Jim S.
Refinance of previous Reverse Mortgage with Finance of America
Last winter we decided to "refinance" our previous reverse mortgage with Finance of America to take advantage of lower rates and increased home values. Our representative was quite helpful. However, we contacted our previous agent (now retired) who reminded us of the option of the Line of Credit -- something our new agent did not mention. When we mentioned this to our new agent, he helped to make that happen. The initial written documents did not include that Line of Credit option, but when I reminded him about it, he took care of it. I'm sure that the restrictions regarding Covid had a lot to do with slight miscommunications. We never had a face to face meeting. The details of the documents, appraisal, mandated counseling, and other steps took quite a while, but our agent was patient and helpful. So here we are on the other side of this refinance of the initial reverse mortgage. We're happy with the results.
Response from Finance of America ReverseDec 20, 2021
Hi Jim, Happy to hear that you felt confident with our FAR team as we strive to make our customers feel well informed and supported through the process. Please let us know if we can help with any future financial needs.