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Signed a 3rd Reverse Mortgage. We received $25,000.00. Was told to cash 60% the first year and the balance the next year. The next year we did not really need the money but were told to cash the balance because it would not be available anymore. We did. We signed the Reverse in August 17, 2017. Last month we received a letter telling us that our Mortgage had been registered in N.Y. (we live in Texas) for $615,000.00??? We had no idea that we had signed 2 contracts the day we took this Mortgage.
We remembered that the Public Notary Lady who was telling us where to sign, stopped to read a document and said "Humm! I have never seen one like that". She read a little and said "OK! It seems that you will not have to sign another contract next year" and we kept on signing, never seeing that it was a 2nd contract with $615,000.00 written anywhere. Today I tried to find out what is the amount we have to insure and was told by Longbridge $250,000.00 -- on this contract we owe 233,000.00 + $ 25,000.00 + interest & insurance. As of today June 21, 2019 we owe $300,000.00. No one will explain to us what this 2nd contract is and the reason for the $615,000,00 new mortgage. We are still trying to find out but they do not answer their phone.
The salesman was very friendly and nice in the beginning and when I told him I wanted to review the info he had given me he became borderline abusive and angry. He continued calling every day with VERY high pressure pitch. After my experience with them even if I were to do a reverse mortgage it would not be with them!
Michal called to get information and asked what type of home I had even though I had put manufactured home in the information page. Even though their website states they will do a reverse mortgage for a manufactured under certain conditions which my home meets, he stated they do not do reverse mortgages on manufactured home. They need to change their website if that is what they do.
This process was very time consuming. The person that called initially could have saved a lot of time before having me send numerous documents only be denied. I did the counseling, which I paid for. I also had an appraisal that came in significantly higher than I had anticipated. I received a conditional approval letter. I was told I had adequate income and credit score. I was hounded me to get everything done and called repeatedly. However, after she passed it on for approval and after faxing 31 pages of requested documents, I was told that I did not have sufficient income.
My taxes and insurance were paid. I did not understand this as a reverse mortgage doesn't require any payments and there was no risk of not being paid back. The loan amount was less than the appraised value. I also did not have a mortgage on the property. I was also denied after I could provide additional income and because I was joint tenant on a property owned by daughter. This property a cooperative, with cash in and cash out and she only pays a association fee. There is no mortgage and had cash value, but, because I could prove that my daughter paid the association fee that worked against me. They also wanted a DTE bill in my name? My son pays this for me. The bill is in his name which also worked against me. I want to share this information hopefully to save someone from the same frustration that I had. I was very disappointed dealing with One Reverse.
I had called Quicken Loans on a HARP program. The guy named Jacob appears not to have ANY life experience. After taking all my personal information said he could not assist me since he could not find if my lender was FMNA of Freddie Mac. Told me to look it up & then call back. Then this AM 8/24/17 I rec'd a call (never did I give a phone #) from someone at One Reverse Mtge who left no name or even when I called them to inquire what other options they had as she had stated on the VM. Was transferred to a Patrick **, in Florida who had a such bad attitude thinking just because I'm a Senior Citizen he could get away with it. I did call him on it which he denied-hopefully this was recorded. He asked the same questions that had already been provided to Kim the 1st caller-I told him so then he talked about the privacy act! WHAT BS. THESE PEOPLE SHOULD BE TAKEN OUT OF BUSINESS NOW.
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Worst experience that I have ever had. If they listened to me months of my producing documentation ad infinitum would have been resolved. They acted like they knew what they were doing and obviously didn't. Wes ** their fixer guy was pompous and didn't think thing through. By the time they got to the end, they had wasted almost five months of my time. If you own your own business stay away from them. They didn't follow section 31.86 rules and kept wanting more and more information that they disallowed. By the end the appraisal, counseling, and HUD file number expired. Worst company in the business.
