Complaints

This profile includes complaints for Finance of America's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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Finance of America has 31 locations, listed below.

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  Finance of America

  8023 E 63rd Pl STE 700 Tulsa, OK 74133-1240

  
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  Finance of America Reverse, LLC

  2947 Broad Ct Annapolis, MD 21401-7109

  
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  Finance Of America Reverse, LLC

  2000 Amy Grace Ct Fuquay Varina, NC 27526-4639

  
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  Finance of America

  1369 Curlew Rd Dunedin, FL 34698-1924

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  Finance of America

  1801 Market Street Suite 2670 Philadelphia, PA 19103-1640

The 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:08/15/2022

  Type:Service or Repair Issues
  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.

  My wife and I recently closed a Reverse Loan line of credit mortgage with Finance of America Reverse. While it was a very convoluted process, it was not the FAR's fault as the employees are friendly and above board--it is more the FHA's involvement and all of their silly rules. We finally signed the loan documents almost 90 days and two appraisals later with a notary closer that came to our house and left use with 190 pages of paper that is turn both ways, upside down and wrong side up with over eleven paper clips. (All pages blank.) All that I am looking for is a digital copy of the EXECUTED mortgage. Every FAR employee (including the loan officer and people at Boston Title) seemed very startled at the request but have valiantly tried to get them to me using their company's out-dated technology methods. (You can't email a 190 page document with people's Social Security numbers and much other financial information.) I patiently waited until I got the first statement today and signed up for access, and much to my surprise; no loan documents are accessible on the web site.) For estate purposes, our lawyer needs a digital copy of the final, executed loan documents. I have been involved over a hundred real estate transactions and have never before had to go through so much rigamarole to get what should have been provided in the first place. I reviewed all 190 pages of the loan in the hours before it was closed at the notary's web site, but it would not allow downloading. A digital copy of all 190 pages of the final, executed mortgage would be greatly appreciated. It is worth pointing out that FAR's technology is overly protective in as that getting things like copies of driver's licenses, Social Security cards, etc. took repeated efforts because of the company's out-dated, over protective technology. I know of at least one competing reverse mortgage lender that has a web site that facilitates the sharing of documents between their loan officer and customers.
  

  

  Business Response

  Date: 09/29/2022

  Business Response /* (1000, 5, 2022/08/23) */
  On August 22, we provided the customer with an electronic copy of his closing loan package as a password-protected PDF sent via email. As the lender, we typically rely on the title and escrow company performing the closing to provide the customer with their documents in the manner requested by the customer. It appears that one of the options the title company provided for receiving an electronic copy of the documents did not work. We appreciate receiving this feedback and are using it to make our company better.
  
  If the customer is unable to open the documents, we ask that he contact us directly at *****************@financeofamerica.com for additional assistance.
  
  
  Consumer Response /* (2000, 7, 2022/08/24) */
  (The consumer indicated he/she ACCEPTED the response from the business.)
  Every customer is entitled to a fully executed copy of documents that they sign, especially loans and mortgages. This should be considered as an integral part of each and every transaction without the customer having to make a Better Business Bureau complaint. Three different employees made at least six attempts to send me the requested documents, not only acting surprised at the request, but obviously were not sure how to even safely send documents that include the customers' full legal name, address, signatures, Social Security Numbers and copies of their driver's licenses. I strongly suggest that your company (which we have found to be very customer oriented) get your Technology/IT Department to remedy this. I have never, ever before (in literally dozens and dozens of financial transactions) had to go to so much trouble to get a copy of financial documents.