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Reverse mortgage Complaints & Reviews - Unethical practices

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Reverse mortgage

Posted:    LMS123

Unethical practices

Complaint Rating:  91 % with 67 votes
Contact information:
Financial Freedom
United States
This company gave my dad a reverse mortage. He died Jan 14. I called them. I called them again. I got a probate attorney who sent them three certified letters asking for details of the loan, payback amount etc. Today, 7 days before the 6 month anniversary of his death, they call me and tell me I am in default, and must pay the balance in 7 days...BUT they can't tell me the balance until I fax them 6 documents. She says a lot of legalese, details a lot of hoops I need to jump through. Then she calls me back and says she "forgot one detail - don't be alarmed by the foreclosure letter I have to send you, just disregard it." So - they ignored my requests for information (sent with certifed death cert, copy of will, etc), the probate attorneys THREE certified letters, but imply I haven't tried to contact them? This is how these people make their money. They come in after someone has died, they wait til the end of the "grace period", use a lot of legal words and throw in foreclosure, and I bet a lot of older people or stressed out people just cave and sign the house over. Not me! I have an attorney and I'll fight them to the last on this. DO NOT GO WITH THIS COMPANY UNLESS YOU WANT TO CAUSE YOUR CHILDREN A LOT OF PAIN AFTER YOUR DEATH!
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 23rd of Mar, 2010 by   J.E.F. Rogers +1 Votes
My mother passed away 12/31/2009. See got a Reversed Mortgage with this outfit in Nov. 2007. On January 8, 2010 I contacted Financial Freedom and they tell you that you need to do this by 3 months and if you can't then by 6 months you can do that. Since the house was only occupied by my mother, no one else resides there. Financial Freedom had someone go into my mother's home on 3/3/2010) without notifying me prior, to "winterize the home". They had the locks changed. This is LESS THEN # MONTHS and THEY ARE TAKING OVER THE HOUSE AND I, AS EXECUTOR OF HER ESTATE, HAVE NOT SIGNED ANY DOCUMENTS GIVING THEM ACCESS. Because they posted this sign in the front window that can be easily seen from the main street, in a neighborhood that has crime, I wrote them and told them that they will be held accountable if someone breaks into that house because they were stupid to broadcast like that.

Thank goodness I had everything out of the house as I think this company is full of con-artists. Who in the world would give a loan up to $400, 000 when that home, at it's highest, may sell for $220, 000 when the housing market was good, but now only sells for $135, 000. They tell me I owe them $195, 000. I pretty much told them ... good luck, write up the deed to transfer the house back over to them and I hear nothing. Except for on March 17, 2010 I get a call from a guy calling from "Financial Sveden" (yes, took me awhile to understand what he was saying), to call Elaine about status of my mom's estate and gives me a number. I can't understand what he was saying. Tried what I thought he said - the number was wrong. And to boot... the 1-800 number on the last statement I found of theirs, the number has been DISCONNECTED!
 10th of Apr, 2010 by   T.Rue +1 Votes
As an example of what to expect of Financial Freedom

My mother had a reverse mortgage from Financial Freedom.
She died and I bought out my siblings share and payed off the reverse mortgage.
The bank "Riverside National Bank" provided me the loan to do this, however they overpaid the payoff amount.
Financial Freedom wrote a refund check for the overpayment amount but to "the estate of..." my mother.
There never was an account "the estate of..." as my sister (the executor of the estate) and mother set up a joint bank account for this eventual demise.
Financial Freedom provided enough info. for the bank to know exactly what the amount was, but they did not provide or request anything as to what to do with possible overpayment funds.

Since I had no prior dealings with FF and Riverside National is not associated to my mother in any way, the refund should have been made out to myself, and it was my address that FF sent the refund check to.

But I cannot cash it due to how it is written out and the amount is not large enough to go through the trouble getting my sister to set up an account just to cash it. The joint account was closed before I received the check. FF wrote the check out to an unverified account name.

FF first said they did it this way due HUD regulations but no one including HUD can tell me (document) what that regulation is.
FF then said its their policy, but I have asked for documentation on both HUD regulation and FF policy. But I'm not getting it.
FF persist with lying to me.

So I am paying interest to the bank Riverside National passed the loan off to, Bank of America, for an amount I do not get the benefit of.

This is really all very clear cut and FF has all the documentation they need to properly write the check out.

I consider this matter an act of intentional theft and interest abuse by Financial Freedom.

And if they have done this to me, how many others have they pulled this HUD regulation or company policy crap on?
 30th of Aug, 2010 by   Tasbury +1 Votes
Don't feel like the lone ranger. The original mortgage company sold the my contract to Back of Amrican who then Raised the intereste rate and claimed all the remaining equity in the home and "Transfer Fees." Now they are requiring me to insuer the home for twice its replacement value or face foreclosure!
 23rd of Nov, 2010 by   querist +1 Votes
These sound like real nightmares, and should be taken seriously. However, for what its worth my wife's stepmom had a reverse mortgage with Financial Freedom and after she died the beneficiaries apparently had no trouble paying it off or dealing with the lender.
 9th of Jul, 2013 by   shyla morales +1 Votes
It is very rare these days to find blogs that provide information someone is looking for. I am glad that I have found one.

 3rd of Oct, 2013 by   sjolley2 +1 Votes
Financial Freedom is the worst lender of all time. They refuse to communicate, respond, comply with HUD regulations, or the law in order to force foreclosure for profit. There is a reason the FHA insurance fund just got a 1.7 billion dollar bailout with taxpayer dollars and it's not for non-payment of taxes. If you have any questions about your rights and options contact me. Sandy Jolley, Reverse Mortgage Suitability and Abuse Expert sjolley2@compuserve.com 805 402-3066
 15th of Oct, 2014 by   discouraged with reverse mortgages +1 Votes
reverse mortgages are nothing more than a legal way of stealing from the elderly.My mothers reverse mortgage started with celink.They brag about a "code of ethics" well, my mother and brother both passed away in a fire in her home in feb.2014..She kept her insurance up to date and never ever let any bill slide.She took out a reverse mortgage to help out a family member.The problem ? Reverse mortgage refuses to dis-close the pay back amount so we can settle this issue.It is their check, but, we can not relinquish it with -out knowing how much is rightfully theirs. This has also held up the contents check, which belong to her 4 remaining daughters. There is no code of ethics that I can see on their part.Just having us suffer day in and day out waiting to hear from them.Oh, and the copy to the reverse mortgage, I have, yet they refuse to accept it.We have a lawyer also, but evidently he is having no luck either.I think the reverse mortgage concept should be totaly shut down.Now, I have seen a commercial about reverse life insurance for the elderly.

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