What the consumer does not realize is that all the advertising out there is very deceptive and misleading. Saying a person gets to stay in their home does not tell the full story of all the charges that continue to add to the loan. There is an initial huge charge for PMI insurance and an annual charge. PMI insurance does not protect you, it protects the mortgage company but you end of paying for it and it continues to add to the loan amount on your home! Your choice of a company for your homeowner's insurance has to be approved by them. If they do not like your choice or it does not meet their approval, you have to go with their choice. If you have one late payment on your taxes or insurance, that is cause for default and they can start foreclosure.
When you apply, your credit is checked and scrutinized. Even if you currently have excellent credit, they look back to previous years and items that have zero balances and make you respond to everything. You truly are under a microscope. So if that happens in the application process, imagine what happens after you have the loan. They truly look for ways to get your home from you. Once you sign on the bottom line, you really are not the owner of that home. All the advertising that is done with famous actors, is totally misleading. Those people are not the ones that are using the reverse mortgage! They can say anything that makes the program sound wonderful without having any firsthand knowledge of the process.
I almost signed my home away in this manner until I got the loan docs and the first paper I was to sign was a blank form asking for my credit card number along with the three digit number on the back of the card. Plus a disclaimer on the bottom of the form that said by signing the form I could not dispute any charges they made! This was a blank form they told me was necessary because I needed to pay for an appraisal on my home. When I refused to sign it, they basically said that they didn't know what my problem was as this form was requested by all applicants. I even contacted an attorney who told me to absolutely not sign such a form.
I think that seniors are being duped into thinking that the reverse mortgage is such a wonderful product for them when in reality, it is only a wonderful product for the mortgage companies who end up owning your home in the end as they hold all the cards. Seniors think twice, don't fall for the false ads out there! Don't be duped and scammed into giving away your home because after all the interest and charges continue to accrue on your home, your heirs will not be able to sell your home and gain ownership! They will have no choice but to turn it over to the mortgage company.
People were very pleasant in explaining process and were very helpful and friendly. They made things very easy if I had to would deal with this company again. Financing fees were fairly reasonable. They were not as high as some places. Repayment options were ok too. Not as bad as it could have been. Gave lots of choices to choose from to find best option suited for me. The value was good. Received more than expected too. Was able to do things like pay bills and make repairs that needed to be done.
They are very friendly and work with you, the customer. They try to help you with your mortgage as much as possible and are quick and efficient about it. Their fees are very typical, not amazing but not horrible. They are average when it comes down to how much you pay for the service, but they make up for it in customer service. They have very easy and relaxed repayment options, and I enjoy them very much. I can choose to repay any time I want and they'll work with me to do it. High quality company and would easily recommend to anyone. For how much they work with you, it's easily a great value.
They were very nice and helpful. Really wanted to work with you and help you the best they could which is great. Helps give you peace of mind and we all need that and knowing you can count on someone is great. They work with you the best they can to help you get the right payment so we can pay them back as fast as you can. Very useful and we all need that cause it gets harder and harder to get by and every little bit helps and that is great.
Customer service was good, was able to get ahold of reps when necessary. Calling was sometimes annoying but responded via email very quickly as well. Helpful when trying to resolve issues that came up. Financing fees are part of the service that are not really appreciated but are something that has to be dealt with. In order to get the funds the bank needs to protect their interest and get paid costs involved in doing the mortgage. Repayment options are varied and can be structures in yearly increments. I chose the 15 year payment plan which worked for me and was reasonable to pay to avoid as much interest as possible. Was able to get funds out of the equity of our home in order to pay for medical expenses that were necessary and allows us the cash flow we needed.
I was fully informed every step of the way by nice and truly caring people. Every question I had was answered quickly and proficiently. The fees were the lowest of several comparable loans. In my opinion more than fair and completely explained from the beginning. I didn't have any problems as I had checked out several options and this was the lowest all around. Refinancing, selling the home or making the required payments when due. Other payment options such as a child refinancing into a conventional mortgage is also offered as a repayment option. Made my life easier as I know have more capital upfront to refurbish the home as I wanted. My plan is to roll it into a traditional mortgage in 5 years, with savings accruing until that point.
