ComplaintsforFinance of America Reverse, LLC

• Initial Complaint

  06/20/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I got this in the mail. I dont need or want their services. I want them to STOP sending me anything

  

  Business response

  06/24/2024

  Hello,
  
  Please see complaint response attached herewith.
  
  Thank you. 

  Customer response

  06/25/2024

  I am rejecting this response because:   I am unabke to view or open the responce. I have a senior citizen phone and cant please respond without havibg to open or download 

  Thanks 

  

  Business response

  06/25/2024

  June 24, 2024

  *************************

  ********************

  ****************

  Re: Do Not Contact Request

  Dear ******************:

  I am writing in response to your complaint filed with the Better Business Bureau (BBB) date June 18, 2024. Thank you for bringing your concerns to our attention. We strive to provide our customers with the highest level of service and apologize for any inconvenience they may have experienced. We can confirm all communications regarding solicitation have been ceased as of June 24, 2023. We do hope that this response has helped bring clarity to the facts associated to the concern.

  Sincerely,

  Customer Relations ********************** of ********************** Companies

  ****************************************************************

  Corporate Headquarters: ************************************************

  Customer response

  06/25/2024

  I am rejecting this response because:   

  I was NEVER a customer with this business as they stated in their responce. So they need to get their facts straight.

  

  Business response

  06/27/2024

  We can confirm all communications regarding solicitation have been ceased as of June 24, 2023.

• Initial Complaint

  05/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Tried to make a payment on line and by phone

  

  Business response

  05/17/2024

  Hello,
  
  Please see complaint response attached herewith.
  
  Thank you. 

  Customer response

  05/20/2024

  I have reviewed the business response and accept this resolution. 

• Initial Complaint

  12/14/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  September 2022 we had allot of hurricane damage from ***. It took hours and hours of back and forth- 8 months worth to finally get out insurance proceeds to repair the house. In July of 2023 my partner passed away. I am on the deed and supposed to inherit the house. The repairs are not yet completed as I was in the middle of having them done when he passed. The first letter I received was a sympathy letter and included this is an attempt to collect a debit. I was soon bombarded with letters from Finance America Reverse -HECM Lender with what do and asking me to call their office. I called and called. Their computer system would pick up and tell me this was an attempt to collect a debit and they were able to identify my account information. I have only been able to reach a real person once. They call every other day and it seems to go right to voicemail. The one time I spoke to someone she told me the loan was no longer there and it was in foreclosure. She was not able to give me a number to call and talk to an attorney. This is a nightmare. This past week I started receiving solicitations in the mail and phone calls wanting to help me with my foreclosure. How embarrassing and humiliating. I have not received anything from court saying it was in foreclosure. I have not received any calls from an attorney or anyone telling me what my options are. I completed the forms on their website and emailed them twice last week and have had no reply. Are they just going to surprise me and take my house? I have *********** and am disabled. This is just a nightmare. I'm in technological h*** with their phone system and trying to reach a very uninterested and unempathetic group of people. Had I known it was going to be like this- I never would have suggested he do this.

  

  Business response

  12/22/2023

  Please see our final response attached herewith. 

• Initial Complaint

  05/02/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This company continues to increase it's fees and interest for an 80 year old woman, now $2250 when it was $300 initially. Our country's interest rates are decreasing and when asked customer service to justify i receive no response. I know she has an adjustable rate but Fees and interest have increased EVERY month sometimes as much as $200 each month without ANY explanation/justification. I'm hiring an attorney but can use BBB help. Do NOT let seniors sign up for this, total scam. When asked to produce legal binding documents my mother signed, received no response! They are stealing my mother's money! No wonder why they receive 1.8/5 stars. They are crooks and do not deserve any stars. Please help stop this senior abuse. This company is unethical charging 7.8%

  

  Business response

  05/02/2023

  Finance of America Reverse LLC (“FAR”) sincerely apologizes for the inconvenience that the customer and her mother have experienced.  We are unable to locate the account based on the information provided in the complaint.  We encourage the borrower to contact us directly at *****************@financeofamerica.com so that we can better assist with her account-specific concerns.  

