Reverse Mortgage FundingReviews of reversefunding.com

All things considered, 3 stars is not a bad review. Would we use RMF in the future and/or recommend RMF to friends? DEFINITELY YES. • Great product for our needs. • Mobile Notary for the application and closing was convenient instead of requiring a visit to the title company office. • Even with the hiccups, the process was much better than calling the information phone number given by one of the ‘big name’ actor endorsement companies. • Since the initial review, we received documents with our names misspelled on the Title Insurance Policy and also on a refund check. Correcting the documents and re-issuing the check was put at the bottom of the priority list and required communication from us to get any action. When the spelling was changed, the RMF contractor also changed the mailing address which will maximize our inconvenience due to their mistake. Our expectations are high due to less than stellar past experiences. FOLLOWUP: RMF did hold the contractor accountable for correcting the mistake and re-issuing corrected documents. • Not responsive to emails, didn’t acknowledge receipt of emails & followup phone calls show that the email wasn’t read, though verbally acknowledged receipt. • RMF prefers to give checklists via phone rather than sending the list via email as requested. • The first closing document was a “surprise” insertion to the complete closing package received by email for review prior to signing the documents. The RMF 'assistant' essentially told us that she was more knowledgeable than our attorney as far as trust documents were concerned.

I had to look out for myself. I was not offered the best deal and I would have closed on a bad deal for me if another company had not pointed out that I was getting a bad offer. RMF responded to my criticism and improved the offer. I would not use them again. My loan officer was very nice and pleasant to talk to.

The Title Company was Great but there were so many problems along the way, A lot of thing changed and our credit was effected we got a lot less money than we expected, would not use your company again.

