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Financial Freedom reverse mortgage / sneaky dealings / foreclosure

1 4697 Mitchell LoopFlorence, OR, United States Review updated:
Contact information:
Phone: 541-902-9424

My husband had taken out a reverse mortgage (R. M.) through financil freedom. He died while i was seven months shy of the required age of 62. Once they found out he was dead, they sent notices to 'the estate of' wanting to know how this loan was going to be repaid. I hired an attorney who knew nothing of these loans, and wasted about 8 months of my time. Once i was the required age, i had hired an attorney i thought was going to help me get my own r. M. Under my name since the one my husband had was now null and void. There was a lot of worry and fretting since the company financil freedom makes themselves scarce, but finally they sent me the paper work to file for my own reverse mortgage. I waited, waited, waited for some kind of acknowledgement that they had granted it. After a long wait i called the attorney and she advised me not to pay the property taxes as it seemed financil freedom was now trying to back out of the reverse mortgage. An interesting thing was that when my husband died, there was a credit line of just over $1200. When i asked about that, financial freedom quickly used it to pay the taxes due, which were just about the same amount of money.
(In the meantime, financial freedom had started sending the monthly statements again, addressed to my dead husband, when by the earlier questioning of paying the loan stated 'the estate of'. I guess they resurrected him for their own strange reasons, but now the credit line showed just over $4000!!! How did a dead man get more credit line money???!!!)
It has been a few months since i sent in the paper work required for the mortgage. A week ago, the mail carrier rang my bell with letters for me to sign for. She had a bundle of 14 total, 7 of which needed signing. They were all the same notice. They were addressed to: (1) estate of ***** ***** (2) tenent (3) <me> personal rep of the estate (4) heirs and devisees of ***** ****** (5) occupant (6) spouse of ***** ***** and (My deceased husband!!! There was a regular mailing of seven of these, along with seven of the certified mail i had to sign for. Along with that, there have been two attached to my door.
All these mailings have come from a third party financial freedom seems to have 'sold' the contract they had with my deceased husband.
There was never an explaination of why they were refusing to honor the papers i signed, nor a warning they were going to do this. The notices, by the way, let me know that on june of this year there will be an auction of my home to the highest bidder. . . I would suggest anyone looking for a r. M. Pass up financial freedom. They seem to have an underhanded way of doing business, and i think i can promise they will cause you or your heirs unlimited grief. I am trying to see if this was even done in a legal manner. Avoid financil freedom, they are not honest in their dealings with people. What makes it hard for me is that i live on $396 a month social security. It is going to take up to two years to get an apartment through low income housing.
Oh and in case anyone wonders who this third party that is holding the 'auction' is, they are regional trustee services corporation, 616 1st avenue, suite 500, seattle, wa, 98104. So if you get many, many mailings all at once and this address is on the front, (Rtsc) kiss your home and hopes goodbye. They are seemingly in cahoots with financial freedom. Jean

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  • Ag
      11th of Mar, 2010
    +1 Votes

    The same thing happened to my sister in law in Louisville KY

  • Tr
      8th of Apr, 2010
    +1 Votes

    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 used this sort of intentional ignorance on to steal?

    The message I'm responding to suggest there are others they use this tactic with and steal a lot more.

  • Bi
      3rd of May, 2010
    +1 Votes

    Yes--they are doing the same nasty stuff to a good friend of mine after she lost her husband--a distinguished viet nam vet. This company is the lowest of the low.