  Thank you!

  Customer response

  05/03/2023

  I am rejecting this response because:   the company has sent me a 2 day mail written response  that i reviewed briefly and reject as well. I will take further action with BBB and the company to get a refund of the monthly increases thank you

  

  Business response

  05/05/2023

  We again request the complainant to send a detailed email to *****************@financeofamerica.com so we identify the account and provide assistance.  

• Initial Complaint

  04/19/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  see Attached document

  

  Business response

  04/30/2023

  Finance of America Reverse LLC (“FAR”) sincerely apologizes for the customer’s inconvenience.  A direct response will be sent to the customer.  The documents that the customer signed when he obtained the loan state that the customer agrees to pay and procure property insurance.  FAR contacted the customer when it did not receive current, up-to-date proof of insurance.  The solicitation of home warranty was not sent by FAR.  It was sent by a non-affiliated third party.  

• Initial Complaint

  04/03/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Received a letter from the company dated November 30, 2022 requesting extension documentation in order to defer inherited reverse mortgage. The documentation according to the letter was due March 6, 2022. The extension documentation was submitted February 17 via email and confirmation was received. on March 24 after speaking with customer service I was notified that the foreclosure procedures on the reverse mortgage, were initiated February 15, 2023. The lead supervisor Bill advised me that the death certificate had never been received which was a falsehood. I sent him proof of that document being received November 17, 2022 also stated initially that the extension documentation was never received I showed him proof of receipt on 02/17/2023, and then he stated it was received too late that the foreclosure procedures begin two days prior to that. This company failed to notify me of any such proceedings. I was never notified of the receipt of this documentation as having a deadline of February 15, 2023. I find to be negligent and of malicious intent to foreclose on this property on the part of finance ofAmerica first LLC. As a result, the loan has been referred to in attorney I have been assessed for closing penalties attorney fees, and I’ve been erroneously accruing due to the negatives in malicious intent.

  Customer response

  04/03/2023

  More documents 
  please note the required documentation submitted was before the letter was received dated November 16 from finance of America reverse, requested letter of intent 

  

  Business response

  04/17/2023

  The customer will receive a detailed response.  Finance of America Reverse LLC (“FAR”) is required to comply with the HUD’s servicing guidelines.  The loan was referred to foreclosure because we did not receive all the required documents along with the letter of intent.  After FAR received all the documents, it did grant an extension to allow the customer to sell the property and pay the loan in full.  The foreclosure is currently on hold while the loan is being reviewed for a second extension.  

  Thank you!

  Customer response

  12/26/2023

  REVERSE MORTGAGE LOAN #******* ON 02/17/23 F.A.R. misdirected FSBO (for sale by owner) loan deferral documentation sent via email with a return receipt confirmation. ON 02/28/23 the above referenced loan was referred for foreclosure due to misdirected deferral documentation. As a result the loan has been assessed attorney, inspection and preservation fees in assess of $5000. F.A.R. also owes me for overpayment of Property Taxes in March and December of 2023. Both times these payments were unwarranted. F.A.R. has received numerous other complaints of this same nature along with other fines for misconduct totalling $2M imposed by the *** in 2020, Since the end of March I have filed countless complaints with F.A.R. I demand an immediate refund of ALL UNSCHEDULED FEES AND THE INTEREST ASSESSED ON THESE FEES

  

  Business response

  01/10/2024

  Please see our final response attached herewith. 

• Initial Complaint

  10/25/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Loan # XXXXXXX, Loan Type HECM, My husband and me had a Mortgage, we have been asking to Finance America to send us all documents my husband and I signed some months ago. We have been contacting the company some times, requesting all the documents, and they were always saying we will get it in some days. WE have not received anything. We just figured out than the verbal agreement is now completely different to the offer we were talking about . My husband is almost 80 years old, he is in wheelchair, three mortgage officers came home with lies, surrounding him. We need all the documents, to start an investigation about all this process.

