Complaints
This profile includes complaints for Finance of America's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 37 total complaints in the last 3 years.
- 16 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:10/30/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
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
Date: 11/13/2024
Hello,
Please see complaint response attached herewith.
Thank you.Initial Complaint
Date:09/16/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
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
Date: 09/26/2024
Hello,
Please see complaint response attached herewith.
Thank you.Initial Complaint
Date:07/01/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
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
Date: 07/09/2024
Hello,
Please see complaint response attached herewith.
Thank you.Customer Answer
Date: 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 Answer
Date: 07/15/2024
FOIA RESPONSE FROM HUD
LETTER FROM FOA
I THOUGHT THESE HAD BEEN ATTACHED.
Customer Answer
Date: 07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.Customer Answer
Date: 07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.Customer Answer
Date: 07/16/2024
Copies of HUD FOIA RESPONSE showing lack of evidence supporting ************ that HUD will not allow removal are attached here.Customer Answer
Date: 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 Answer
Date: 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 Answer
Date: 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
Date: 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 Answer
Date: 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
Date:06/20/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I got this in the mail. I dont need or want their services. I want them to STOP sending me anythingBusiness Response
Date: 06/24/2024
Hello,
Please see complaint response attached herewith.
Thank you.Customer Answer
Date: 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
Date: 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 Answer
Date: 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
Date: 06/27/2024
We can confirm all communications regarding solicitation have been ceased as of June 24, 2023.Initial Complaint
Date:05/07/2024
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Tried to make a payment on line and by phoneBusiness Response
Date: 05/17/2024
Hello,
Please see complaint response attached herewith.
Thank you.Customer Answer
Date: 05/20/2024
I have reviewed the business response and accept this resolution.Initial Complaint
Date:12/14/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
September 2022 we had allot of hurricane damage from ***. It took hours and hours of back and forth- 8 months worth to finally get out insurance proceeds to repair the house. In July of 2023 my partner passed away. I am on the deed and supposed to inherit the house. The repairs are not yet completed as I was in the middle of having them done when he passed. The first letter I received was a sympathy letter and included this is an attempt to collect a debit. I was soon bombarded with letters from Finance America Reverse -HECM Lender with what do and asking me to call their office. I called and called. Their computer system would pick up and tell me this was an attempt to collect a debit and they were able to identify my account information. I have only been able to reach a real person once. They call every other day and it seems to go right to voicemail. The one time I spoke to someone she told me the loan was no longer there and it was in foreclosure. She was not able to give me a number to call and talk to an attorney. This is a nightmare. This past week I started receiving solicitations in the mail and phone calls wanting to help me with my foreclosure. How embarrassing and humiliating. I have not received anything from court saying it was in foreclosure. I have not received any calls from an attorney or anyone telling me what my options are. I completed the forms on their website and emailed them twice last week and have had no reply. Are they just going to surprise me and take my house? I have *********** and am disabled. This is just a nightmare. I'm in technological h*** with their phone system and trying to reach a very uninterested and unempathetic group of people. Had I known it was going to be like this- I never would have suggested he do this.Business Response
Date: 12/22/2023
Please see our final response attached herewith.Initial Complaint
Date:05/02/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
This company continues to increase it's fees and interest for an 80 year old woman, now $2250 when it was $300 initially. Our country's interest rates are decreasing and when asked customer service to justify i receive no response. I know she has an adjustable rate but Fees and interest have increased EVERY month sometimes as much as $200 each month without ANY explanation/justification. I'm hiring an attorney but can use BBB help. Do NOT let seniors sign up for this, total scam. When asked to produce legal binding documents my mother signed, received no response! They are stealing my mother's money! No wonder why they receive 1.8/5 stars. They are crooks and do not deserve any stars. Please help stop this senior abuse. This company is unethical charging 7.8%Business Response
Date: 05/02/2023
Finance of America Reverse
LLC (“FAR”) sincerely apologizes for the inconvenience that the customer and
her mother have experienced. We are unable to locate the account based on
the information provided in the complaint. We encourage the borrower to
contact us directly at *****************@financeofamerica.com so that we can better assist with her account-specific concerns.Thank you!
