So glad to hear that you enjoyed your experience. We'll be sure to let Karen know about the kind words. Thank you for your patronage and enjoy your retirement!
Original review: Sept. 29, 2016
I had a wonderful reverse mortgage experience dealing with Live Well Financial. My counselor, Karen **, was awesome in her approach to customer service. She never strayed from her professionalism although I'm sure I asked many "dumb, stupid" questions. I am truly refreshed to learn there is customer service and common courtesy left in corporate America.
Don was very helpful and always responded to our questions. All the contacts were friendly and helpful. The only person who appeared rude was the appraiser who came out. We have met many appraisers and had refinanced in the past. They were professional and honest, yet friendly.
Everything about working with Live Well was extremely professional. Desteney ** couldn't have been more helpful. I've employed hundreds of people over the years in my insurance business and never had a representative that was the equal of Desteney!
We refinanced our home with Live Well recently and we are very happy with the outcome. The two young men that we dealt with was very polite and knowledgeable. We lowered our payment by almost $250.00 and our interest rate by around 3 points. The loan was done in a timely manner and I would recommend this company to a friend.
I got Live Well Financial to help me out with some finances I had. They seemed really helpful and their rep was excellent in everything that he helped me with. He also answered all my questions and the guidance I got was 100% great. Overall, they took care of everything and went smoothly. My experience was very good.
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I got curious about reverse mortgages so I sent in a request information online but nobody responded and I waited. Evidently, Live Well Financial responded. I had AAG also contact me. At first they said, “We’ll beat them and you won’t have to wait a month to pay your closing cost upfront and you don’t have to have $100 balance.” They called me back in a few days saying, “Go with Live Well because we can’t touch it.” So I went with Live Well and I liked the increase in value they guarantee on my property. The rep I talked to was really sweet. I told her, “Well, according to these papers they sent me, when I’m 100 in about 30 years, I’m going to have a half a million dollars valuation. I’m going to take that out and go on a trip.” She was a real pleasure to deal with. I've also recommended Live Well to others.
On the other hand, we're starting to get annoyed because their underwriting department needed so much cotton-picking information. I got no debt and I have a substantial amount of money stashed away. They wanted to know every little detail like my real estate taxes. And they had to have the treasury office at the county contact these people. I almost said "forget about it."
I wanted a reverse mortgage because I own the house outright and had all that money tied up in there. Then when I called Live Well Financial the first time, I was very pleased with the gentleman I dealt with although he then left the company. Then another gal took over and I was also happy with her. Everything went very well.
I kept looking at two different mortgage companies and they sent me literature but then the information that I was looking for wasn't there. Then one day, I happen to read about Live Well so I called them and that’s when it started. They followed through all the way with everything that they had promised. So far, everything’s been good.
Factual basis uncertain
I was in the process of a reverse mortgage for 4 months. I provided all the documents that they wanted. I told them from the very beginning that I was retiring - that my income would be about $2,400 a month. My house is worth twice as much as the loan that they were going to give me. My out of pocket so far was $125 plus a appraisal of $265. I was approved by the underwriters and upon my credit check I had a fair credit score but it all failed because my daughter and her infant twins lives with me. So I was denied. Now that I think about it I'm glad I didn't go through with it because I do not like the government telling me who can live in my home.
I did a reverse mortgage with Live Well Financial. I also considered 2 other financial institutions who advertised on the internet. Live Well was very timely in their responses. The best thing about their quote was that it was the lowest and they did not change throughout the process. The other 2 financial institutions came in higher, then lowered their quote to try and match Live Well. Other 2 institutions had a sales person contact me. Live Well had a financial expert. Very happy with the results.
We were very pleased with our Loan processor, however, the choice of Title and Escrow were overpriced. I wanted to use my own choices, but they talked me out of it. There were a lot of unforeseen problems during the processing that we needed to take care of and overall, the lender did all they could to help us. If I did this over again, I would insist on using my own Title and escrow.
Live Well made the entire process of consummating a reverse mortgage both understandable and easy. They first made sure we understood how a reverse mortgage works and how it could benefit us. They then put together a team that was with us through the entire process. They did what they said they were going to do. At the end of the day they helped us to get our financial house in order, completely eliminated any mortgage payments, provided additional funds to pay off other bills and put our minds at ease that we would always have our home to live in without having to worry about a mortgage payment. It was easy breezy. Try it, you will like it.
It is my opinion now that reverse mortgages are the greatest abuse of seniors to ever come along. An exploitation of man-made inflation of real estate for the benefit of future profit for the bank when the principles die. A rape and land grab, misrepresented. Statements made by all of these companies, as well as in the advertisements, are euphemisms. We DID have to qualify. The new lien owns our home not us. All documents benefit the lender. We are controlled, money we "qualify" for is less than the appraisal and difficult to acquire. Even now we must jump through hoops to get "our money" from companies we don't know in various parts of the country. There were NO introductions, no tutorials, we've been handed off from one entity to the next unexpectedly.