  

  Business response

  11/23/2022

  Business Response /* (1000, 5, 2022/11/02) */ We apologize for any delays in sending the requested documents. Our loan records indicate that on October 20, 2022 the origination documents were emailed to the complainant's daughter, who is authorized on the account. If they have not been received, we asked that they contact us directly at *****************@financeofamerica.com

• Initial Complaint

  08/15/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My wife and I recently closed a Reverse Loan line of credit mortgage with Finance of America Reverse. While it was a very convoluted process, it was not the FAR's fault as the employees are friendly and above board--it is more the FHA's involvement and all of their silly rules. We finally signed the loan documents almost 90 days and two appraisals later with a notary closer that came to our house and left use with 190 pages of paper that is turn both ways, upside down and wrong side up with over eleven paper clips. (All pages blank.) All that I am looking for is a digital copy of the EXECUTED mortgage. Every FAR employee (including the loan officer and people at Boston Title) seemed very startled at the request but have valiantly tried to get them to me using their company's out-dated technology methods. (You can't email a 190 page document with people's Social Security numbers and much other financial information.) I patiently waited until I got the first statement today and signed up for access, and much to my surprise; no loan documents are accessible on the web site.) For estate purposes, our lawyer needs a digital copy of the final, executed loan documents. I have been involved over a hundred real estate transactions and have never before had to go through so much rigamarole to get what should have been provided in the first place. I reviewed all 190 pages of the loan in the hours before it was closed at the notary's web site, but it would not allow downloading. A digital copy of all 190 pages of the final, executed mortgage would be greatly appreciated. It is worth pointing out that FAR's technology is overly protective in as that getting things like copies of driver's licenses, Social Security cards, etc. took repeated efforts because of the company's out-dated, over protective technology. I know of at least one competing reverse mortgage lender that has a web site that facilitates the sharing of documents between their loan officer and customers.

  

  Business response

  09/29/2022

  Business Response /* (1000, 5, 2022/08/23) */ On August 22, we provided the customer with an electronic copy of his closing loan package as a password-protected PDF sent via email. As the lender, we typically rely on the title and escrow company performing the closing to provide the customer with their documents in the manner requested by the customer. It appears that one of the options the title company provided for receiving an electronic copy of the documents did not work. We appreciate receiving this feedback and are using it to make our company better. If the customer is unable to open the documents, we ask that he contact us directly at *****************@financeofamerica.com for additional assistance. Consumer Response /* (2000, 7, 2022/08/24) */ (The consumer indicated he/she ACCEPTED the response from the business.) Every customer is entitled to a fully executed copy of documents that they sign, especially loans and mortgages. This should be considered as an integral part of each and every transaction without the customer having to make a Better Business Bureau complaint. Three different employees made at least six attempts to send me the requested documents, not only acting surprised at the request, but obviously were not sure how to even safely send documents that include the customers' full legal name, address, signatures, Social Security Numbers and copies of their driver's licenses. I strongly suggest that your company (which we have found to be very customer oriented) get your Technology/IT Department to remedy this. I have never, ever before (in literally dozens and dozens of financial transactions) had to go to so much trouble to get a copy of financial documents.

• Initial Complaint

  06/23/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Improper Appraisal Delay- The direct reverse lender Finance of America Reverse LLC., delayed the appraisal. After refusing to take any responsibility and falsely claiming that they had not delayed or cancelled the appraisal, without apology, they eventually agreed to honor only the original loan application terms-- even though they caused the 120 day HUD terms and rates lock to expire. The exact words from the manager ****** via email were, "We will honor the terms executed when the application was signed." Scam However, not surprisingly, the closing paperwork that they snuck in and we signed had completely different terms than our original application or quote, with a higher rate, added fees, etc. Even after mentioning the above bait and switch tactics, they still refused to correct their shady behavior, selectively ignoring numerous emails asking for clarification. While they eventually responded, they did not answer all of our specific questions. The evidence indicates that they used deceptive tactics and affected the delay and cancellation of our first appraisal, despite their fabrications made to the contrary. Furthermore, the last fixed rate quote they agreed to within our 120 lock period was for better terms, including a low fixed rate, which they refused to honor. Trust- They also improperly refused to accept our Certification of Trust, instead demanding the entire trust. This action unambiguously violated California Probate code 18100.5., stating that "(a) The trustee may present a certification of trust to any person in lieu of providing a copy of the trust instrument to establish the existence or terms of the trust." I provided numerous opportunities for both the loan officer *********** in Carlsbad, and his manager ****** (****) ******* correct their actions However, it is clear that they have been getting away with these and other tactics for a long time. they are nice salesman, but. they scammed us and lent at the higher rates.

