Finance of America ReverseReviews of fareverse.com

If you hate your kids get a reverse mortgage with this company. once they are notified that you have passed they will start the foreclosure process. before your love ones can mourn your passing they will force them to short sale. the executor of your estate has to work with multiple different people to file paperwork. while your love ones work fast to get your affairs in order their lawyers fees kick in, taking a big chuck in the loan. when your love ones try to sell your house this company will put foreclosure signs on your house everyday, making it hard to sell your house. don't let your kids last memories of you be that you fell for this trap with this company

The loan officer, Jay Varno, did not tell me I didn't qualify, instead they approved the loan THEN KEPT ALL MY MONEY. FOR LIFE. they pay for my insurance & taxes. My money was all put into a LESA (Life Expectancy Set-Aside) account. They are a bunch of immoral crooks with no ethics. There's a LOT more to say, but I'll stop here. BEWARE OF THE LIARS.

They advertise that the reverse mortgage has changed and improved for the consumers benefit. That is a total misrepresentation. Yes it has changed but not for the better!! The Loan to value ratios are lower than they used to be. Meaning you can borrow LESS than you used to. Also the Closing costs are higher than they used to be.

Do not trust them. Customer service is a joke. No one gets back to you when you have questions and odds are they will not do anything to help anyway. We had a reverese mortgage on my mother's house. They did shotty work on getting the title work done and the paperwork is incorect, they did nothing to help us fix the issue and we are forced to buy her mortgage back with no help from them. Do not trust them they will not help you when you need it.

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.