Reverse Mortgage Funding Reviews 579

Did reverse mortgage funding go out of business?
(DBRS Morningstar) notes that Reverse Mortgage Funding, LLC (RMF) filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware on November 30, 2022, one day after laying off more than 400 employees. The company retained certain core staff including the servicing oversight team.Dec 13, 2022

Date of experience: November 18, 2024

DONT DO IT!!!! My mum took a reverse mortgage in England of just £60,000 ($118,000 Australian)
18 years ago. She died recently and she owes interest to the bank the total of £255,000 (($505,000 Australia) with interest increasing £1,200 per month. ($2,378 Australian)
It is a beautiful cottage and worth £400,000 ($792,000 Australia) and losing equity fast!!
If she had lived for 2 and half more years they could have thrown her out of her house and she would have been 89 years old with no where to live!!!!
Its terrible and disgraceful that the companies that sell Reverse Mortgages prey on the elderly and are told it’s a good idea but it should be BANNED!!!!!
If you are thinking of a reverse mortgage - please please DON’T DO IT - Just DOWNSIZE and keep your money.

Date of experience: August 22, 2023

I have been sent $200.00 , I requested $8000.00. They lost my first request for $4,000.00 after I called them I was told they did not receive my request. Sent another $4,000.00 request they sent me $200.00 and charged me a $3,800.00 late fee. I owe them NOTHING. I hate them and I will close the account as soon as I receive take my $800,000.00 out of their hands.

Date of experience: January 13, 2023

I have a reverse mortgage with RMF,the first of every month I receive a loan payment that is direct deposited into my bank account...I did not receive my loan payment on 12-1-2022,instead I received a email stating that FMF filed for bankruptcy,and I would have to wait until the Judge in the court of Delaware,releases funds ,to get my loan payment.. I am a senior on a fixed income that depends on my reverse mortgage loan to live each month! I called FMF,the customer service rep. said not to worry your loan is insured by the FHA,my first question is,will I being getting my loan every month,as I have in the past ? Do I need to contact FHA ? Do I need to seek legal advice? Please respond with an answer, since I can not get a honest answer from, the customer rep..Thank you..Joseph Cynar...

Date of experience: December 01, 2022

Maybe three weeks ago I mailed in a request for a $10,000 payment from my line of credit, but have not received the payment.

Now I have created an on-line a/c and see the $10,000 has been removed, but where is it?

I have spent two days now trying to reach you by phone, but you neither answer or call back when I leave a message. Same with your website where your bots tell me that someone will get in touch.

But they don't.

No they don't.

They just don't.

No-one gets back in touch.

So what is an old man to do?

What is your advice?

Yes, next time I'll not do this by mail. I know that now.

But what next RMF? What next? Stop playing with me and tell me what next?

I needed that money in my hand last week. So what do I do now?

Date of experience: November 20, 2022

I just met David and had a great conversation.He helped me figure out what to do in my situation.Very helpful.

Date of experience: November 10, 2022

If I could give you people less than 1 star I would. First part of October I was turning 60, and looking around about reverse mortgage. PLEASE NOTICE!!!! IM NOT OLD ENOUGH YET. These people have called me 19 times since. I've talked to them 2 times and told them to quit calling, and they've again today. At this point I would not use them even if I had a gun to my head. What is it going to take for yall to lose the #. Turning you into the BBB??? That's next, police? Maybe. STOP IT!!@ IM NOT OLD ENOUGH!!!!•

Date of experience: October 03, 2022

Ms. Duanyelle Perry of Reverse Mortgage Finance provided all the help and assistance I needed to secure a mortgage with her company. She was professional and very knowledgeable. She was patient and considerate as she guided us through the process.
As a representative of her company, she was excellent.

Date of experience: October 07, 2022

I applied back in August 2022 for a reverse mortgage on a home I paid cash for. I am 64. I solicited several companies and chose RMF because of their high rating score.

I declined one company because of their policy relating to time in the home. Anything under 60 days will net you an appraisal value equal to the purchase price. (It is always a good idea to punish someone for negotiating a great deal).

I was interviewed, on the phone and in person. I took the Reverse Mortgage counselling class. RMF selected and sent an appraiser out to my home. The appraiser returned a value of $447k. I purchased my "Forever" home for $309,900. At that point, RMF changed the deck of cards they dealt. The came back and said, " Your home appraised for $447K, but we don't believe you are living in the home". So I sent multiple documents proving I was living in the home. They then came back with " You've only owned the house for about 60 days, so we're only going to give you a purchase price appraisal." I have been waiting since then for them to reconsider their "bait and switch" offer. I guess they're hoping I will give up waiting and go somewhere else...

10/14/2022
As a follow up to my initial review, I contacted RMF today about an issue regarding changes they made to my Homeowners policy. Before I could discuss it with the representative, he advised me that RMF would not reconsider the secondary offer (Value based on Purchase Price) they made.

