Our experience with Finance of America Reverse was over the top in terms of satisfaction. We were thinking about refinancing to pay off some debts and came across their ad on the internet. The ad described the new, modern form of mortgage. I wanted to find out with no commitment and worked with a very nice guy. He sent me a package, but it didn’t have the right amount of money that I needed. It didn’t seem like the best program for me. Then I got a call from Jason who said they had many more packages and different kinds of programs. He asked if he could talk to me and I said yes.
Jason also sent me out a package. The interest rate was a little higher and there were some closing costs that they didn’t have with a normal mortgage, but there were all kinds of things about the new type of mortgage that work for a person like me. I was little top-heavy with credit card debt. I still had a significant mortgage and I have an expensive home in Santa Monica. A traditional refinance would require me to borrow some more money and I didn’t wanna go about that. Plus, assuming I passed away first, my kids would not necessarily want the house when my wife passes away.
My wife was skeptical and Jason talked to her independently. He also had my wife talked to her financial adviser independently. Her financial adviser also talked with Jason. Jason was nice and tremendous. He followed up the other day and made sure everything was fine. And when I have questions, he has been very helpful.
The new programs are very good because you own your own home. In the end, you’re gonna have a big mortgage if you choose not to pay some of these payments on a monthly basis, but that’s okay. What that means is the equity, which is substantial, may still be reduced because of the interplay between the equity and the amount of the mortgage.
Finance of America Reverse was efficient and worked through the process quickly. They needed two appraisals though, which is a silly requirement. Some of the appraisers in my life have just done a walkthrough because you don’t even need it. The house was inherently on a very expensive block in Santa Monica. It’s a good block with lots of equity. We have lots of equity but didn’t have a lot of free cash. We wanted to get the mortgage done. It was an absolutely liberating feeling.
We put the money into the debt and into retirement. We also put a little bit into a stock account. We feel really good. We could be making monthly interest payments, but we’re making them sporadically right now while everything gets set. I have nothing but resounding cheers. Finance of America Reverse is okay too, but Jason was out of the world in terms of being helpful. I would recommend him.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.