Business Profile

Reverse Mortgages

Finance of America Reverse, LLC

Headquarters

BBB Accredited Business A+Rated by BBB

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Complaint Details

Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

Initial Complaint
01/03/2025
Complaint Type:
Sales and Advertising Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Finance of America denied me a reverse mortgage in total contradiction to their advertised requirements on their website and in complete violation of US Federal Laws concerning reverse mortgage requirements, etc.
Business response
01/16/2025
Hello,

Please see complaint response attached.

Thank you.
Initial Complaint
12/23/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I have a reverse mortgage being service by Finance of America, LLC. I had $7,577.50 set aside upon close to cover deck repairs/painting. I completed those repairs prior to December 4, 2024 and submitted the Homeowner Certification required document. An appraiser was sent out on December 10, 2024 to inspect the repair. He submitted a report that very afternoon signaling that repairs/painting were satisfactory. On December 12, 2024 I was informed by the ** customer service the set aside funds would be released and electronically deposited into my bank. After spending a week going back and forth over release of these funds I finally filed a request for release of funds on December 19, 2024 even though I'd never been informed I had to do so with set aside funds.This morning, December 20, 2024 I received a call alerting me that the funds had been released to my bank. Upon checking I found no funds were being processed by my bank. At this point I called {************, the department supposedly representing the transfer of funds only to be told that the funds were being processed in house, process could not be expedited and funds subject to not be release until next week. This is totally unacceptable. No one in their right mind should do business with this outfit...
Business response
01/06/2025
Please find attached complaint response due 1/6/25 submitted 1/6/25.
Thank you.

Customer response
01/11/2025
The set aside funds were finally released to me following my contacting Finance of America's corporate office in ***** and putting them on notice that I had contacted you plus alerting them to my intention to file a complaint with my state's ************************
The excuse they offered as to signatory discrepancy in the paperwork is a total fabrication. I was never contacted concerning my signature.
The bottom line to all business conducted by this outfit is they want to do a loan but at the same time want to withhold funds as long as possible.
Their business model is abhorrent...
Initial Complaint
12/13/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Accused: Finance of America LLC.Accusser: **** *******, *************)On October 24th, 2024 I was sued for house foreclosure and was served via ****. I was not notified about the upcoming foreclosure even while staying in contact with the company through the mail and by phone. On October 29th, 2024 i submitted a repayment plan request and it was agreed upon that I pay a back the amount of $2077.77 with an initial payment beginning the repayment process of $78.77 due December 5th, 2024 which I have documentation that it was paid promptly and on time, I faxed the receipt of payment AND emailed them the same receipt to the correct department. Today, December 10th, *************************************************** default. Whenever I try and talk with them on the phone they say that a partial pre payment form was never received or agreed upon and it's like all the time, stress and energy I put towards making sure my home was safe and not up for foreclosure fell upon deaf, or I think, malicious ears. They have not tried to help me the only person who has helped is my youngest son who has been making sure I don't get taken advantage of due to my lack of technical and up to date knowledge.
Customer response
12/16/2024
Default order received.
Business response
12/24/2024
See attached complaint response due 12/30/2024 submitted 12/24/2024. Thank you.
Initial Complaint
12/05/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Home Improvement Loan last 4 digits 7759. This loan was originally acquired through ***** in 2020, and was acquired by Finance of America. This loan has put a lien on our house. We are wanting to refinance our home but cannot due tot his lien. We cannot get ahold of anyone either via phone or email. We have been trying for over a week now. The phone line consistently says the call volume is too high and to call back at another time. Emails have gone unanswered.
Business response
12/17/2024
See attached complaint response due 12/19/24 sent 12/17/24. Thank you.
Initial Complaint
11/26/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
My mother died in 2017, she had a reverse mortgage with ***. So I inherited the house, I filed bankruptcy in 2019 in order to pay off the loan. Well , I paid off the loan 4/24. These people, refused to release the lien on the house until I pay them 1,700$. They over *** all most 2 years before I was finish.They claimed that I owe them for the insurance they put on the house. So, at the advice of my lawyer to go ahead and them. In June I sent ****** they received it. So, in August I sent them a cashier's check with the last ******. I sent it through *** and my lawyer sent a copy of the check and tracking #.Well, they claimed that they never received ***** October I stopped payment on that check and I to this day it hasn't been returned to me. I had to fill out paperwork at my bank and my bank gave me the same payment work to send to them. They claimed the never received it. In order for them to reissue the check they would have to fill out the paperwork and notarized it. I don't know what kind of games they are playing. I am 76 years and living on Social Security. They are still sending me statements. My lawyer also sent them a copy of home insurance. These people are crooks and should release the lien, since I've already paid off the house. My lawyer can contact them via email and then it takes them awhile to respond.
Business response
12/09/2024
From: ***** ***** <********************************************************************************************************>
Sent: Monday, December 9, 2024 4:07 PM
To: ************************************* <*************************************>
Cc: Customer Relations <**************************************************************************************************************>; ***** ***** <********************************************************************************************************>
Subject: BBB Complaint ID ******** - Green

Good afternoon, Hannah.

