repaid, the lender can only enforce the debt through the sale of the property and cannot look to your other assets (or your estate’s assets) to meet any outstanding balance. If the loan balance is higher than what the home is worth, your heirs will not be responsible for paying the difference when the home is sold to repay the balance.
To be eligible for a reverse mortgage, you typically need to be a homeowner 62+. However, Finance of America also has an exclusive range of reverse mortgage options available in many states to homeowners 55+. In addition to meeting the age requirement, you’ll need about 50% equity in the home to qualify. You’ll also need to undergo a financial assessment to help determine your ability to meet the terms of the loan.
A reverse mortgage loan ends when the last borrower passes away or otherwise leaves the home. At this time, the loan principal and all accrued interest must be repaid. You or your heirs will have the option to repay the balance through the sale of the home or by paying off the mortgage balance with other funds. If the loan balance exceeds the home’s value, you or your heirs can also sign over the home’s title to the lender and walk away.
The largest misconception around reverse mortgages is that they’re dangerous. The truth is that these products are highly regulated by the US government and come with strict consumer protections that make today’s loans safer than ever. Key safeguards include, max claim limits on reverse mortgage products, required financial assessments to ensure borrowers are financially capable of taking on the loan, and required counseling with an independent, HUD-approved counselor to help borrowers make an informed decision.
Apart from mandatory reverse mortgage counseling costs and FHA insurance (on certain loans only), the fees for a reverse mortgage are generally the same as those for a traditional forward mortgage. It’s also important to remember that with a reverse mortgage, most fees are added to the loan balance, which means you pay little out-of-pocket upfront.