The fact that this option became a financial necessity is my life's greatest regret. We are glad to have this help with our situation but we feel cheated at every step. Again, we are benefiting from this cash but it comes with a total absence of trust in you and what you put us through. I ended up in the hospital with a stroke from the stress and disillusionment.
Factual basis uncertain
Live Well Financial is a nightmare!!! My parent passed soon after getting a reverse mortgage with these crooks and I have been left dealing with one idiot after another at this company. I called to let them know of the passing of my parent and the response was at 1pm in the afternoon, that I had until 5pm that day to pay the rev. mort. off or have the house listed. 4 hours is what they gave me!! Forget the fact I was grieving the loss of my only parent, but to be told to pay such a large amount of money in 4 hours is just ridiculous.
I have had issues with this company every step of the way. I've had to submit paperwork multiple times via fax that they claim they don't receive. I tried to get them to appraise the house because what they were asking for back isn't even close to the home's value. I have tried FSBO but no one comes close to the reverse mort payment. Not to mention I still live in the home with my minor children and have no place to move to because I can't sell the house for what they want and hope to get a little over for relocation costs. These crooks will get the house I've lived in and raised my children in for 25 years FREE AND CLEAR. They won't work with me on the price so I can stay here, so my family can stay here. The place my parent busted ass for, to keep a roof over our heads all these years. How do they sleep at night?
A long costly process resulting in a denial. I was "qualified" for income at the inception. I would receive $12,700 pay out the first year--which would more than cover credit card debt. I checked their tally with other lenders, and they modified with a $10,000 credit in closing costs. That would have been fine had the rest of their assurances (we'll close next week, then the next) proved true. I paid $550 for FHA appraisal with Coester (Live Well's LRES appraiser sounded like a belligerent drunk over the phone). Required counseling was $125. My mortgage payment history is flawless, and I am not behind on cc payments.
Final day was set July 1, 2016, but the process was strung along another 20 days with assurances of being very close to finishing. The final message: You need $100 more per month to qualify. I'm asking for a return on my investments. I am disgusted at the waste of time, cash, and patience. Please save yourself grief and go with another company. I'm not a whiner, but this was 11 weeks of planning, gathering, submitting and resubmitting paperwork, signing documents, waiting hours for returned calls--dealt with numerous fatuous requests from what must have been English-challenged underwriters who didn't know the difference in a W2 and a tax return!!! Just one very costly, high stress time that at 63, I could do without.
Factual basis uncertain
I had been in this reverse mortgage with Live Well Financial for about 2 months. I was sending documents and paperwork to them constantly. Biggest con job I ever saw and now here I sit trying to start over again. After being assured everything was alright I was dumped on June 9, 2016. I had already paid 295 toward an appraisal with LRES which was difficult. The appraiser that was sent out by Live Well was an idiot. Mine is a manufactured home and he reported that it wasn't anchored down. Well does he know, he never went up under it. I want my money back.
I am 71 and wanted to stay in my home and applied for a Reverse Mortgage with Live Well Financial. I was told and sent confirmation that I would realize $12,000 in cash at the close and not have a mortgage payment. I need the cash to pay off all of my debts so I could live on my social security. I received no cash when escrow closed at all and my statement showed that I would received very little in the months and years to come. I chose to get rid of the reverse mortgage and go back to a payment, while taking on a tenant to help with bills. At least with the new loan my debts are paid. Terrible experience overall.
Factual basis uncertain
In my opinion, If you acquire Live Well as a reverse mortgage company, you will not be living well. Our home received storm damage that exceeded $10,000. Therefore the insurance company issued the check in our and Live Well's names. It is always up to the homeowner to initiate all communication. Live Well will keep your money (forever?) making interest money off of your funds.
There is specific communication which must be expressed to them to cause them to release any funds. Pictures of progress is not sufficient for them to release funds. You have to do it their specific way or they will stretch out any disbursement of funds (even though the homeowner has funded the contractor out of their own pocket), so they can use your money to make interest money, which they do not share with the homeowner.
I have been in a refinance with this company for over 45 days now. The company has not returned any calls or emails regarding the approval or disapproval of the loan. The loan should have closed 2 weeks ago. I have paid for an appraisal and money towards extending the lock rate. The company continued over and over requesting copies of documents they already had weeks prior. I still sent them. Some three times. Till this day I have not heard a verdict on my loan. I have had to start over with another company. Very frustrating and the fact I have to pay once again for another appraisal out of pocket because of this company's failure to communicate with its customers and its no response to calls and emails. This company is bad business all the way around.