We are still diligently investigation the above referenced complaint and want to make sure we respond with the appropriate consideration. As such, we respectfully request a one time fifteen (15) day extension to respond to the complaint.

With your kind consideration the amended due date will be revised from December 9, 2024, to December 24, 2024. We look forward to your anticipated approval and hope you find this to be fair and equitable. Should you have any questions or concerns please feel free to contact me directly at the number below.

***** *****
Compliance Officer II
Finance of America
o: **************
********************************************************************************************************
Corporate Headquarters: ************************************************
Business response
12/24/2024
See attached complaint response due 12/24/24, submitted 12/24/24. Thank you.
Initial Complaint
10/30/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Since finance of America took over Aag, reverse mortgage company, it is nearly impossible to withdraw money from my account. Every time I try to withdraw money my account is unavailable. Calling the company is worthless. No one can help you. Their response is always to open a ticket and wait 24- 48 hours for a call, which if youre lucky really happens. Im a senior who lives on social security and need to be able to withdraw money to pay rent, my bills and buy medicine.
Business response
11/13/2024
Hello,

Please see complaint response attached herewith.

Thank you.
Initial Complaint
09/16/2024
Complaint Type:
Order Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
The company finance of America even after being told to not contact me any more there daily calls ,text ,& emails as well as ostal letters continue to more than double it's continuously harassment .
Business response
09/26/2024
Hello,

Please see complaint response attached herewith.

Thank you.
Initial Complaint
07/01/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I have a reverse mortgage with Finance of America Reverse. My wife divorced me. The court ordered that the property and the reverse mortgage be awarded to me along with a quit claim deed.FAR claims that hud will not allow it to remove my co borrower/ex wife from the loan without refinancing the loan.THIS CLAIM IS FALSE. I have spent almost two years trying to get the codes that FAR SAID THEY WERE FOLLOWING. I appealed to FARs board. THEY NEVER RESPONDED.I appealed, TWICE TO THE **** AND GOT NO RESPONSE, even after FHA indicated my wife would be removed.Finally I filed a complaint with CFPB,in which FAR it HAS NO RECORDS TO PROVE THE CL.AIM.I also sent FOIA request to HUD which wslas returned NO RECORDS.There are no regulations covering FARs conduct. It is simply FARs business trade practice. FARs deceptive and false claim that HUD is preventing the removal violates 15 USC 45(h). A further violation is unfairness.It would cost FAR nothing but a few key strokes to remove the name. A refinance would cost me $10,000.00 plus a loss of a very favorable 1.8% interest base rate, and raise interest by 6%.FARs business practice also violates Chapter ***** RCW Washington codes.I want my co borrower removed from the loan AND $100,000.00 in damages for FARs abusive, deceptive and unfair practices. I have documentation of all of this but can't attach it.
Business response
07/09/2024
Hello,

Please see complaint response attached herewith.

Thank you.
Customer response
07/10/2024
I am rejecting this response because: FAR claims that they have responded to this complaint before. That is another false claim.

This action arises from a long history of misrepresentation, unfair and deceptive business practices, including false representations to the CONSUMER PROTECTION BOARD in my 2 complaints there.

FAR claims thatFHA will not allow my x wife co borrower from the Reverse Mortgage because "HUD will not allow" it.

The attached FOIA response from HUD clearly states this is not true.

FAR continues it's Deception even here.
Customer response
07/15/2024
FOIA RESPONSE FROM HUD
LETTER FROM FOA

I THOUGHT THESE HAD BEEN ATTACHED.
Customer response
07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.
Customer response
07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.
Customer response
07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.
Customer response
07/16/2024
I have tried twice to submit the **** response by HUD which establishes and proves the misrepresentation that far has been making for 17 months. Do you have it?

Ease advise.
Customer response
07/17/2024
Statement of the case.
After a divorce in which the **urt awards the home and reverse mortgage to one reverse mortgage borrower, FAR refuses to remove the non owner ** borrower from the loan unless the owner refinances the reverse mortgage. FAR CLAIMS THAT HUD WILL NOT ALLOW THE REMOVAL ANY OTHET
R WAY. see **rrespondence from FAR.
HUD, in response to a FOIA request States there are no re**rds of such rule.
See FOIA response.
FAR has provided NO EVIDENCE to **ntradict HUDS response.
There is no reason FAR cannot remove the Co borrower, except that it is the **mpany policy to force refinance.
What is the effect of refinance?
INTEREST IS AT AN ALL TIME HIGH. FAR would be able to loan the money at increased interest base rate to 7% (mine is 1.8%)
REFINANCE FEE TO BORROWER.
The refinance fee is over $10,000.00.

