Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ________________________________________________________________________________...⇄ Dear Revdex.com I did not decide to have lots combined I was told to do that I did not request a new or second appraisal they didPlease see attached email scan: Tax ID 1a and Tax ID 1b I did put everything when I was told to combined the lots into one parcel it was 12/5/and it was completed on 12/8/Please see attached email scan Tax ID days out of or months is nothing holding them upAlso which was not mentioned is I had a loan on my home and they said it would not be a problem it would come out of closing costs...Well they came back to me and said I had to pay off loan to get SOL to get mortgage So I got a title loan on my car to pay off loan but they dragged out the process as to that I almost lost my car to loan company if it was not for my family to bail me out which I still owe them $7,for the loanQuote from allrmc: The new appraisal also disclosed the presence of a second mobile home pad on the newly sized lot that none of the sales would support In essence, the borrower had just made the land size too large and over-improved the property in a rural area with a mobile home and the security no longer met [redacted] guidelines THERE IS NOT A SECOND MOBILE HOME PAD ON ANY KIND OF MY PROPERTY AND NEVER WAS SINCE I PURCHASED IN I was told to make all lots into one parcel...They also as of a 3/30/update wanted to do a 3rd appraisal and said I would have to pay for that out of closing costsQuote from allrmc: He made the decision to convert the mobile home to real property All we can do is tell borrowers what is required to apply and only the borrower can make the decision if he wants to proceed If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and landI was told to convert home into real property that it was required for mortgageHowever that is a statement that it is in my best interest to convert my home into real property for future resale because if I just sell property and keep home that would not be necessary!!!!! My problem is the time frame this took almost monthsAlso the order of planning is wrong if appraisal is final word with under writer on Mortgage that should come first then all other costs or issues should followIt cost me over $in interest to pay off loan balance on $7,plus all the other expensesI also just received a answer from them on 5/4/of denial which is the first I heard of in all this time see attached [redacted]
The important thing is they got it doneOther companies I get information from quoted me days to complete the reverse mortgageARM did it in one month One must be patient with all the paperworkIt's different then a regular mortgageThey worked with me and my real estate agent and together we took care of any situation that came up I highly recommend this team
All Reverse Mortgage was extremely competent and efficient in the handling of my Reverse Mortgage I could not be happier in how they handled everything Jay, who was my main contact, was extremely well versed in all aspects of the process and very helpful when I needed help in completing the final aspects I now have all the benefits of this activity and the funds needed to continue on
While we always endeavor to place a reverse mortgage loan for every eligible borrower, we cannot guarantee that every property will meet [redacted] guidelines and requirements The appraiser is the eyes and ears of the lender and [redacted] in the field and many times we do not have a good grasp on the property being used for collateral until the appraiser makes his report In this case, we were unable to even order the appraisal at first because the improvements on the borrower's property were not real property That is, they were still being taxed and treated as personal property which allows the owner to pick it up and move it at any time making ineligible for a reverse mortgage loan We informed the borrower that we could not process a loan request nor could we order an appraisal on personal property as soon as this fact was made known to us Some of the charges he mentions were to convert his property ownership and taxation to real property just to make it eligible to apply for the loan We did not at any time state or imply that the loan would be approved with this action as we had not even seen an appraisal at that time He made the decision to convert the mobile home to real property All we can do is tell borrowers what is required to apply and only the borrower can make the decision if he wants to proceed If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and land I do not know to what hard money loan costs he refers or why that would be a cost he would even look to us to reimburse Once the improvements were converted to real property, we were able to begin processing an application request for a reverse mortgage on real property and ordered the appraisal The appraisal was delivered to our office in a timely manner in accordance with Uniform Standards of Professional Appraisal Practice (USPAP) and ***'s Appraiser Independence Rules We would have submitted the file to underwriting at that point (months ago), but it was the borrower who was unhappy with the appraised value and insisted that the appraisal be completed differently The borrower had two additional lots that were not included with the lot on which the mobile home was situated that he wanted included in the appraisal in an effort to increase his value The borrower contacted his Loan Officer, [redacted] , and instructed him that he felt the appraiser should have included land value for two additional lots that were not part of the property When Mr [redacted] and the processor sent Mr [redacted] the evidence showing him that in fact the other lots were separate and not included in the legal description of the property with the mobile home, it was Mr [redacted] who instructed us to put everything on hold so that he could complete the task of a lot consolidation, making the three lots he held one legal parcelWe did not request this action, did not advise the borrower to take this action and it was the borrower who made the sole determination that he wished to do so Once this was completed, we had to begin over as the property was not the same property as it was when we started A new appraisal did have to be ordered, but even though it was the borrower's decision to do this, we never did charge the borrower for that appraisal so he has not borne this expense, we did Once another appraiser was sent out to appraise the new property with all three lots pursuant to the borrower's instructions, it was determined by the new appraisal that there were no sales comparables that could be found to support the value of the property with the new lot size without excessive adjustments for the added land The new appraisal also disclosed the presence of a second mobile home pad on the newly sized lot that none of the sales would support In essence, the borrower had just made the land size too large and over-improved the property in a rural area with a mobile home and the security no longer met [redacted] guidelines Modular or mobile homes are never easy properties on which to place reverse mortgages and have very specific [redacted] requirements to meet The "costs" outlined by the borrower were not a result of anything we did or advised him to do We did not assure the borrower that if he had real property we could absolutely do the loan, we did not have enough information to even know that at the time - we only knew that if he did NOT have real property, we could not even entertain a loan request The borrower made the determination to convert his property so that he could apply for a reverse mortgage, and then made the sole decision to combine lots in an effort to receive more money We do not and cannot advise borrowers to alter their property as we cannot guarantee the outcome based on those alterations We can only tell borrowers what the requirements are and then they must make the determination if they wish to try to meet those requirements I am sorry that Mr [redacted] did not receive the ultimate outcome that he desired In the end though, we can only offer the program parameters that [redacted] allows for the [redacted] product and we have exhausted our resources to try to help the borrower Unfortunately, we cannot guarantee that we can do every loan on every property and if it was as easy as "just doing the loan", Mr [redacted] could transfer the [redacted] case number and appraisal to any other ***-approved lender and close it but Mr [redacted] has opted to list the property for sale at this time I do wish him the best
I shopped my reverse mortgage after obtaining a quote from [redacted] at All Reverse MortgageI then met with him at his office in Orange Ca [redacted] put his quote in writingThe other firms continued to hound me assuring me that the quote I selected would never be processed as promisedWell it was and we closed this weekAll reverse Mortgage and staff is a rare find and I am blessed to have found themThe processing by [redacted] was diligent and precise, we closed as scheduledI thank them all!!