  

  Business response

  07/19/2022

  Business Response /* (1000, 5, 2022/07/01) */ Finance of America Reverse LLC (FAR) takes its customer service obligations seriously. Since this complaint and response are publicly posted, we cannot provide specific loan information due to privacy concerns, but would like to generally address these issues. FAR is also in the process of preparing a more detailed response to be submitted directly to the consumer. For HECM reverse mortgage loans, the expected interest rate (which is the basis for establishing the amount that can be borrowed) is locked for 120 days from the date of application. Actual interest rates are not locked and pricing is subject to market rates. There are several factors that contributed to this loan going beyond 120 days. Upon visiting the home, the appraiser was initially unable to complete the appraisal because the home was in the process of being renovated and was not in compliance with FHA requirements. The appraiser (not FAR) therefore cancelled the appraisal and advised the borrower to reschedule once the renovations were complete. FAR did not obtain the appraisal until several months after application. The primary reason for the delay was that because the property is held in a trust, FAR is required by FHA to obtain and review information about the trust. FAR made numerous requests to the borrower's representative to provide the trust documentation. As the 120 day deadline approached, FAR communicated this deadline to the borrower's representative and the implications of the 120 day period expiring. FAR did not receive the complete trust information until after the 120 day period had expired, and therefore the expected interest rate became subject to market rates. This loan has closed. Upon closing, the borrower had a statutory 3 day right of rescission where they could cancel the loan for any reason. The borrower did not elect to rescind.

• Initial Complaint

  04/27/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I applied for a reverse mortgage refinance with Finance of America Reverse aka FAR on 10.01.21 with ***********. The intention was to obtain a lower interest rate and cash. FAR took over from my original loan holder ******. This new company has pushed this process beyond the 120-day interest rate allotted time by burying my lending company and myself in duplicated and unnecessary paperwork. At the onset, initial contact date 09.30.21, I was assured my refinance would take between 30 to 65 days because FAR held my current Reverse Mortgage. After deciding not to go with a FAR in-house agent (************) I chose to go with *********** (****************). Called Mr. ***** to notify him of this decision and he promptly hung up on me. From that time to now it has been a struggle to accomplish anything with FAR. As a result of this almost 6-month ordeal, my finances are depleted and my credit history is all but destroyed. After COVID-19 and evacuation from my home, last summer due to the Caldor fire all my original finances were gone thus the reason for this refinance. As of this filing, FAR's one constant is that we are past 120 days so the interest rate is higher. FAR requested a second appraisal, numerous verifications regarding banking, SS other income documentation, and many, many more delaying taticts. Once again this is a company that already holds a loan on my house.

  

  Business response

  05/24/2022

  Business Response /* (1000, 5, 2022/05/04) */ Finance of America Reverse LLC (FAR) takes its customer service obligations seriously. We regret that you experienced unsatisfactory customer service and delays with this loan that ultimately did not close. This is a HECM to HECM refinance that was brokered to FAR. There are a few factors that contributed to the timeframe for this loan. During this time, FAR kept the borrower's broker up to date on status and conditions. For example, HUD required a second appraisal. Whether a second appraisal is required is at the discretion of HUD, and not FAR. After the second appraisal was received, FAR requested a reconsideration of the value from the appraisal management company. In addition, the appraisal required the crawl space to be separately inspected, but the inspection was delayed due to the weather causing accessibility issues. With respect to financial and income information, FAR is required to collect this information from applicants as part of the HUD-required financial assessment test. Ultimately, the loan was short to close due to several factors and did not meet a HUD-required borrower benefit test required for HECM-to-HECM refinances. We understand that the borrower is working with their broker on a new loan application.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