These **sts will be the same no matter who i refonance with.
Thus fars statement that i can refinance with another carrier is specious because the **sts to borrower-owner would be the same no matter who the owner refinances with.
IT WOULD COST FAR NOTHING TO REMOVE THE NON OWNER FROM THE LOAN.
FAR has no trouble removing a deceased borrower from a Reverse mortgage. There is no reason they can't remove a ** borrower, non owner from the reverse mortgage.
FARs **nduct is directed at senior citizens. All of its borrowers are seniors. FAR is deceiving seniors with its misrepresentation that they must refinance to remove a non owner ** borrower.
Ac**rding to the within HUD response, FAR IS SIMPLY LYING.
DAMAGES
FAR has beenisrepresenting that they cannot remove a ** borrower without refinancing the loan since Januare 2023.
I have had many **nversations with FAR when a representative told me that statutes, **ntracts and HUD prevent the removal without refinance. But have refused to produce evidence of any of it.
I filed two appeals with FHA, in which I understood that FAR would remove ** borrower. I provided **urt documentation to FAR three times at FHAs urging inf. I got no response.
I then filed a **mplaint with CFPB where FAR admitted that No statutes apply, and finally claimed, simply, that HUD will not let them re.ove ** borrower
Ac**rding to HUDs FOIA response This is a lie.
I am entitled to the removal of my ** borrower and damages for All Of the effort I have put Into this case and hours of research I have done to get to the truth
FULL FORGIVENESS OF THE LOAN IS AN APPROPRIATE REMEDY FOR THE LYING AND DECEIT EMPLOYED AT CFPB AND HERE AND TP ME for elder financial abuse and violations of 15 USC Deceptive Trade Practice.

Customer response
07/22/2024
I received a call from FAR today. FAR still claims that *** will not allow the transfer without refinancing, but still refuses to produce documentation of that AND THE *** response belies FARs claim. I asked for the records that establish the claim and *** says they have no records os such rule.

If FAR were telling the truth, FAR would provide a record from *** proving their claim.
They have produced NO records thus have none.
Business response
07/23/2024
1. I am rejecting this response because: FAR claims that they have responded to this complaint before. That is another false claim.
[FAR] FAR previously responded to the consumers repeat complaints on February 5, 2024, April 3, 2024, May 14, 2024, and July 9, 2024.
2. This action arises from a long history of misrepresentation, unfair and deceptive business practices, including false representations to the CONSUMER PROTECTION BOARD in my 2 complaints there.
[FAR] FAR previously responded to consumers repeat complaints. After further due diligence review, no evidence was found to support deceptive practices or misrepresented facts. Our records show the borrowers were married at the time of closing, the property was held in both borrowers names, and that both borrowers were counseled and signed the applicable disclosures. The **** reviewed and closed consumer's previous complaints.
3. FAR claims that FHA will not allow my x wife co borrower from the Reverse Mortgage because "HUD will not allow" it.
[FAR] The HECM loan is not assumable. The existing HECM loan cannot be amended by removing a borrower who is party to the loan transaction after the loan has closed. Per the Note (Security Instrument) that was executed at closing, each borrower is fully obligated to keep all promises made in the Note.
4. The attached FOIA response from HUD clearly states this is not true.
[FAR] The FOIA letter from HUD did not include that statement and did not have responsive records pertaining to your request. Rather, the response instructed you to contact your servicer about removing a co-borrower from the reverse mortgage. In order to relieve a borrower of his/her obligations under the loan, the loan will need to be paid in full. The borrowers can achieve this by either selling the property or refinance the loan.
5. FAR continues its Deception even here.
[FAR] FAR found no evidence to support deceptive practices or misrepresented facts. **** reviewed and closed consumer's previous complaints.
Customer response
07/24/2024
I have reviewed the business' response. The response fails to provide proof that HUD will not allow the removal from the loan of a non owner borrower winter no personal liability for the loan.

The position makes no sense, because of the cost to the borrower to refinance and the nothing it would cost the business. HUD would never allow such a disparity to exist.
FAR has no evidence to support their dedegen.HUD gas no evidence to support the claim. Therefore FARs claim is false, and they are engaged in deceptive and unfair business practice and elder abuse.
Initial Complaint
06/20/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I got this in the mail. I dont need or want their services. I want them to STOP sending me anything
Business response
06/24/2024
Hello,

Please see complaint response attached herewith.

Thank you.
Customer response
06/25/2024
I am rejecting this response because: I am unabke to view or open the responce. I have a senior citizen phone and cant please respond without havibg to open or download
Thanks
Business response
06/25/2024
June 24, 2024
*************************
********************
****************
Re: Do Not Contact Request
Dear ******************:
I am writing in response to your complaint filed with the Better Business Bureau (BBB) date June 18, 2024. Thank you for bringing your concerns to our attention. We strive to provide our customers with the highest level of service and apologize for any inconvenience they may have experienced. We can confirm all communications regarding solicitation have been ceased as of June 24, 2023. We do hope that this response has helped bring clarity to the facts associated to the concern.
Sincerely,
Customer Relations ********************** of ********************** Companies
****************************************************************
Corporate Headquarters: ************************************************
Customer response
06/25/2024
I am rejecting this response because:
I was NEVER a customer with this business as they stated in their responce. So they need to get their facts straight.
Business response
06/27/2024
We can confirm all communications regarding solicitation have been ceased as of June 24, 2023.
Initial Complaint
05/07/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Tried to make a payment on line and by phone
Business response
05/17/2024
Hello,

Please see complaint response attached herewith.

Thank you.
Customer response
05/20/2024
I have reviewed the business response and accept this resolution.

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