I have been serving my country overseas as an educator on US Air Force bases in the UK for the last years We bought a house in Oregon when we returned to the US last year My mortgage company underestimated my county taxes, so they increased my mortgage payment by over $per month this year Now that I am on a fixed income, I could not afford that increase I contacted All Reverse Mortgages That was the best email I ever sent! [redacted] got back to me immediately He explained the process and answered all of my questions Everyone I dealt with from All Reverse ( [redacted] , ***, [redacted] , ***) was knowledgeable, courteous, respectful, helpful The entire process was quick and easy All Reverse has taken away the stress of a mortgage payment Thank you so much! I would recommend All Reverse to anyone who is considering a reverse mortgage
The real issue here is that Mr [redacted] believes his home is worth more than for what it appraised, he is now angry that the appraisal came in lower than his opinion of value, and at the appraised value he does not get as much money under the reverse mortgage program as he thinks he should get (even though he does still qualify) He has gone as far as to break the law by using threats of intimidation against the appraiser, such as reporting him to the attorney general if he does not return the appraisal fee which is a direct violation of not only HUD rules and regulations for this program, but also Truth in Lending laws as they relate to Appraiser Independence and appraisals He is now attempting to extort or punish this company by filing negative reviews both here and on [redacted] (which if you read all his [redacted] reviews, this is not a new tactic for Mr [redacted] ), even though we have no control whatsoever over the appraised value of his home Plain and simple, the appraiser gave Mr [redacted] a lower value than he thought his home was worth and he is now acting out in anger unfairly I have enclosed a copy of the appraisal authorization that Mr [redacted] signed in which we gave him advanced notice that we do not choose the appraiser, that the appraiser is not affiliated with this company in any way and that the appraisal fee is not refundable once the appraisal has been performed - this is signed by Mr [redacted] acknowledging and accepting those terms The appraisal was completed with no complaints of appraiser misconduct from Mr [redacted] , until he received the report and saw the appraised value It was only then that he contacted us and made allegations of appraiser misconduct, accusing the appraiser of being drunk, tripping over the dog's water, being guilty of prejudice, not spending enough time and missing things in his home When Mr [redacted] complained of the appraised value, we informed him that borrowers do have a rebuttal process available to them which they can use, but to be successful, borrowers must be able to show material errors in the report that would warrant a reconsideration of value or be able to show multiple other bona fide sales that are more recent and more representative of their home that would indicate a higher value than the appraiser gave if the appraiser had used them Mr [redacted] produced one sale in a project farther away than all the sales the appraiser used which Mr [redacted] deems his "proof" which was a unit that had been completely remodeled and upgraded (not just kitchen appliances changed), unlike Mr [redacted] 's condominium unit that the appraiser states is in a C-condition (slightly below average) The appraiser rejected this property as a legitimate reason to increase the value due to it being farther away and was a total renovation and remodel and the sales he used were closer, sold more recently and were the same condition as Mr [redacted] 's home (versus virtually new and highly upgraded sale that Mr [redacted] wished to use) We informed Mr [redacted] that there was not sufficient new information to warrant additional rebuttal with just this information Mr [redacted] then supplied several current listings (not sales - which cannot be used to rebut the value since they have not closed and therefore the ultimate closing price is unknown) as well as an estimated value range given by a local real estate agent The agent backed his opinion with a "Realtor Report" (also included with this rebuttal) However, although the agent tells the borrower that he thinks the value should be in a range between $30,and $55,higher than the appraisal with no sales to support his opinion, just listings, the report the real estate agent gives to Mr [redacted] states in writing an estimated value of just $difference than the appraiser’s original Appraised Value The written report supplied by the agent and the borrower support a difference of less than 1% from the value originally assigned by the appraiser Even at that, a real estate agent's estimate of value based on his feeling about all comparable listings in an area is not a valid "appraisal" In fact, a real estate agent who is not a licensed appraiser cannot legally give an "appraisal" of a property as they are not licensed to do so and his estimate was based on his opinion of current competing listings of properties that had not yet sold with no idea of what the final sales prices for those homes would be For this reason, there was not even additional information available to rebut the appraiser's given value based on closed sales and the appraiser refused to alter his opinion of value When Mr [redacted] 's documentation failed to support his opinion that the value was higher in a manner adequate to have the appraiser amend the appraised value, we told Mr [redacted] what his options were We showed him what the reverse mortgage proceeds would be if he wanted to continue at the current value as determined by the FHA appraisal, we advised him that he had the option to accept the lower amount or could cancel the transaction and wait for some of the listings he was producing as "evidence" of a higher sale to actually sell which might in fact bolster a higher value with sales to support itWe informed him that he was not required to continue, that once the HUD time limit on the current appraisal had expired and the new sales were available to support a higher value he was free to reapply and get a new appraisal if he so chose That is all we can do under the HUD loan parameters MrGroh was honest with Mr [redacted] that if he chose to wait, that HUD would not allow Mr [redacted] to obtain a new appraisal on the property for at least days as HUD will not allow what they deem "appraisal shopping" and have actually put processes in place to prevent it We were fair and honest with Mr [redacted] at all times unlike Mr [redacted] who tells you that he spent $when his appraisal cost that he paid thus far was $and he informed [redacted] that he paid $ Under the Appraisal Independence rules of HUD and the laws under the Truth in Lending Act, neither borrowers nor lenders may seek to coerce an appraiser to render a given value by threatening to withhold compensation or by threatening legal action to render a