Consumer Complaints and Reviews
When my mother passed away May 18th 2008, she held a reverse mortgage with Financial Freedom. Upon her passing, our family home was left to me and since it was the home in which I grew up and also lived with her for a number of years, I decided to continue to live there... and so, continued the reverse mortgage in my name. What a huge mistake! I was 62 years old at the time and eligible to continue her reverse mortgage. About three years ago, I began experiencing financial difficulties and couldn't pay property taxes on time; therefore, Financial Freedom stepped in and did so, of course, without my knowledge. I have been doing a repayment plan ever since for the amount they paid to the Hopewell Twp. Tax Office.
I never received any cash payment or anything else from Financial Freedom due to the equity in the home being substantially lowered over time by my mother's term with FF. I just get to reside here, however, with no financial support from FF. Currently, I was paying back $107 monthly to FF, an amount determined by them until I received a letter recently saying that since I did not pay my second quarter property taxes and ultimately they did so in the amount of $1250. Property taxes are due quarterly; February/May/August/November. Without my knowledge, FF paid the 2nd quarter taxes prematurely stating that they were due April 1st... When in fact, taxes were actually due May 1st and I did, indeed, pay them on time. My check was dated May 9, 2016 (within the grace period). They completed disregarded the fact that I was not delinquent. They jumped the gun!
Now FF tells me that since I defaulted on second quarter taxes, the full amount owed comes due or I risk foreclosure, etc., etc. This, in fact, was their error. They will not work with me for another repayment plan. They say I do not have a surplus to pay back the owed amount in a timely fashion and are now threatening me with foreclosure. FF is strictly a collection agency and they use every intimidation tactic in the book to prey on senior citizens. It is unconscionable that they can get away with this! I can never speak to the individual from FF issuing these letters; she is never available and no one attempts to discuss and help rectify this situation for a positive outcome. It is total lunacy what I'm going through. Financial Freedom should be thoroughly investigated and ultimately banished!
I have recently received at least 3-4 badly misspelled letters from this company stating that my home was sold in a foreclosure sale. The first one put me in a panic. I have never ever been behind on my mortgage, HOA, or tax payments. Upon investigating I found that I don't have and never have been in foreclosure. I have notified them and told them to cease and desist sending me any further communications to me 8/24/15 at 4:34 pm.
My mother passed 14 months ago and I am the sole heir for her estate. I contacted her then-current reverse mortgage servicing company advising that I would execute a deed-in-lieu. They forced me to empty the house within 60 days and locked me out of the house. That company sold the reverse mortgage to another company in September 2014. When that company began the process of finalizing, it was learned that Financial Freedom erred in processing the title for my parents' reverse mortgage. As a result, we are waiting for Financial Freedom to correct the error. In the meantime, I have to pay insurance and taxes on a home that I cannot even access! There is yet to be closure in my mother's passing because of the emotional trauma of dealing with this matter.
Don't do it. Once the homeowner dies, Financial Freedom will attempt to haul anyone listed as a "beneficiary" into court and demand payment for the loan... if you are named in a will as a poa, guardian, anything.
Financial Freedom is a deceitful company. It takes advantage of our Senior Citizens and you can have your home taken from underneath you in a minute's notice. There are hidden clauses so if you DO sign with them, make sure you have a lawyer review it first. They are THAT bad! My mother had a reverse mortgage. She passed away and we contacted the company (both on the phone, in writing and even hired a lawyer). We told them we were selling the home and they told us all was 'fine..'
Well, we find out on a Thursday that they are foreclosing on Tuesday. Our lawyer tried to stop it. We even offered to pay the loan in full just so they wouldn't take the co-op from us... Well, they did. We are devastated. That was my mother's home!!! They told us they tried to call us but that they did not leave a message. Really? Then they said we should have checked our "Caller ID.." How insane is that statement? I can't stress this enough - do not use FINANCIAL FREEDOM for any of your banking needs. You will regret it like we are.
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Financial Freedom completed a reverse mortgage loan with Lydia ** July 2003. Due to her age, loan terms and closing took place in her own home. Appraisal was completed 8/2003 (photos, sketches, termite, well test). She was cited for repairs that need to be completed for HUD & Fannie Mae guidelines. Rider clause gave her 4/2004 to keep mortgage from defaulting. Appraiser made onsite inspection and photos taken on 8/04. Lydia passed away 11/04. I had a sales agreement and deed transfer that was completed 7/04 handled by attorney in fact (and now the executor of estate) and his attorney. They did not do a title search or advice me to. (The house had always been in the family.) If a title search was done the mistake Financial Freedom placing a lien on the mine instead of Lydia's property. (Lydia was still alive @ time.)
But unfortunately it wasn't discovered until fall 2005. (I had decided to buy Lydia's house for myself.) I needed to come up with Financial Freedom's pay off agreement (140,000 approx). Details were discussed between executor and Financial freedom. (I never had any contact with them or their lawyers.) I was using my free and clear property for collateral. It was the loan officer who made me aware of the huge mistake, advice me to hire a lawyer (9/2005). Financial Freedom, First American Title Co. and their army of attorneys have refused to reform mortgage, and I am getting closer to my home foreclosing. Realtytrac.com claims it REO (4/28/07). Previous month status was nod. Where do I get help?
Michele LernerMortgage & Real Estate Contributing Editor
Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.
More about Michele→
Financial Freedom is a Texas-based mortgage specialist that services reverse mortgages across the United States.
- Offers easy-to-get mortgages: Financial Freedom makes it easy for seniors to get reverse mortgages; consumers just have to fill out an online form.
- Range of online services: Consumers can service their loan online, pay it off or download needed documents.
- Dedicated just to reverse mortgages: Financial Freedom only handles reverse mortgages, so consumers won’t be confused by product offerings.
- Information: There is no information on the website about what reverse mortgages are or what their risks are.
- Complaints: Some heirs have made consumer complaints alleging that Financial Freedom demanded more money than was owed, took a long time sending paperwork or harassed them after their loved one’s death.
- Best for Seniors who want to enjoy their later years and seniors who have already fully investigated the advantages and disadvantages of a reverse mortgage.
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Financial Freedom Senior Funding Company Profile
- Company Name:
- Financial Freedom Senior Funding
- PO Box 85400
- Postal Code:
- United States