Factual basis uncertain
I am working with EagleBay Mortgage (ML ID # **) and Live Well (ML ID # **) since 1st week of April 2015. Provided all requested documents and proceeded locking my rate only after my credit score and my LTV details are calculated. Locked loan at 3.625% on Apr 15th, later they assigned an appraisal who has written all incorrect details in the report. The Appraisal person selected by LIVE WELL has completely missed counting 1 bedroom, after I have notified that they missed it, they just said "sorry the door was closed. That's reason we did not count." Also the appraisal lady intern warned that she is not going to change the price because of her mistake. I never asked to change price but it's their job to re-evaluate the actual. Later almost a month later they came back to me saying not proceeding with the Refinance. It's complete waste of time with Live Well and Eagle bay. I would not recommend them for refinancing. Thanks.
Factual basis uncertain
In May of 2014, my brother, a senior citizen receiving social security benefits, applied for a reverse mortgage with One Reverse Mortgage. One Reverse Mortgage sold or assigned the mortgage to Live Well Financial. In January of 2015, Live Well Financial informed my brother that he would have to pay $1,700.00 in real estate taxes, and undergo counseling or the entire mortgage (over $196,000.00) would become due and payable.
My brother paid Live Well Financial the $1,700.00 by certified check and underwent counseling as required by Live Well in March 2015. On May 20, 2015, Live Well returned his $1,700.00 check to him, and said they were "going to look at other alternatives." On May 26, 2015, Live Well Financial served my brother with a mortgage foreclosure complaint, that had been filed in the courts on April 20, 2015. It seems Live Well Financial isn't interested in negotiating a fair deal with my brother, he just wants to foreclose and receive a windfall at its mortgagors' expense.
My husband and I decided that since there was nobody to leave the house to, we might as well use some of the money for some things that we wanted to do in life. We went with Live Well Financial due to their friendliness. I emailed the loan officer back and forth and she called and was very professional and polite. She answered all the questions we had. We appreciate their guidance 100%.
I had applied at one other company for a reverse mortgage and didn't have very good luck with them. Then one day, I had some spare time and I was just messing around on the computer and I thought, I'm gonna see if there's anybody else that does reverse mortgages. Live Well popped up and I thought to give them a try. I got a hold of a very nice young man who was very courteous and friendly. He told me step by step everything, gave me calls and told me how it was progressing.
The people that I talked to at Live Well Financial seemed more professional compared to other companies. They knew what they were talking about and were friendly. They had very good service. The lady I worked with was outstanding. She went out of her way to make everything easy. We had the counseling and it went well, so everything was fine. It was a good experience and what minor things that came up, they took care of immediately so I'm happy with it.
I was doing research for a couple of years on reverse mortgages then had to wait until my wife became age eligible. I was impressed with the Live Well Financial guy that I first talked to who wasn't pushy even though it seemed like Live Well Financial was not as large as some of the other companies that were offering reverse mortgages. The only thing I was disappointed with is that the guy that did the appraisal on the house gave a figure that I think was low. We had had an appraisal done a couple of years earlier which was higher. But otherwise, the people from Live Well Financial that I had to deal with via phone and the internet were really professional. I would recommend the company.
All went well with Live Well Financial. They let me know what was going on and if I had a question and called them, they gave me answers.
We had been planning to do a reverse mortgage for some time and just bought a new house. So that seemed to be the time to go ahead and make that move. I dealt with two loan officers from Live Well Financial and had good interactions with both of them. They were always knowledgeable and helpful. The only thing that disappointed me was I had a good relationship going with the first loan officer I was working and toward the end, he disappeared from the scene and nobody gave me an explanation why. They just told me he left so I'm dealing with somebody else now. That was disappointing but it didn't turn out to be a problem because the guy who replaced him did very well, also.
We tried a mortgage company to see if we could qualify and they would hardly even talk to us. But then I found Live Well Financial on the internet and we're very satisfied with our experience so far. Everything's been good and my wife said Howard was very good to work with.
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→
Live Well Financial has been offering reverse mortgages and other mortgage products since 2005. It originally only served customers in Virginia, but now services mortgages and reverse mortgages across America.
- Provides HECM mortgages: All reverse mortgages are insured by the federal government and are provided according to government rules.
- Easy to navigate website: Customers looking for reverse mortgages can easily find information and/or apply online.
- Good variety of programs: There are several mortgage programs available, allowing users to find the reverse mortgage that best fits their needs.
- Information: Seniors may not be clear on what types of mortgages are available or what the terms of service are and will need to call for more information.
- No non-HECM mortgages: Seniors who are looking for anything other than the standard reverse mortgage (i.e. a home-repair reverse mortgage) may not find it.
- Best for Seniors on fixed income and seniors who want to enjoy their later years.
Live Well Financial Company Profile
- Company Name:
- Live Well Financial
- Company Type:
- Year Founded:
- 1011 Boulder Springs Drive #420
- North Chesterfield
- Postal Code:
- United States
- (855) 973-0693