different value than what the independent, licensed appraiser determines based on his/her inspection and analysis We have the written correspondence from Mr [redacted] wherein he does threaten the appraiser with reporting him to the attorney general and legal action in an attempt to influence value With this action Mr [redacted] violated both HUD rules and federal laws Mr [redacted] made no allegations of appraiser misconduct until after he received a report that indicated a lower value than he felt was warranted With regard to the "promises" of All Reverse Mortgage that he claims we made and then tried to bait and switch him with regard to the terms of the loan, we have never promised any borrower any loan amount prior to an appraisal - every reverse mortgage loan and loan amount is dependent on the appraisal and Mr [redacted] was also made aware of this fact and the fact that All Reverse had no affiliation with the appraiser (See Appraisal Authorization signed by Mr [redacted] ) There were no other terms that changed, only the loan amount for which the borrower qualified based on the appraised value The HUD program gives borrowers a benefit based in part on the appraised value of the home If the appraised value comes in higher or lower than anticipated, the amount the borrower receives based on the HUD calculations under the program is raised or lowered to keep the percentage of the benefit to value the same in accordance with the programWe make no guarantees of values in advance and Mr [redacted] 's "starting estimate" was based on the value he supplied, not any "promise" made by this company or anyone associated with it We ordered the appraisal through an appraisal management company, not any specific appraiser, with no value specified (which is a requirement under independence laws) and the HUD FHA-approved appraiser determined his value based on an independent analysis as required by law We had no input into the appraisal process and regardless of Mr [redacted] 's contentions, NO originator under current law may become involved in the valuation of the home or do anything more to influence an appraiser’s opinion of value His comments about someone telling him that this was not handled in accordance with HUD rules and laws are completely inaccurate Any lender, or HUD themselves for that matter, can verify the veracity of the claim that the originator cannot order the appraisal, the manner in which it is ordered through the HUD portal The information on HUD's website is public knowledge and anyone can verify the timeframes borrowers and lenders must wait to order new appraisals once an FHA appraisal has been completed on a property We have handled Mr [redacted] 's transaction pursuant to HUD requirements and completely in accordance with state and federal laws We cannot however, give Mr [redacted] a higher value or allow him to skirt HUD appraisal requirements simply because he doesn't like the value the appraiser assigned to his home His reviews here and on [redacted] are based on his difference of opinion and we understand many people believe their homes are more valuable than appraised It would certainly make our lives so much easier if all homes appraised at or above borrower expectations but this is not always the case However, Mr [redacted] 's failed attempts to extort funds from the appraiser and this company due to that difference of opinion and are unlawful and vindictive They should not be allowed to appear on the Revdex.com website considering we have followed all laws, have been professional and timely, can prove every allegation and have his own written statements and signed disclosures that verify all of his complaints completely without merit in all areas
We reviewed the information on a Reverse Mortgage earlier in the crash, unfortunately the poor housing values made it a poor choice As the housing market in Florida was improving the concept was reborn We shopped a couple of FLorganizations, close to completion, found that the agents were only interested in how to maximize their commission & closing fees, a $20,000+ pop With the 'you have no choice' attitude, there is no room for negotiations nor counteroffers In speaking with All Reverse Mortgage, Mr [redacted] , for one minute he explained the industry to me and our options Possibly because they are located in California (?), the ease of communication, actual professionalism and a general interest in their client's benefits made the process worthwhile, with no big corporate double talk I would highly recommend their team to our friends & others
Cliff and his people were spot on to help us with our reverse mortgageVery good company and would recommend them to anyoneFirst Class Operation! Tim [redacted]
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ________________________________________________________________________________...⇄ I also have emails from the beginning and the Appraisal to underwriter should have been sent first for approval....then after underwriter's approvalThe SOL, counseling and loan should have been completedI was also told by email that loan on home would have been paid in closing costs...Then they came back and said I needed to pay that off the loan before closing...so I had to take a title loan on my car to do so and in the process I almost lost my car if it was not for my family to bail me out I would have no carI had to pay for counselingSOL and title loan of $7,at a 300% interest rate which could have been avoided if this was handled better...I would have not had to pay these expenses if appraisal went to underwriter for approval first!!!!! Then after underwriter approval of appraisal complete the counseling, SOL and Loan Pay offThis situation was handled poorly and at my expenseAlso it should not have taken months to get a decision on mortgage!!!! I also have email from them that states it would be about days to complete Reverse Mortgage!!!!! [redacted]
Both my wife and I are quite impressed with the very knowledgeable and courteous folks at All Reverse MortgageThey are quick to respond and understanding if you need to ask more than once to fully understand a particular issue regarding reverse mortgagesWe dealt with Cliff the President and [redacted] who directly handled our loan and we are very satisfied and very much appreciated their help with this entire processWe certainly would highly recommend All Reverse Mortgage Wai-Ling and Ken [redacted] **
We recently completed the process of attaining a reverse mortgage Cliff Auerswald and his team at All Reverse were great We took a long time deciding whether to move and downsize or reverse mortgage our current home Our objective was to reduce the draw on our IRA Cliff was very patient with our several month struggle to make the correct decision, never pushy or irritated when we would once again delay the process Once we decided, the All Reverse team was very efficient in processing and closing our loan We couldn't have ask for a better experience