I contacted RMF because RMF had themselves added to my State Farm Homeowner's insurance policy as 1st Mortgagee. I asked the RMF representative how that was done, without a fiduciary agreement between myself and RMF, and also without my permission or consent. His response was "That's just something that we do." Needless to say, all negotiations between us were stopped by me at that point. I no longer want RMF for my Reverse Mortgage because I question the honesty of their business practices. Caveat Emptor!

Date of experience: October 12, 2022

For a few months, my wife and I collected reverse mortgage general information from a variety of sources and researched reverse mortgage companies through various objective sites - Trust Pilot being one of those sites.
We contacted three companies - AAG, Mutual of Omaha, and Reverse Mortgage Funding (RMF) - that were rated in either the top 5 or 10 in the country by these various objective sites .
We decided to pursue an application through RMF primarily because of the professional, attentive, and always timely customer service response and support we received from the RMF Specialist/Loan Officer who contacted us and made the other companies look like amateurs in comparison. His name is David Houghten.
Throughout the 5 months that we worked with David, he walked us through the entire application process to the closing in September. We found him candid, straightforward, patient, and professional, answering our many questions and providing various quotes and information upon request, while never applying any type of sales pressure to close the deal.
If RMF’s servicing of our mortgage going forward matches David’s support, and we’re sure it will, we will have no regrets procuring our reverse mortgage from RMF.

Date of experience: October 11, 2022

I had many questions and some apprehensions about reverse mortgage, but Larry explained everything to me and was very patient with me throughout the whole process. I had contacted other reverse mortgage companies in my research before contacting Reverse Mortgage Funding and none of them provided the level of professionalism, knowledge and communication that Larry provided.

Date of experience: September 01, 2022

I was put in contact with Joe Walker of RMF, and was treated more dismissively than I have ever been in my life. I told him that my Mother died two days earlier, and that I was looking at my options for keeping her home. He asked my age, and when I said 59, he blurted out "you're not qualified" without hearing ANY specifics. I actually will qualify in 9.5 months, but he didn't want to hear that, and was ready to hang up. I asked if he was with RMF, because with some mortgage lead companies, it's hard to know, and he went ballistic, and accused me of "having an attitude". By asking what company he was with, I had an attitude. This man has no business being in customer service period, let alone the mortgage industry.

Date of experience: September 23, 2022

This has been a long drawn out affair, but I must say both Andrew and Hardik have been wonderful about keeping me updated and helping where they could. They both deserve a bonus on this one!

Date of experience: September 06, 2022

Our experience with RMF was outstanding. Our contact rep, Leslie, was fantastic and made the whole process painless. The process for applying for and qualifying for a home loan can be daunting. Leslie walked with us through each step, clearly communicating what was going on and what needed to be done. We would recommend RMF and Leslie to anyone looking into a reverse mortgage.

Date of experience: July 29, 2022

Reverse mortgages are not easy to do nor completed quickly. This was our second with Reverse Mortgage Funding, and they both averaged about four months to complete. The process involves much paperwork, and research to complete. Our agent was very patient with my sister and me and did her best to work with us and the underwriters to find the correct information.
I cannot guarantee that everyone will be happy with the results, as we were not when the home appraisal came in lower than estimated, and therefore lowered our potential payout. But by just being patient, and waiting a few months, it changed, and we were pleased with the results.
I recommend Reverse Mortgage Funding to anyone who has contemplated a reverse mortgage and has decided to proceed! Go with RMF

Date of experience: September 04, 2022

If there was a negative for review I would use that zero to rate RMF. LIARS and robbers, that's what RMF is. Promises of a coming return phone call after escalations have come and gone three times. THREE times RMF lied to me! My roofing contractor replaced my roof on 7-9-22. He did a good, timely job using quality materials, and deserves to be paid. He has carried my debt for over a month now, and is threatening Lien on my home. Meanwhile, RMF holds MY money for over 30 days, while they try to, make interest on MY MONEY! All I get is bowl-fulls of Caproate jargon and BS lies. I am filing complaints with the Colorado State Attorneys Office and with the Federal Attorneys Office. These people are liars and cheats, in my book! I want my MONEY that RMF has held for over a month!!

Date of experience: August 31, 2022

I contacted Joyce McRoberts who handled my original reverse mortgage in 2019 when I was interested in doing a refinance, she immediately started the process and the whole experience was smooth and quick. Can not say enough good things about her and the whole expeeience.

Date of experience: August 30, 2022

I agree with all who had Ed for their agent. He was on vacation in Germany and answered my call, heaven help him, in the middle of the night! Marilyn L

Date of experience: August 25, 2022

I am very impressed with the work everyone involved put into my reverse mortgage. I felt fully informed going through this process and every question was answered completely and quickly. I would recommend Larry and Reverse Mortgage Funding to anyone who asks about getting a reverse mortgage.

Date of experience: August 24, 2022

Larry was accessible and helpful throughout the HECM process. He set reasonable expectations at the outset and met them throughout.

Date of experience: August 17, 2022