Financial Freedom Senior Funding
ConsumerAffairs Unaccredited Brand
My father had decided to take out a reverse mortgage during the time my mother had passed away. This started in Dec 2007, he finally gave in by July by getting sweet talked by a lady who bought him dinner. I was unaware of the time what was taking place at the time. Now, my father did not share this information with others nor did he discuss the consequences it will have on us. He had met a lady a couple of years later, at some point she talked him into a large sum of money. My dad had told me that he had been trying to get the money back. Never happened, and he stopped pursuing this.
Nov 8th 2017, my father passed. With that the threats started. I had like others hired an attorney to keep the house, only to find he owed $277,000 to these guys. My nightmare had only begun. I needed to make life adjustments, I was harassed numerous times a day by fishy realtors. I'm so mentally beat from this, I found nothing could be done except to sell and leave the state to start a new life. These people are scumbags. My dad was not in his right frame of mind, I had no idea what was happening until I was able to get into my father's banking. This has put me who had been at my same job for 16 yrs, a 5 yr old son to raise with an uncertain future.
I'm not going to get into lots of details here, but suffice it to say that dealing with this company (that holds the reverse mortgage on my now-deceased father's house) has been extremely frustrating. What type of company initiates a call to you, makes you wait while a recorded message plays, and then puts you on hold? And all this on the 6 month anniversary of my father's death? Getting put on hold by them after they've called me has occurred more than once. Most of the time, it's when I am at work, and am in no position to wait for them to pick up. And then they don't call back, nor do they ever leave a voicemail message.
Ever since my father died, it's been stressful and difficult trying to get them to send me documents on a timely basis. One thing they have done extremely quickly was to initiate foreclosure proceedings. They are held by C.I.T. bank, but seem to be the front operation for the bank and bank's attorney now. And each time I've spoken to someone at FF, it seems like they are no better than an entry-level employee in a call center.
So before my mother passed away in 2010 my parents did reverse mortgage with FF so that my dad would be better off no mortgage. He just paid taxes and homeowners insurance which he did. Not sure of the date but about 3 yrs ago approximately he started receiving letters in the mail that he owed them money so he called them because he had never paid them anything up to this date. It was over his homeowners insurance. They said he didn't have any. My father told them he did. "Ok have your insurance company, fax it to us." So he did and it continued. He had his insurance company fax and fax and fax (you get the point). So then he spoke with someone that told him everything taken care of, don't worry, and he had to pay them 50 some dollars for the ins coverage they put on the home until they received the fax from his ins co. So my dad paid that and the person he spoke to said, "If you get more letters just ignore them."
So then my father kept getting letters which he didn't understand in the first place so he just piled them up. They sent him a bill for $800 for homeowners ins they provide on the home which he had his own, then the bill for attorney fees and the letter said they would be selling the home in August 2016 so my dad gets attorney to help. The attorney said he is having a hard time figuring out what has happened and what is going on and he is a well educated man with a degree. My dad has been a very hard working man and he didn't take care of things. My mom always did that. So this was just over his head and they told him not to worry!!!
Well yesterday the attorney called and said they sold the home to Fannie ** so if he wants to stay in his home he will need to come up with $5000 to cover costs or they will pay him $5000 to be out in 30 days when he has done everything that was asked of him in the reverse mortgage. I truly believe they take advantage of the elderly. So sad. Very truly what's my dad to do?
My mom had a reverse mortgage with FF since 2007. When she passed away in October of 2015 I contacted FF to see what to do. I was told at the time until I was named by the court the executor of her estate they could not share anything with me. I hired an attorney in December to start the process of being appointed executor even though the will was very clear. Long story short, I made several more calls to FF informing them of the situation that the courts had not yet made me executor. I proceeded to spend approx. 25k in repairing the house, pay all the household bills to include the taxes in December.
I received a letter stating the house was going into foreclosure so I once again called FF to inform them I was still waiting on the courts. They told me there was nothing they could do that the house was in foreclosure because I did not request an extension. I asked at that time how do I request an extension and she told me but it could not happen until I was the executor. Needless to say I was not appointed the executor until approx. 3 weeks before the house was sold on the courthouse steps. The house sold for $150k and is now on the market for $375. I lost my inheritance - still do not understand how this could happen. FF told me they record their calls so they should have records of my numerous calls.
I faxed the will and the letter from the judge indicating what she was waiting on before making me executor so FF was very aware of the situation. I requested several times for the President's or a name of an executive with this organization and was told they did not know. Very poor service. For anyone looking to do a reverse mortgage I would highly recommend not using Financial Freedom, Reverse Mortgage Specialists.
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!
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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.
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?
Financial Freedom Senior Funding expert review by Michele Lerner
Financial Freedom is a Texas-based mortgage specialist that services reverse mortgages across the United States. Currently, the company is not accepting new clients, but existing customers can continue to access their account online.
- 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.
- Best for: seniors who are already working with the company.
Mortgage & 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.
Financial Freedom Senior Funding Company Information
- Company Name:
- Financial Freedom Senior Funding
- PO Box 85400
- Postal Code:
- United States
- (800) 441-4428