Dear MrAuerswald: Thank you for your help in securing a Reverse Mortgage for Richard and I this winterYour company was not the first one I called for information on a RM, but from the first day I called you in late January, I was impressed by both your knowledge and your clear explanationsThen, once we had chosen your firm based on your very competitive rates and fees, I was impressed with your quick serviceYour employees also provided excellent explanations and service The process went very smoothly and I would recommend All Reverse Mortgage to seniors like usPlease feel free to use me as a reference if someone has doubts about using an online service like you provide; my phone number is [redacted] Again, thank you for your competence and patience in dealing with us Sincerely yours, [redacted]
We received notification from the Revdex.com of a complaint from an individual with a real estate company claiming that he was receiving spam from our company and that despite constant attempts to unsubscribe and emails to the President of this company, he could not get his email removed from our distribution We do utilize a service to send out industry information and that service is entirely CAN-SPAM ACT compliant so we contacted them immediately to inquire the status of the removal request They were unable to locate any requests to be removed We also checked our emails and had received no requests from this individual that would have come to our company directly and apart from the unsubscribe function in the form of an email to any employee at any email address hosted by this company, let alone to the President This both perplexed us and gave us cause for concern The material we send out to realtors about the reverse mortgage purchase program is for informational purposes only and we do not wish to bother anyone with emails they do not wish to receive Once we were made aware of the situation, we contacted the individual immediately and collected not one but two separate emails that he uses and then worked with him and the email service to be certain that the email addresses in question were removed from the global address book of the email service to be certain that there could be no failure to cease any and all unwanted transmissions Regardless of what did or did not transpire, we do not want any company to receive emails from us that are not wanted and we moved immediately to resolve the issueAs I stated, this was the first contact we had received and we worked diligently and professionally with the individual to resolve his issues So much so that he contacted the Revdex.com within just a few days requesting them to cancel any negative comments that he had posted and he requested that the Revdex.com not post said comments We have done everything we could possibly do with respect to this real estate company's request We only utilize CAN-SPAM Compliant companies to email to professional partners (we do not send these types of notifications directly to borrowers, only to professional partners such as real estate agents, title companies, escrow companies and others who may benefit from receiving updates about programs such as the reverse mortgage purchase program) We made certain that the individual's concerns were addressed the very same day they were brought to our attention and we ultimately did meet that individual's expectations in that we resolved his issue the same day we became aware of it and involved in the resolution (evidenced by the fact that he requested that any negative feedback he supplied to the Revdex.com be withdrawn and not be posted) We think this is the best we can do We follow all CAN SPAM ACT laws, we only work with compliant email services and will always respond immediately whenever we are notified of a partners desire to be removed from an email list
I was very Impressed with Caren D and Michael B Professional way and Knowledge that they answered all my questionsI would Highly Recommend All Reverse Mortgage Company to all my Associates and Family
Our original response stands We have all the emails going back and forth as well but also conversation logs of the numerous phone conversations with the borrower We have both appraisals We have the emails from the borrower expressing his dissatisfaction on the speed of both appraisers ability to perform the appraisals (due to the lack of sales comparables available) and ultimately the value We did not seek to perform a second appraisal, it was the borrower who wanted the additional value and inquired of Mr [redacted] as to whether or not one could be ordered and under what circumstances the other two lots he had could be included Mr [redacted] 's email is not telling him we are "requiring" him to combine his parcels, but rather answering him on his prior verbal questions of how he could rebut the value; and then what he could do to add the additional lots and order a new appraisal because he determined that he had no grounds to rebut the original appraiser, that the other two lots were not part of the property The "good news/bad news" email was a direct answer to the borrower's inquiry as to how he could proceed and Mr [redacted] was telling him we could order an appraisal and we would even pay for it since there was quite a bit of trouble with payment on the first appraisal but that the borrower would have to combine the lots (the borrower even forwarded the emails Mr [redacted] sent to him that he received from the title company as a result of the research he did on the borrower's behalf) The title company and Mr [redacted] were responding to the borrower's inquiries, All Reverse Mortgage does not require lots to be combined, split or changed in any wayTo reiterate, we did not want to order a second appraisal or prolong this transaction, the borrower did as he wanted the higher value than he received on his initial appraisal and felt the additional land would provide that value (of which we have several emails and documented phone conversation logs) I will not forward a copy of both appraisals at this time but can do so to verify that there was a value derived long before the email the borrower is using as his "proof" that we were the reason he combined the lots There is a huge difference between a Loan Officer answering a borrower's request on how he would go about doing something by telling him the steps he would have to take and us directing a borrower to alter their property The borrower asked us if he could get a new appraisal and how he could include his other lots and we answered his question
My experience with All Reverse Mortgage was all positiveThey always returned my phone calls, answered all my questions, Worked with me to get the loan through when there was a question with the appraisalThe loan went through in about a month just as they had saidI went to AAG last year, had a terrible Appraisal done by them, nothing was right on it, they wouldn't the appraisal, they were bad about returning callsI finally said forget it, if I was going to get that bad of service applying for the loan, how would they be if I had problems after the loan went through? I would recommend All Reverse Mortgage if you are looking for excellent help getting the loan!