The customer service is genuine and complete. Knowledgeable staff help you through every step of the way. Almost feels like you did nothing at all. Financing fees were just right, not too high and there weren't too many. They earned the fee that was paid to them so I didn't feel subject to abuse. Diverse amount of repayment options leaves you without any questions about the future. Giving you a good sense if reassurance in the decision made. No question about the value. The decision speaks for itself in showing its true colors, a great learning experience on life tools and changes to help shape your future.
My customer experience is wonderful because the customer support is friendly and the best part is I don't have to wait. A representative help me with the paperwork and the processing goes smoothly. The financing fees are reasonable and I can be able to pay it back without the consequences of late fees and hidden charges. Also there's a customer support where I can get some help in case I don't understand the change in fees. The repayment is always negotiable because they will help you plan the payment dates and you will not be charged for late fees and hidden costs. Plus it help you to boost your credit score if you pay it on time. The reverse mortgage is a best way to get cash and the best part of all you can still keep your own home without the burden of repayment and extra costs.
We had a lot of questions when we first started looking into this. They were very professional and were able to answer all of our questions without hesitation. Their fees are very good and very competitive with the rest of the market. We did a lot of shopping around and had the best luck with them. I can highly recommend them based solely on their fee cost. There are a lot of different options for repayment. Their portfolio is excellent and very diverse and they are willing to bend to whatever it is that you are looking for. They gave me a very good value for our home. I was skeptical at first, but after their people came in and gave us our price, I was very happy with the outcome.
Helpful and knowledgeable. Able to give me the information needed. Worked well with me and was flexible with my schedule. Very nice people. The fees were affordable and satisfying, not too high and not too cheap. Definitely got what I paid for. Very affordable. Many repayment options given to work with your finances and were very satisfactory. Would recommend this service to others because of the repayment options. Has brought a lot of value into my life making it easier to make payments and allows me to save more money than I would with a regular mortgage.
My wife and I applied for a reverse mortgage in 2015 for property in Michigan that we had paid $160,000 for with cash several years previously. We were residents of California at the time, and the lender required us to become Michigan residents, which we did including driver's licenses and voter registration cards. I was 82 years old at the time and my wife is several years younger. The maximum amount of the loan would be about $83,000.00, based on her age. The HUD appraisal was for $160,000.
For some undetermined reason, One Reverse Mortgage also required Federal tax returns for 2013 and 2014. This was requested only after our account went to funding at the end of the application process (The IRS requires filing Federal returns only if you owe money or are due a refund, schedule 17). This request required about a month with H&R Block tax service, and much effort to find the information because it was archived. It is most difficult to understand why the tax returns were requested. I also had to explain why a duplex rental has two addresses, 365 and 367. I had to find a FedEX location to send in this information. And also why a credit report came up (I had inquired by phone from other lenders before choosing One Reverse Mortgage).
After waiting for over a month and no communication, I finally called the person at One Reverse Mortgage who had represented us, and he found that the loan was cancelled. He was always very nice and helpful, and apologized for what had happened. One Reverse Mortgage did not notify him or us directly of the cancellation. I would give One Reverse Mortgage less that a one star rating if I could. The loan process was very time-consuming, difficult and most unpleasant.
One Reverse Mortgage expert review by Michele Lerner
One Reverse Mortgage is the largest reverse mortgage lender in America. It is best known for using actor Henry Winkler in its infomercials.
Well-known: As one of the best-known and largest companies in the industry, One Reverse Mortgage made a name for itself by using actor Henry Winkler in its advertisements. It is one of the largest mortgage companies in the United States and is therefore likely to provide appropriate services.
Educational information: The education section of One Reverse Mortgage’s website offers a wealth of information to help consumers make informed decisions.
Payoff of existing mortgages: One Reverse Mortgage will allow seniors to take out a reverse mortgage to pay off their current mortgage, giving consumers more options.
Loans: One Reverse Mortgage doesn’t offer property tax loans or home repair loans. They only offer HECM loans.
Website: It’s not as easy to find information and application materials as on some other websites.
Best for: Seniors on fixed income.
One Reverse Mortgage Company Information
- Company Name:
- One Reverse Mortgage
- Year Founded:
- 9920 Pacific Heights Blvd, Ste 350
- San Diego
- Postal Code:
- United States
- (800) 401-8114