  • Sa
      2nd of May, 2011
    +2 Votes

    I used to work for Financial Freedom in one of their customer service call centers. After spending many years, off and on, working for mortgage banks I can tell you that they are far the most ruthless, evil, cut throat, bloodless, cruel, greedy organization I have ever worked for in my life. They are a subsidiary of OneWest Bank, LLC. The CEO of OneWest is a weasel named Steven Mnuchin who doesn't even have the courage to post his photo on the company intranet site.
    The CEO of Financial Freedom is an anorexic middle aged witch named Michele Minier. The two VPs at the Austin, Tx office were two women named Carol Norton and Gail Baletti. These excecutives not only preyed on senior citizens, many of them war veterans, farmers, doctors and nurses, but they paid their employees peanuts and held these employees to a strict "code of ethics" that they themselves were not held to in anyway.
    On one at the Austin location of OneWest/Financial Freedom was allowed to discuss Christmas or the Fourth of July, openly. In fact Financial Freedom, whose logo is a Texas State flag hired an entire call center in India. These "offshore" employees as they were called were assigned the sole purpose of calling the bereaving relatives of their customers and telling them to call the customer service call center in Texas. The customer service reps in Texas were then lambasted if they transferred these calls to the Foreclosure department, or the tax department, or the payoff department.
    These executives know that in today's job market they could both abuse the employees and treat them like dirt and pay them inadequate wages and get away with it given today's economy and lousy job market. Further, they new they could make the big bucks by preying on the elderly and the infirmed. When I was rutlessly fired for being a big white middle aged male, who served in the USMC, I was stripped of my health insurance and they blocked my unemployement benefits.
    Steve Mnuchin offices in Pasadena, California. Michele Minier offices in Orange County, California. Carol Norton and Gail Baletti office and live in the Austin, Texas area. These people are stereotypical of the ruthless, greedy, unscrupulous corporate executives that are destroying the greatest country on earth. May God be with any and all who have ever worked or done business with this evil organization. Amen

  • Sa
      2nd of May, 2011
    +1 Votes

    Please excuse my typing erros but I quake with rage when I think about the evil that Steven T. Mnuchin and Michele Minier and Carol Norton and Gail Baletti have perpetrated both to employees and customers. They all should be in jail for treason as far as I am concerned.

  • Sa
      3rd of May, 2011
    +1 Votes

    P.S. In order to save their own ###, Michele Minier and Steven T. Mnuchin are changing the name of Financial Freedom to Reverse Mortgage Company. So they can continue to profit off the misery and desperation of their customers and employees.

  • Nk
      13th of May, 2011
    +2 Votes

    I lost both my parents last year and my dad had a a reverse mortgage with them. They are impossible to deal with. My sister and I are the executors on the estate and we could never get anyone to return phone calls and we couldnt get statements etc. Well 6 months after his death(last July) I guess the mortgage came due and we were suppose to ask for a 3 month extension ...which we didnt know we were suppose to . Again we were misinformed after his death and originally told we had a year from the time of death and then we could file extensions. The house went into foreclosure. We were fortunate that someone made us a offer on it...but we took a huge beating on it at a 420K valued home that we had to take 280K for just to keep it out of foreclosure. They were nasty to deal with and and heartless. I understand business is business but even the payoff amount is wrong and they have our feet to the fire with no way of getting out. I have a lawyer and my lifes mission is to make sure the public knows how shady they are.

  • Ff
      14th of May, 2011
    +1 Votes

    I used to work at Financial Freedom, and I was laid off when they were acquired by OneWest, so you might expect me to agree with you, but I do not. I was a the "bottom of the totem pole" for my tenure at FF, not through any fault of theirs or mine, but because I was a telecommuter and it's hard to get promoted to manager in such a position.

    I worked closely with Gail Balettie on several projects and never saw a hint that she was unethical. On the contrary, I found her to be a very decent person. Those who complain about her were probably the ones who were screwing up in the first place; she was famous for having no tolerance for fools. This intolerance was the driving force behind many improvements in FF's customer service and procedures, because she wouldn't put up with institutional laziness.

    I also worked with several members of the loan servicing department, which is the department that deals with customers and their estates. I do not believe that they are unethical either. What you have to realize is that mortgage law and mortgage servicing are so complex that it's almost impossible to get every rule in writing, because the rules are always changing. This is particularly true of loans backed by HUD or Fannie Mae. With such complexity, it can be difficult to have a smooth system in place to handle unusual circumstances like check refunds to a deceased borrower's estate.