We had heard about reverse mortgages but did not know muchAfter doing a lot of research based on info on the All Reverse website and the Mortgage Professor we had confidence that a reverse mortgage made a lot of sense in our situationDue to an unexpected early retirement we found ourselves somewhat cash rich but long term house poorWe built a custom "dream" house in on acres and did not wish to leave but without a HECM we would be unable to afford to finish our the mortgage and would have to move [redacted] and his staff we're greatNo problemsWould recommend them highly as they are professional, knowledgeable and easy to work with
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ________________________________________________________________________________...⇄ Dear Revdex.com I did not decide to have lots combined I was told to do that I did not request a new or second appraisal they didPlease see attached email scan: Tax ID 1a and Tax ID 1b I did put everything when I was told to combined the lots into one parcel it was 12/5/and it was completed on 12/8/Please see attached email scan Tax ID days out of or months is nothing holding them upAlso which was not mentioned is I had a loan on my home and they said it would not be a problem it would come out of closing costs...Well they came back to me and said I had to pay off loan to get SOL to get mortgage So I got a title loan on my car to pay off loan but they dragged out the process as to that I almost lost my car to loan company if it was not for my family to bail me out which I still owe them $7,for the loanQuote from allrmc: The new appraisal also disclosed the presence of a second mobile home pad on the newly sized lot that none of the sales would support In essence, the borrower had just made the land size too large and over-improved the property in a rural area with a mobile home and the security no longer met [redacted] guidelines THERE IS NOT A SECOND MOBILE HOME PAD ON ANY KIND OF MY PROPERTY AND NEVER WAS SINCE I PURCHASED IN I was told to make all lots into one parcel...They also as of a 3/30/update wanted to do a 3rd appraisal and said I would have to pay for that out of closing costsQuote from allrmc: He made the decision to convert the mobile home to real property All we can do is tell borrowers what is required to apply and only the borrower can make the decision if he wants to proceed If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and landI was told to convert home into real property that it was required for mortgageHowever that is a statement that it is in my best interest to convert my home into real property for future resale because if I just sell property and keep home that would not be necessary!!!!! My problem is the time frame this took almost monthsAlso the order of planning is wrong if appraisal is final word with under writer on Mortgage that should come first then all other costs or issues should followIt cost me over $in interest to pay off loan balance on $7,plus all the other expensesI also just received a answer from them on 5/4/of denial which is the first I heard of in all this time see attached [redacted]
The important thing is they got it doneOther companies I get information from quoted me days to complete the reverse mortgageARM did it in one month One must be patient with all the paperworkIt's different then a regular mortgageThey worked with me and my real estate agent and together we took care of any situation that came up I highly recommend this team
All Reverse Mortgage was extremely competent and efficient in the handling of my Reverse Mortgage I could not be happier in how they handled everything Jay, who was my main contact, was extremely well versed in all aspects of the process and very helpful when I needed help in completing the final aspects I now have all the benefits of this activity and the funds needed to continue on
While we always endeavor to place a reverse mortgage loan for every eligible borrower, we cannot guarantee that every property will meet [redacted] guidelines and requirements The appraiser is the eyes and ears of the lender and [redacted] in the field and many times we do not have a good grasp on the property being used for collateral until the appraiser makes his report In this case, we were unable to even order the appraisal at first because the improvements on the borrower's property were not real property That is, they were still being taxed and treated as personal property which allows the owner to pick it up and move it at any time making ineligible for a reverse mortgage loan We informed the borrower that we could not process a loan request nor could we order an appraisal on personal property as soon as this fact was made known to us Some of the charges he mentions were to convert his property ownership and taxation to real property just to make it eligible to apply for the loan We did not at any time state or imply that the loan would be approved with this action as we had not even seen an appraisal at that time He made the decision to convert the mobile home to real property All we can do is tell borrowers what is required to apply and only the borrower can make the decision if he wants to proceed If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and land I do not know to what hard money loan costs he refers or why that would be a cost he would even look to us to reimburse Once the improvements were converted to real property, we were able to begin processing an application request for a reverse mortgage on real property and ordered the appraisal The appraisal was delivered to our office in a timely manner in accordance with Uniform Standards of Professional Appraisal Practice (USPAP) and ***'s Appraiser Independence Rules We would have submitted the file to underwriting at that point (months ago), but it was the borrower who was unhappy with the appraised value and insisted that the appraisal be completed differently The borrower had two additional lots that were not included with the lot on which the mobile home was situated that he wanted included in the appraisal in an effort to increase his value The borrower contacted his Loan Officer, [redacted] , and instructed him that he felt the appraiser should have included land value for two additional lots that were not part of the property When Mr [redacted] and the processor sent Mr [redacted] the evidence showing him that in fact the other lots were separate and not included in the legal description of the property with the mobile home, it was Mr [redacted] who instructed us to put everything on hold so that he could complete the task of a lot consolidation, making the three lots he held one legal parcelWe did not request this action, did not advise the borrower to take this action and it was the borrower who made the sole determination that he wished to do so Once this was completed, we had to begin over as the property was not the same property as it was when we started A new appraisal did have to be ordered, but even though it was the borrower's decision to do this, we never did charge the borrower for that appraisal so he has not borne this expense, we did Once another appraiser was sent out to appraise the new property with all three lots pursuant to the borrower's instructions, it was determined by the new appraisal that there were no sales comparables that could be found to support the value of the property with the new lot size without excessive adjustments for the added land The new appraisal also disclosed the presence of a second mobile home pad on the newly sized lot that none of the sales would support In essence, the borrower had just made the land size too large and over-improved the property in a rural area with a mobile home and the security no longer met [redacted] guidelines Modular or mobile homes are never easy properties on which to place reverse mortgages and have very specific [redacted] requirements to meet The "costs" outlined by the borrower were not a result of anything we did or advised him to do We did not assure the borrower that if he had real property we could absolutely do the loan, we did not have enough information to even know that at the time - we only knew that if he did NOT have real property, we could not even entertain a loan request The borrower made the determination to convert his property so that he could apply for a reverse mortgage, and then made the sole decision to combine lots in an effort to receive more money We do not and cannot advise borrowers to alter their property as we cannot guarantee the outcome based on those alterations We can only tell borrowers what the requirements are and then they must make the determination if they wish to try to meet those requirements I am sorry that Mr [redacted] did not receive the ultimate outcome that he desired In the end though, we can only offer the program parameters that [redacted] allows for the [redacted] product and we have exhausted our resources to try to help the borrower Unfortunately, we cannot guarantee that we can do every loan on every property and if it was as easy as "just doing the loan", Mr [redacted] could transfer the [redacted] case number and appraisal to any other ***-approved lender and close it but Mr [redacted] has opted to list the property for sale at this time I do wish him the best
I shopped my reverse mortgage after obtaining a quote from [redacted] at All Reverse MortgageI then met with him at his office in Orange Ca [redacted] put his quote in writingThe other firms continued to hound me assuring me that the quote I selected would never be processed as promisedWell it was and we closed this weekAll reverse Mortgage and staff is a rare find and I am blessed to have found themThe processing by [redacted] was diligent and precise, we closed as scheduledI thank them all!!
