Finance of America Reverse Mortgage Review

Finance of America Reverse Mortgage is offered by Finance of America Mortgage LLC, a direct lender founded in 1994 and based in Horsham, PA. Finance of America Reverse Mortgage is available in 43 states across the USA.

What types of reverse mortgages does Finance of America Reverse Mortgage offer?

Finance of America Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

How much can you borrow with a reverse mortgage?

Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.

The maximum loan amount with this lender is $2,250,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.

Finance of America Reverse Mortgage requires borrowers to have an equity of at least 50% of the property value.

What is the estimated funding time for a home loan via Finance of America Reverse Mortgage?

Finance of America Reverse Mortgage will typically provide a credit approval decision in less than an hour and fund the loan within 1 and 30 days.

What fees does Finance of America Reverse Mortgage charge for a reverse mortgage?

Finance of America Reverse Mortgage may charge a loan origination fee.

What types of property can you use as security for a reverse mortgage with Finance of America Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. Finance of America Reverse Mortgage will consider lines of credit secured by the following property types:

• Primary home