    To the person whose husband's loan came due upon his death, I would add that during my nine years at Financial Freedom, their guidelines required loan officers to explain the dangers of having a non-borrower spouse. I am saddened that you may lose your home, but didn't you expect this when your husband closed the loan? It couldn't have happened without you removing your name from the title to the loan. Did you suppose that you were guaranteed to get a loan later?

    In response to the person who accuses the company of reverse racism... I was eventually laid off from my position, not because of my gender or skin color, but because the position I was working in was eliminated as part of the gradual shut-down of FF by its new parent company. Through no fault of its own, FF didn't have a decent parent company since around 2005, but that doesn't mean that the people working there were bad people. For the most part, I found them to be decent and ethical and hard-working. I also saw lots and lots of worthy people getting laid off. Stop complaining and get a life.

    I am not saying that FF was perfect. During my tenure there, I saw lots of institutional inertia, red tape and poor policy... but it was no worse than at any other company I've worked for. I am sorry for any customer that suffered poor service from them, but I still believe that it was a good company, and I was sad to hear that it closed soon after I left.

  • Te
      3rd of Sep, 2011
    -1 Votes

    This is a terrible scary company. Their dealings are "iffy" at best - at worst, in my opinion, nearly criminal. Don't let your parent or loved one get tricked into signing ANYTHING with this company. And if they do...get a GOOD attorney.

  • De
      28th of Sep, 2011
    0 Votes

    Never, never take a reverse mortgage from this company or any mortgage company. Reverse mortages were to help seniors but they have only created another way to make money for themselves. My mom passed away and four days later they were harrassing my family for repayment. Her house is on the market but we haven't been able to sell it. SURPRISE!!! Now after six months they are starting foreclosure proceedings. They are greedy, hearless ### and HUD should be ashamed of themselves for instituting and endorsing reverse mortgages.

  • De
      28th of Sep, 2011
    +2 Votes

    Oh, and one more thing. The fees that they charge are insane. It works nothing like a conventional mortgage. They are charging $250 a month for service fee, interest fee, insurance fee etc. And don't even get me started on the closing costs which were incorporated in the balance that is due. If my mom every knew how her children were going to be treated after her death she never would have agreed to the loan. She fell for the ### and believed their promises. LIARS...LIARS... Never take out a reverse mortgage with this company or any others. It's nothing but a shell game.

  • 2b
      11th of Oct, 2011
    +1 Votes

    Can lender in reverse mortgage stopped agreed payments because of needed repairs on property but keep adding payments to acct.
    Asked about 1 hour ago - Santa Rosa, CA

    Thus kept charging fees and interest that increased with the loan balance.The payments are held in a non-interest bearing account for disbursement after repairs. Then cause delays during repairs by requiring inspections(1, 2, and even 3) between different repairs. Delayed payments to the contractors and once told the contractor they were not authorizing the funds for the work completed because it wasn't a required repair. Then why did they tell him to do the work after making him submit 3 different estimates to meet their cost.After 10 months he did get paid. 6 years to complete the repairs that could be reasonably done in less than a year
    7years after payments stopped a yr after repairs were done, No payments. 71/2yrs she died, no payments but the interest and fees are still charged . It seems my mother took the loan out to fix the house up for Financial Freedom and she got 3 payments and enough stress to kill her. Her last words" I am tiered, I am tiered of it all"!