I have been serving my country overseas as an educator on US Air Force bases in the UK for the last years We bought a house in Oregon when we returned to the US last year My mortgage company underestimated my county taxes, so they increased my mortgage payment by over $per month this year Now that I am on a fixed income, I could not afford that increase I contacted All Reverse Mortgages That was the best email I ever sent! [redacted] got back to me immediately He explained the process and answered all of my questions Everyone I dealt with from All Reverse ( [redacted] , ***, [redacted] , ***) was knowledgeable, courteous, respectful, helpful The entire process was quick and easy All Reverse has taken away the stress of a mortgage payment Thank you so much! I would recommend All Reverse to anyone who is considering a reverse mortgage
The real issue here is that Mr [redacted] believes his home is worth more than for what it appraised, he is now angry that the appraisal came in lower than his opinion of value, and at the appraised value he does not get as much money under the reverse mortgage program as he thinks he should get (even though he does still qualify) He has gone as far as to break the law by using threats of intimidation against the appraiser, such as reporting him to the attorney general if he does not return the appraisal fee which is a direct violation of not only HUD rules and regulations for this program, but also Truth in Lending laws as they relate to Appraiser Independence and appraisals He is now attempting to extort or punish this company by filing negative reviews both here and on [redacted] (which if you read all his [redacted] reviews, this is not a new tactic for Mr [redacted] ), even though we have no control whatsoever over the appraised value of his home Plain and simple, the appraiser gave Mr [redacted] a lower value than he thought his home was worth and he is now acting out in anger unfairly I have enclosed a copy of the appraisal authorization that Mr [redacted] signed in which we gave him advanced notice that we do not choose the appraiser, that the appraiser is not affiliated with this company in any way and that the appraisal fee is not refundable once the appraisal has been performed - this is signed by Mr [redacted] acknowledging and accepting those terms The appraisal was completed with no complaints of appraiser misconduct from Mr [redacted] , until he received the report and saw the appraised value It was only then that he contacted us and made allegations of appraiser misconduct, accusing the appraiser of being drunk, tripping over the dog's water, being guilty of prejudice, not spending enough time and missing things in his home When Mr [redacted] complained of the appraised value, we informed him that borrowers do have a rebuttal process available to them which they can use, but to be successful, borrowers must be able to show material errors in the report that would warrant a reconsideration of value or be able to show multiple other bona fide sales that are more recent and more representative of their home that would indicate a higher value than the appraiser gave if the appraiser had used them Mr [redacted] produced one sale in a project farther away than all the sales the appraiser used which Mr [redacted] deems his "proof" which was a unit that had been completely remodeled and upgraded (not just kitchen appliances changed), unlike Mr [redacted] 's condominium unit that the appraiser states is in a C-condition (slightly below average) The appraiser rejected this property as a legitimate reason to increase the value due to it being farther away and was a total renovation and remodel and the sales he used were closer, sold more recently and were the same condition as Mr [redacted] 's home (versus virtually new and highly upgraded sale that Mr [redacted] wished to use) We informed Mr [redacted] that there was not sufficient new information to warrant additional rebuttal with just this information Mr [redacted] then supplied several current listings (not sales - which cannot be used to rebut the value since they have not closed and therefore the ultimate closing price is unknown) as well as an estimated value range given by a local real estate agent The agent backed his opinion with a "Realtor Report" (also included with this rebuttal) However, although the agent tells the borrower that he thinks the value should be in a range between $30,and $55,higher than the appraisal with no sales to support his opinion, just listings, the report the real estate agent gives to Mr [redacted] states in writing an estimated value of just $difference than the appraiser’s original Appraised Value The written report supplied by the agent and the borrower support a difference of less than 1% from the value originally assigned by the appraiser Even at that, a real estate agent's estimate of value based on his feeling about all comparable listings in an area is not a valid "appraisal" In fact, a real estate agent who is not a licensed appraiser cannot legally give an "appraisal" of a property as they are not licensed to do so and his estimate was based on his opinion of current competing listings of properties that had not yet sold with no idea of what the final sales prices for those homes would be For this reason, there was not even additional information available to rebut the appraiser's given value based on closed sales and the appraiser refused to alter his opinion of value When Mr [redacted] 's documentation failed to support his opinion that the value was higher in a manner adequate to have the appraiser amend the appraised value, we told Mr [redacted] what his options were We showed him what the reverse mortgage proceeds would be if he wanted to continue at the current value as determined by the FHA appraisal, we advised him that he had the option to accept the lower amount or could cancel the transaction and wait for some of the listings he was producing as "evidence" of a higher sale to actually sell which might in fact bolster a higher value with sales to support itWe informed him that he was not required to continue, that once the HUD time limit on the current appraisal had expired and the new sales were available to support a higher value he was free to reapply and get a new appraisal if he so chose That is all we can do under the HUD loan parameters MrGroh was honest with Mr [redacted] that if he chose to wait, that HUD would not allow Mr [redacted] to obtain a new appraisal on the property for at least days as HUD will not allow what they deem "appraisal shopping" and have actually put processes in place to prevent it We were fair and honest with Mr [redacted] at all times unlike Mr [redacted] who tells you that he spent $when his appraisal cost that he paid thus far was $and he informed [redacted] that he paid $ Under the Appraisal Independence rules of HUD and the laws under the Truth in Lending Act, neither borrowers nor lenders may seek to coerce an appraiser to render a given value by threatening to withhold compensation or by threatening legal action to render a different value than what the independent, licensed appraiser determines based on his/her inspection and analysis We have the written correspondence from Mr [redacted] wherein he does threaten the appraiser with reporting him to the attorney general