All Reverse Mortgage, Inc. CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
02/12/2022 Yes
  • Mortgage
  • Reverse mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • NC
  • 27501
Web Older American
Yesterday we were researching All Reverse Mortgage about Reverse Mortgage financing so we went online to the calculator ARLO to see what our property value is. Today I get an email from XXXX XXXX at All Reverse stating that they did not make loans in my state of North Carolina and referring me to another company. This is false information because they do make loans in North Carolina. When I responded to the email I asked XXXX XXXX why he lied to me about making loans in North Carolina? His response was " we do plenty of loans in North Carolina but because you have a XXXX XXXX they could not make me a loan ''. This too is a lie because about two years ago they were going to make me a reverse Mortgage loan and payoff the XXXX XXXX we got all the way to scheduling the closing when we backed out because All Reverse wanted to take over {$50000.00} and hold it in escrow for what they told me at the time was property taxes, I explained to them that I pay my property taxes every year and there was no need to hold out that much money! They insisted that they had to hold out the money which would have given us basically nothing while owing them over {$100000.00} dollars, at that point we backed out of the loan. They told us to wait until the XXXX XXXX was paid off and re-apply which is why we were checking into the property 's value now for a possible re application in the fall after the XXXX XXXX XXXXs paid off in XXXX of 2022, three months from now. The bottom line is that this lender is not reputable and should not be designated as a government endorsed lender, they are dishonest and corrupt and should have their credentials pulled, I'm sure we aren't the only ones that they have misled!
08/16/2018 Yes
  • Mortgage
  • Reverse mortgage
  • Trouble during payment process
  • CA
  • 94585
Web Older American
On or about XX/XX/2018, the complainant discussed receiving a reverse mortgage form All Reverse Mortgage staff of XXXX County, CA. As part of the mortgage she was required to set-aside {$19000.00} as a balance that she would receive out of the loan. After the loan appraisal was conducted, it was determination that a portion of those funds needed to be set aside for roof repair work, and she would receive the balance. The actual roof repair only cost {$12000.00}. She was promised ( at least twice ) that she would receive any residual balance ( promised to have originally been {$6400.00} ) and it would be remitted and wired directly into her checking account. At closing she provided check for this purpose. On approximately XX/XX/2018, the check for the roof repairs from XXXX Reverse Mortgage Servicing Department ( the mortgage company that the mortgage was sold to ), was received. However, the remaining repair set aside funds were never sent and were subsequently transferred to the complainant 's available line of credit instead of being returned to her as promised. When questioned about this matter, XXXX said that because she took a line of credit, that she is not due any residual funds as initially promised by All Reverse Mortgage. This statement was never clarified.
09/18/2018 Yes
  • Mortgage
  • Reverse mortgage
  • Trouble during payment process
  • IL
  • 60420
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