All About Urban Financial Reverse Mortgage, now Finance of America Reverse LLC
Founded in 2003 as Urban Financial, this large reverse mortgage lender was a privately-held company until 2010, when it was acquired by Knight Capital Group. Urban was sold to Walter Investment Management Corp., in 2013. In late 2015, Urban changed its name to Finance of America Reverse (FAR).
As for the company itself, Finance of America Reverse is headquartered in Tulsa, Oklahoma, licensed in 42 states, and employees over 100 people. The company has been featured on various television programs. One program highlighted on FAR’s website is a segment on Baby Boomers in America with actress Morgan Fairchild.
Finance of America Reverse is accredited by the Better Business Bureau, and as of this writing Urban has an “A+” rating, the BBB’s highest available score on a scale of A+ to F. There have been only four complaint logged against Urban in the past three years, which is also impressive.
Urban Financial / Finance of America Reverse Statistics
This lender is one of the largest in the country. Here is a break down of its total loans and max claim amounts by month since the start of 2015:
|Date||Loans||Total Max. Claim|
Since the beginning of 2015, Urban Financial / Finance of America has originated the sixth most reverse mortgages in the US:
|AMERICAN ADVISORS GROUP||23858|
|ONE REVERSE MORTGAGE LLC||9806|
|REVERSE MORTGAGE SOLUTIONS INC||4995|
|LIBERTY HOME EQUITY SOLUTIONS INC||4755|
|REVERSE MORTGAGE FUNDING LLC||4549|
|FINANCE OF AMERICA REVERSE LLC||3956|
|SYNERGY ONE LENDING INC.||2466|
|LIVE WELL FINANCIAL INC||2459|
|HIGH TECH LENDING INC||2175|
|NATIONWIDE EQUITIES CORPORATION||2120|
Final Thoughts on Finance of America Reverse
Finance of America Reverse is one of America’s top reverse mortgage lenders. It consistently ranks as one of the largest originators by volume in the United States, a position that it’s enjoyed since the big banks left the industry a few years back.