and legal action in an attempt to influence value With this action Mr [redacted] violated both HUD rules and federal laws Mr [redacted] made no allegations of appraiser misconduct until after he received a report that indicated a lower value than he felt was warranted With regard to the "promises" of All Reverse Mortgage that he claims we made and then tried to bait and switch him with regard to the terms of the loan, we have never promised any borrower any loan amount prior to an appraisal - every reverse mortgage loan and loan amount is dependent on the appraisal and Mr [redacted] was also made aware of this fact and the fact that All Reverse had no affiliation with the appraiser (See Appraisal Authorization signed by Mr [redacted] ) There were no other terms that changed, only the loan amount for which the borrower qualified based on the appraised value The HUD program gives borrowers a benefit based in part on the appraised value of the home If the appraised value comes in higher or lower than anticipated, the amount the borrower receives based on the HUD calculations under the program is raised or lowered to keep the percentage of the benefit to value the same in accordance with the programWe make no guarantees of values in advance and Mr [redacted] 's "starting estimate" was based on the value he supplied, not any "promise" made by this company or anyone associated with it We ordered the appraisal through an appraisal management company, not any specific appraiser, with no value specified (which is a requirement under independence laws) and the HUD FHA-approved appraiser determined his value based on an independent analysis as required by law We had no input into the appraisal process and regardless of Mr [redacted] 's contentions, NO originator under current law may become involved in the valuation of the home or do anything more to influence an appraiser’s opinion of value His comments about someone telling him that this was not handled in accordance with HUD rules and laws are completely inaccurate Any lender, or HUD themselves for that matter, can verify the veracity of the claim that the originator cannot order the appraisal, the manner in which it is ordered through the HUD portal The information on HUD's website is public knowledge and anyone can verify the timeframes borrowers and lenders must wait to order new appraisals once an FHA appraisal has been completed on a property We have handled Mr [redacted] 's transaction pursuant to HUD requirements and completely in accordance with state and federal laws We cannot however, give Mr [redacted] a higher value or allow him to skirt HUD appraisal requirements simply because he doesn't like the value the appraiser assigned to his home His reviews here and on [redacted] are based on his difference of opinion and we understand many people believe their homes are more valuable than appraised It would certainly make our lives so much easier if all homes appraised at or above borrower expectations but this is not always the case However, Mr [redacted] 's failed attempts to extort funds from the appraiser and this company due to that difference of opinion and are unlawful and vindictive They should not be allowed to appear on the Revdex.com website considering we have followed all laws, have been professional and timely, can prove every allegation and have his own written statements and signed disclosures that verify all of his complaints completely without merit in all areas
Excellent Reverse Mortgage Company
We reviewed the information on a Reverse Mortgage earlier in the crash, unfortunately the poor housing values made it a poor choice As the housing market in Florida was improving the concept was reborn We shopped a couple of FLorganizations, close to completion, found that the agents were only interested in how to maximize their commission & closing fees, a $20,000+ pop With the 'you have no choice' attitude, there is no room for negotiations nor counteroffers In speaking with All Reverse Mortgage, Mr [redacted] , for one minute he explained the industry to me and our options Possibly because they are located in California (?), the ease of communication, actual professionalism and a general interest in their client's benefits made the process worthwhile, with no big corporate double talk I would highly recommend their team to our friends & others
Cliff and his people were spot on to help us with our reverse mortgageVery good company and would recommend them to anyoneFirst Class Operation! Tim [redacted]
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ________________________________________________________________________________...⇄ I also have emails from the beginning and the Appraisal to underwriter should have been sent first for approval....then after underwriter's approvalThe SOL, counseling and loan should have been completedI was also told by email that loan on home would have been paid in closing costs...Then they came back and said I needed to pay that off the loan before closing...so I had to take a title loan on my car to do so and in the process I almost lost my car if it was not for my family to bail me out I would have no carI had to pay for counselingSOL and title loan of $7,at a 300% interest rate which could have been avoided if this was handled better...I would have not had to pay these expenses if appraisal went to underwriter for approval first!!!!! Then after underwriter approval of appraisal complete the counseling, SOL and Loan Pay offThis situation was handled poorly and at my expenseAlso it should not have taken months to get a decision on mortgage!!!! I also have email from them that states it would be about days to complete Reverse Mortgage!!!!! [redacted]
Both my wife and I are quite impressed with the very knowledgeable and courteous folks at All Reverse MortgageThey are quick to respond and understanding if you need to ask more than once to fully understand a particular issue regarding reverse mortgagesWe dealt with Cliff the President and [redacted] who directly handled our loan and we are very satisfied and very much appreciated their help with this entire processWe certainly would highly recommend All Reverse Mortgage Wai-Ling and Ken [redacted] **
We recently completed the process of attaining a reverse mortgage Cliff Auerswald and his team at All Reverse were great We took a long time deciding whether to move and downsize or reverse mortgage our current home Our objective was to reduce the draw on our IRA Cliff was very patient with our several month struggle to make the correct decision, never pushy or irritated when we would once again delay the process Once we decided, the All Reverse team was very efficient in processing and closing our loan We couldn't have ask for a better experience
Dear MrAuerswald: Thank you for your help in securing a Reverse Mortgage for Richard and I this winterYour company was not the first one I called for information on a RM, but from the first day I called you in late January, I was impressed by both your knowledge and your clear explanationsThen, once we had chosen your firm based on your very competitive rates and fees, I was impressed with your quick serviceYour employees also provided excellent explanations and service The process went very smoothly and I would recommend All Reverse Mortgage to seniors like usPlease feel free to use me as a reference if someone has doubts about using an online service like you provide; my phone number is [redacted] Again, thank you for your competence and patience in dealing with us Sincerely yours, [redacted]
