Reverse Mortgage FundingReviews of reversefunding.com

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.

Ed Rooney did a great job for me. Easy to understand. The process was completed in a short time. Thank you.

A VERY EXCELLENT COMPANY AND THEY DO A VERY GOOD JOB ... I ONLY EXPERIENCED A FEW MINOR PROBLEMS, BUT I WOULD RECOMMEND THE RMF COMPANY TO ALL WHO ARE SEEKING THIS TYPE OF MORTAGE .

The process was long an arduous but made much easier with Frank mcinerney help me through every step I appreciated his input. I felt that I could call it anytime and he would help me . That's service you don't get everywhere I would recommend your company anytime

Everyone that we dealt with throughout the process was totally professional. The process went smoothly and we are very satisfied. Thank you!!

After we decided to do a reverse mortgage and some long searching, we found Reverse Mortgage Funding. We called Larry and he responded quickly and came to our house, answered all questions we hade, that was it , Larry took over from there organizing everything. For us it took a very short time from 1st visit to closing. Looking to do a Reverse Mortgage, Call Larry McAnarney First. Thanks again George Magdanz

I was very unhappy with the appraisers and their errors. The fact that these errors were tolerated and let to stand was beyond belief to me. Even more so was that they were paid their full rate for such sloppy work. The call from Sarah when I was in my car, forcing me to decide on an insurance policy was another blunder, esp when I had the policy running back to 2017 with Safeco as she said she required. Carol's work was fine, though I thought passive. It did get done, in 8 weeks, but it did get done and I am grateful for that. I'm glad it is over. Wish I felt like celebrating, I am just relieved.

We talked to several reverse mortgage companies. Reverse Mortgage Funding was by far the best. We liked the fact that Larry McAnarney, loan specialist, came to our house. He was very good at explaining the whole process. We wanted a fixed rate and RMF gave us more money than the other companies.