  • Lr
      30th of Jul, 2012
    0 Votes

    My mother in law was not acknowledged as a victim of fraud which Financial Freedom never verified the faxes which had an exact copy of her signature! The lender was notified of the fraud by us. Thinking they would investigate and refund the stolen money as required by law, we were forced to get a conservator-ship to speak with them. My mother in law suffers from dementia, and the power of attorney was considered invalid by them. Even though there was no money left or financial incentive we paid 6, 000 to obtain a conservator-ship. We than paid an attorney to speak to them, and provide overwhelming evidence of her being a victim of elder financial abuse. The evidence included forgeries of her signature, an admission under oath (during elder abuse restraining order hearing)he signed the fax requests, and fake statements showing omitted activity. She could not have known, and even though it was exported they refuse to comply with UCC 406 which allows for at least a 12 month refund. She is destitute living in a skilled nursing facility at the taxpayer expense and the lender Financial Freedom who never verified any of these transactions are trying to foreclose and are charging interest and fees on reported fraud:( the CFPB is now investigating our claims and complaint!! I cannot believe how unethical and immoral they behaved when they lend exclusively to the elderly:(

  • Sh
      10th of Aug, 2012
    +2 Votes

    My parents died with no will or trust and a reverse mortgage with FF. I found their paperwork on the reverse mortgage and called them immediately. I was sent paperwork which I filled out and sent back, stating I didnt know what I was going to do with the house at that time. I was trying to process the loss of my parents. Soon afterward, I received calls from people who could not speak English, nor pronounce my parents name correctly, much less my own. After speaking to an attorney I realized I did not have the funds to open probate, pay court costs, and pay attorney fees so I knew the house would have to be foreclosed on. Right at the 5 month mark, someone contacted me and said they wanted to buy the house! Since it isnt mine to sell, I called FF and asked if the potential buyer could talk to the payoff department. I was given a run around and this person actually told me they were not supposed to even talk to me without authorization...the problem is, who is supposed to give them authorization? My parents are deceased...and again, I have no money for a court order. The potential buyer finally got through to the payoff department but is now being told they can't sell the house to him. What the heck? How can they threaten foreclosure when there is a buyer willing and able? I dont understand.

  • Ja
      30th of Aug, 2012
    +1 Votes

    Financial Freedom is a company that don't care for the elderly they only care to take the money from the elderly. My grandmother died in august of last year. Financial Freedom obtained my grandmothers signature when she was in the hospital for three months and a rehab for another two. She also found out the her daughter was dyeing of cancer. To me it seemed that they didn't care that they where making a elderly women sign paper work while she was emotionally and psychically not able to do so . They didn't care that she wasn't in her right mind when she signed the paper work. We just found out that they started the foreclosure process a year ago with out even sending us the paper work or calling us to inform us about it to see if we could pay it off or make a payment plan. The lawyers that they have working for them are non caring law breaking people that only care about filling their pockets with the green.

  • Su
      2nd of Jan, 2013
    +1 Votes

    i am located in abilene texas and have a reverse mortgage with financial freedom. every thing that i read bad about financial freedom is true. i still am dealing with financial freedom over hail damage to my home. if you have a reverse mortgage with financial freedom and having problems contact me and lets exchange ideas. superbobc @

  • Ri
      7th of Jan, 2013
    +2 Votes

    My parents have recently taken out a reverse mortgage - At first I thought it was a horrible idea since we have had the home in our family now for many generations but after speaking to my lender they explained that my parents home be mine as long as I can pay off anything that the borrow. Im calculating that the home appreciation alone should cover over the interest costs so it is essentially a free loan for them - I'm glad that they now have more money for their retirement.

  • Ss
      10th of Jan, 2013
    0 Votes

    If you have a bad experience with Financial Freedom please email or phone me by 1/12/13. We can talk.
    805 402-3066

    I have been fighting FF for almost 8 years now.

  • Ss
      9th of Feb, 2013
    +1 Votes

    Hello Everyone,

    If you or a loved one has or had a Financial Freedom Reverse Mortgage I would love to speak with you in confidence.

    If you or a loved on is an employee or former employee of Financial Freedom I would love to speak with you in confidence.

    Check me out on my website.
    Email me at
    or call me 805 402-3066
    Best Wishes,
    Sandy Jolley

  • Su
      27th of Feb, 2013
    +1 Votes

    Trying to locate other Texas residents that are having problems with Financial Freedom a division of One West Bank. Lets talk. Bob telephone 325 692 4964 or fax 325 692 7703 or email

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