We received notification from the Revdex.com of a complaint from an individual with a real estate company claiming that he was receiving spam from our company and that despite constant attempts to unsubscribe and emails to the President of this company, he could not get his email removed from our distribution We do utilize a service to send out industry information and that service is entirely CAN-SPAM ACT compliant so we contacted them immediately to inquire the status of the removal request They were unable to locate any requests to be removed We also checked our emails and had received no requests from this individual that would have come to our company directly and apart from the unsubscribe function in the form of an email to any employee at any email address hosted by this company, let alone to the President This both perplexed us and gave us cause for concern The material we send out to realtors about the reverse mortgage purchase program is for informational purposes only and we do not wish to bother anyone with emails they do not wish to receive Once we were made aware of the situation, we contacted the individual immediately and collected not one but two separate emails that he uses and then worked with him and the email service to be certain that the email addresses in question were removed from the global address book of the email service to be certain that there could be no failure to cease any and all unwanted transmissions Regardless of what did or did not transpire, we do not want any company to receive emails from us that are not wanted and we moved immediately to resolve the issueAs I stated, this was the first contact we had received and we worked diligently and professionally with the individual to resolve his issues So much so that he contacted the Revdex.com within just a few days requesting them to cancel any negative comments that he had posted and he requested that the Revdex.com not post said comments We have done everything we could possibly do with respect to this real estate company's request We only utilize CAN-SPAM Compliant companies to email to professional partners (we do not send these types of notifications directly to borrowers, only to professional partners such as real estate agents, title companies, escrow companies and others who may benefit from receiving updates about programs such as the reverse mortgage purchase program) We made certain that the individual's concerns were addressed the very same day they were brought to our attention and we ultimately did meet that individual's expectations in that we resolved his issue the same day we became aware of it and involved in the resolution (evidenced by the fact that he requested that any negative feedback he supplied to the Revdex.com be withdrawn and not be posted) We think this is the best we can do We follow all CAN SPAM ACT laws, we only work with compliant email services and will always respond immediately whenever we are notified of a partners desire to be removed from an email list
I was very Impressed with Caren D and Michael B Professional way and Knowledge that they answered all my questionsI would Highly Recommend All Reverse Mortgage Company to all my Associates and Family
Our original response stands We have all the emails going back and forth as well but also conversation logs of the numerous phone conversations with the borrower We have both appraisals We have the emails from the borrower expressing his dissatisfaction on the speed of both appraisers ability to perform the appraisals (due to the lack of sales comparables available) and ultimately the value We did not seek to perform a second appraisal, it was the borrower who wanted the additional value and inquired of Mr [redacted] as to whether or not one could be ordered and under what circumstances the other two lots he had could be included Mr [redacted] 's email is not telling him we are "requiring" him to combine his parcels, but rather answering him on his prior verbal questions of how he could rebut the value; and then what he could do to add the additional lots and order a new appraisal because he determined that he had no grounds to rebut the original appraiser, that the other two lots were not part of the property The "good news/bad news" email was a direct answer to the borrower's inquiry as to how he could proceed and Mr [redacted] was telling him we could order an appraisal and we would even pay for it since there was quite a bit of trouble with payment on the first appraisal but that the borrower would have to combine the lots (the borrower even forwarded the emails Mr [redacted] sent to him that he received from the title company as a result of the research he did on the borrower's behalf) The title company and Mr [redacted] were responding to the borrower's inquiries, All Reverse Mortgage does not require lots to be combined, split or changed in any wayTo reiterate, we did not want to order a second appraisal or prolong this transaction, the borrower did as he wanted the higher value than he received on his initial appraisal and felt the additional land would provide that value (of which we have several emails and documented phone conversation logs) I will not forward a copy of both appraisals at this time but can do so to verify that there was a value derived long before the email the borrower is using as his "proof" that we were the reason he combined the lots There is a huge difference between a Loan Officer answering a borrower's request on how he would go about doing something by telling him the steps he would have to take and us directing a borrower to alter their property The borrower asked us if he could get a new appraisal and how he could include his other lots and we answered his question
My dealings with this company were very goodThe deal went as discribed
My experience with All Reverse Mortgage was all positiveThey always returned my phone calls, answered all my questions, Worked with me to get the loan through when there was a question with the appraisalThe loan went through in about a month just as they had saidI went to AAG last year, had a terrible Appraisal done by them, nothing was right on it, they wouldn't the appraisal, they were bad about returning callsI finally said forget it, if I was going to get that bad of service applying for the loan, how would they be if I had problems after the loan went through? I would recommend All Reverse Mortgage if you are looking for excellent help getting the loan!
We had heard about reverse mortgages but did not know muchAfter doing a lot of research based on info on the All Reverse website and the Mortgage Professor we had confidence that a reverse mortgage made a lot of sense in our situationDue to an unexpected early retirement we found ourselves somewhat cash rich but long term house poorWe built a custom "dream" house in on acres and did not wish to leave but without a HECM we would be unable to afford to finish our the mortgage and would have to move [redacted] and his staff we're greatNo problemsWould recommend them highly as they are professional, knowledgeable and easy to work with