Donald Sutherland did an excellent job upfront explaining the options and working out an option that kept the closing costs low, which was very much appreciated. Unfortunately, the day the application was completed, 11/9/18, we also found out was Donald's last day with RMF. Every requested support document was turned in at the time of application or within a day so we were under the impression that we would be closing before the end of the year. The appraisal was completed on 12/14/18 and we were sure the clear to close would be coming soon. We knew the holidays might slow things down a bit, but we were not concerned because the file was so complete at the start. The last week of December was the first time I spoke with anyone from RMF since Donald left. I now realize it was a mistake to not have been more proactive and should have called RMF earlier (like once a week!). We had just gone through an intense period and my father's funeral at the end of October and with the holidays coming our attention was elsewhere, but since the file was so clean and complete I honestly thought it would be ready to close within 6 weeks. I spoke with Kelly Rhynehart, expecting that she would tell me we would be closing any day now. On 12/28/19 she sent me an e-mail requesting a copy of the trust. I had initially submitted the entire trust and deed to Donald on 10/16/18 as I wanted to make sure these documents were reviewed before submitting the application to make sure everything was fine with them. Donald had the documents reviewed in October to ensure that they were in order and nothing else would be needed regarding the trust. Needless to say it was a little frustrating getting a request to submit something that had already been submitted and reviewed two months earlier, but I resubmitted them to Kelly. Another week and another holiday passed and now we were into January and were told a second appraisal would be required. On 1/9/19, I received my last e-mail from Kelly indicating that Kathy Burns would be taking over to "help get this to the finish line" and she also indicated she was hoping to get the loan cleared to close, except for the 2nd appraisal. I also received an e-mail from Kathy introducing herself. The next day, 1/10/19, Kathy sent me an e-mail with a list of 8 conditions, two of which were for things we already submitted, five were for items we should have been informed of a lot sooner, and the last one was for the 2nd appraisal to be done. It was now two full months since submitting what we thought was a very clean and complete application so needless to say, getting a list of 8 conditions when we were expecting to get a clear to close was a big letdown. We quickly worked with Kathy to get the conditions cleaned up so as to avoid further delay. Kathy was great to work with and, considering she had not started the application, did an admirable job of taking it over and keeping in constant contact with us. One of the new conditions was the requirement for flood insurance. There was a discrepancy as to what the correct flood zone was. The flood cert. company was saying one thing, but the appraisers (both 1st and 2nd appraiser), along with every flood insurance company we called said another. The premium for the flood zone that the flood cert. company had was significantly higher than the other zone so it was important to get this corrected. We ultimately enlisted the help of the zoning administrator for the town as well as a flood insurance expert and provided sufficient evidence that the zone should be revised (to the lower cost zone). In the process of getting flood insurance we found out that flood insurers don't give binders - you have to pay for the insurance in order to provide a certificate to satisfy RMF. We purchased a flood insurance policy and submitted it and then were told that the company was not acceptable!?!? It was a legitimate insurer backed by Lloyd's of London so we could not understand what the issue was. We soon found out that it was a private insurer and FHA does not accept private insurance companies. Nowhere in the original application or on the commitment letter was this made clear and we soon determined that it is a problem with the reverse mortgage industry in that too many loan officers are unaware of private flood insurance and it's unacceptability with FHA. Now we had to cancel the flood insurance and wait a month to get refunded the premium that was paid. This process of purchasing, submitting and then cancelling flood insurance cost us at least another week - more frustration! In the end, I have to give RMF credit for going above and beyond to get the flood zone corrected with one of their flood cert. vendors. This was a huge deal and we appreciate that RMF continued to work with us on this to get the correct flood zone applied as it cut the cost of flood insurance significantly. Between waiting for the 2nd appraisal and having to deal with the flood insurance fiasco, the month of January and February quickly passed. Finally, after four months and one week we were able to close on 3/15/19. Unfortunately, Kathy was not able to be there as she was going to be out of town, but the closing attorney did a good job. All in all, we were happy with the program and the people we dealt with at RMF. It is now pretty clear that after Donald Sutherland left, RMF dropped the ball on processing this loan and most of the months of November and December were lost so that was a disappointment. It never should have taken four months to close this loan, especially when we were so cooperative and ready to provide any necessary documentation up front. The original flood insurance vendor provided a flood cert. with the incorrect flood zone. Even after all of the evidence was provided indicating what the correct flood zone was the original vendor did not change their opinion, so that was another disappointment. Kathy Burns and her manager, Vanessa White, did fight for us to have another vendor review the evidence and eventually get a flood cert. with the correct zone. Considering Kathy inherited this file two months after it began she did a great job taking control of it. She returned all calls and e-mails promptly, even when they were tough ones and even when she was in FL on vacation one week. In the end I think everyone involved learned a little something new,...weekly contact from someone from the beginning would have made a huge difference...disclosing private flood insurance is not acceptable to FHA is a must...working with arrogant flood cert. vendors who ignore the evidence should be avoided... In this case, family members were helping out a 93 year old mother to get through this process and if it were not for the family helping out, she would have paid a lot of money for unecessary flood insurance (for the wrong flood zone). RMF should be aware of this and take extra steps to protect the elderly as not everyone will have family helping them out. RMF lost a good man when Donald Sutherland left, but Kathy Burns is an excellent loan officer and did her best to keep us informed and to work to resolve issues as quickly as possible. I would definitely refer anyone to Kathy. No complaints about the people we dealt with at RMF or the loan program we got, just the process had a few hiccups and took much longer than it should have.

I believe some of the communication could have been better. There actually were more people then needed dealing with this loan and at times the repetition was relayed differently.

The service was good but I think I should have gotten more than was estimated

your criteria for appraisals is very poor and grossly incorrect....i am a CRE..REALTOR EMERITUS Real Estate Broker/owner for over 42 years....with 2 MASTER DEGREES....the appraisor sent to my home was totally unaware of the a market as diverse as cherry hill..not tiny medford where he was from.....TOTALLY DISCOUNTED THE CMA PACKAGE THAT I PREPARED FOR HIM..which told me immediately he was out of his league!!!.....i am an expert witness for court proceedings and was realtor for 2 municipalities and on CAMDEN COUNT ECONOMIC DEVELOPMENT COMMITTEE...so i know how to preapre a CMA package.....I WAS AND STILL AM FURIOUS...and i am thinking of maybe filing a complaint....i have just listed my home for $304,900....THIS INEPT INDIVIDUAL SAID 257,500....really...I AM NOT GOING TO LET THIS JUST STAGNATE.....you you will be hearing from my attorneys......thomas j. la maina..