Customer Answer
Date: 05/03/2023
I am rejecting this response because: the company has sent me a 2 day mail written response that i reviewed briefly and reject as well. I will take further action with BBB and the company to get a refund of the monthly increases thank youBusiness Response
Date: 05/05/2023
We again request the
complainant to send a detailed email to *****************@financeofamerica.com so we identify the account and provide assistance.Initial Complaint
Date:04/19/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
see Attached documentBusiness Response
Date: 04/30/2023
Finance of America Reverse
LLC (“FAR”) sincerely apologizes for the customer’s inconvenience. A
direct response will be sent to the customer. The documents that the
customer signed when he obtained the loan state that the customer agrees to pay
and procure property insurance. FAR contacted the customer when it did
not receive current, up-to-date proof of insurance. The solicitation of
home warranty was not sent by FAR. It was sent by a non-affiliated third
party.Initial Complaint
Date:04/03/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Received a letter from the company dated November 30, 2022 requesting extension documentation in order to defer inherited reverse mortgage. The documentation according to the letter was due March 6, 2022. The extension documentation was submitted February 17 via email and confirmation was received. on March 24 after speaking with customer service I was notified that the foreclosure procedures on the reverse mortgage, were initiated February 15, 2023. The lead supervisor Bill advised me that the death certificate had never been received which was a falsehood. I sent him proof of that document being received November 17, 2022 also stated initially that the extension documentation was never received I showed him proof of receipt on 02/17/2023, and then he stated it was received too late that the foreclosure procedures begin two days prior to that. This company failed to notify me of any such proceedings. I was never notified of the receipt of this documentation as having a deadline of February 15, 2023. I find to be negligent and of malicious intent to foreclose on this property on the part of finance ofAmerica first LLC. As a result, the loan has been referred to in attorney I have been assessed for closing penalties attorney fees, and I’ve been erroneously accruing due to the negatives in malicious intent.Customer Answer
Date: 04/03/2023
More documents
please note the required documentation submitted was before the letter was received dated November 16 from finance of America reverse, requested letter of intentBusiness Response
Date: 04/17/2023
The customer will receive a
detailed response. Finance of America Reverse LLC (“FAR”) is required to
comply with the HUD’s servicing guidelines. The loan was referred to
foreclosure because we did not receive all the required documents along with
the letter of intent. After FAR received all the documents, it did grant
an extension to allow the customer to sell the property and pay the loan in
full. The foreclosure is currently on hold while the loan is being
reviewed for a second extension.Thank you!
Customer Answer
Date: 12/26/2023
REVERSE MORTGAGE LOAN #******* ON 02/17/23 F.A.R. misdirected FSBO (for sale by owner) loan deferral documentation sent via email with a return receipt confirmation. ON 02/28/23 the above referenced loan was referred for foreclosure due to misdirected deferral documentation. As a result the loan has been assessed attorney, inspection and preservation fees in assess of $5000. F.A.R. also owes me for overpayment of Property Taxes in March and December of 2023. Both times these payments were unwarranted. F.A.R. has received numerous other complaints of this same nature along with other fines for misconduct totalling $2M imposed by the *** in 2020, Since the end of March I have filed countless complaints with F.A.R. I demand an immediate refund of ALL UNSCHEDULED FEES AND THE INTEREST ASSESSED ON THESE FEESBusiness Response
Date: 01/10/2024
Please see our final response attached herewith.Initial Complaint
Date:10/25/2022
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- 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.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Loan # XXXXXXX, Loan Type HECM, My husband and me had a Mortgage, we have been asking to Finance America to send us all documents my husband and I signed some months ago. We have been contacting the company some times, requesting all the documents, and they were always saying we will get it in some days. WE have not received anything. We just figured out than the verbal agreement is now completely different to the offer we were talking about . My husband is almost 80 years old, he is in wheelchair, three mortgage officers came home with lies, surrounding him. We need all the documents, to start an investigation about all this process.Business Response
Date: 11/23/2022
Business Response /* (1000, 5, 2022/11/02) */
We apologize for any delays in sending the requested documents. Our loan records indicate that on October 20, 2022 the origination documents were emailed to the complainant's daughter, who is authorized on the account. If they have not been received, we asked that they contact us directly at *****************@financeofamerica.com
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