New Reviewer

RIP OFF

CONSTANT BARAGE OF WANTING MORE AND MORE INFORMATION. BE CAREFUL. AFTER TWO MONTHS OF SENDING IN PAPERS NO PROGRESS HAS BEEN MADE. STAY AWAY. BEGINNING TO THINK IT IS JUST A SCAM. WILL HAVE MY ATTORNEY LOOK INTO IT. WILL SUE IF NECESSARY
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ID
#1522927 Review #1522927 is a subjective opinion of poster.
Location
San Diego, California
Cons
  • Sucks
Reason of review
Not as described/ advertised

Look out a big scam

I went thru most of the process of paperwork which kept growing monies for fees for counseling and appraisal which I lost plus in general a scam all the way around. I was turned down after going thru most of the process as it seemed they were looking for excuses to deny no mater what.
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ID
#1428091 Review #1428091 is a subjective opinion of poster.
New Reviewer

Application and document requests; never ending story.

I withdrew my application on 11/14/18 for a reverse mortgage. I am solid financially with FICO scores in 800s, money in bank, etc. I was sent a list of documents that I needed and promptly sent them all they asked for. Then the underwriter wants this, that, etc, as recent as today stating that my wife must be included on our homeowners policy. Reasonable diligence would have asked for that initially. Last week they wanted a copy of association insurance policies and record of my payments. Why this was not asked for initially defies logic and a company run by clowns. Even though I could have got what they wanted I reached my limit and withdrew my application and demanded the return of all documents. By the way my home is financed by Quicken Loans, the parent company of One Reverse but their underwriters could have easily got what they wanted internally. So, if your not old enough to get a reverse mortgage with One Reverse you will be by the time your application is processed.
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ID
#1400390 Review #1400390 is a subjective opinion of poster.
Location
Palm Desert, California
Service
One Reverse Mortgage Mortgage
Reason of review
Good customer service

As soon as mortgage was completed, company sold my loan to another RM company. I would NOT do business with second company.

I understand how reverse mortgages work. My contacts with One Reverse during the application process were positive; the woman with whom I worked most closely was helpful in many ways. So far, so good. Then the process was completed with as agreed half the proceeds to my checking account and half as a line of credit. I CHOSE to make payments against the half in my checking account in order not to run up interest; no payments were required. Then I received a notice stating first that the paper was being transferred to AAG (wouldn't do business with AAG in a million years) and second that "this communication is from a debt collector. It is an attempt to collect a debt and any information obtained will be used for that purpose." I called the 800 "hot line" and expressed myself to the person who answered. She was courteous but obviously unable to change anything and I was courteous, but I was and am furious at this breach of faith by this company.
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ID
#1079983 Review #1079983 is a subjective opinion of poster.
Location
Detroit, Michigan
Service
One Reverse Mortgage Loan
Pros
  • Mortgage banker with whom i had most contact
Cons
  • Client care specialists and servicing after loan closed
Reason of review
Bait and switch
Preferred solution
Let the company propose a solution

Threatened by Robert Knotts, One Reverse Mortgage

I have been talking with Robert for several Months. He wrote me a letter recently threaten with dropping us if we didn't go with him now. I am investigating a number of companies. I can not believe the amount of up front money we must pay One Reverse to be considered. I am looking a three other companies and then we will decide which one we will go with.  I don't know how to send photo but I have the copoy in front of me and will send copoy by snail mail if requested. Charles R. Eno Sr.
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2 comments
#1180277

I talked with Robert at One Reverse on behalf of my Dad, who wanted to look into getting a reverse mortgage line of credit set-up. The guy basically lied to me about the costs.

He failed to disclose to me 3rd party fees totally almost $2000 plus origination fees that run between $2500-$6000.

I asked him to disclose to me 3 different times during our phone conversation all the fees involved. He better hope that the phone conversation wasn't recorded like they state when I called.

#1133179

That isn't a threat. He doesn't have to work with you, he can drop you just like you can drop him.

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ID
#816153 Review #816153 is a subjective opinion of poster.
Location
Wausau, Wisconsin
Reason of review
Poor customer service

DON'T USE ONE REVERSE MORTGAGE

My mother contacted this company from an advertisement because she wanted to consolidate her credit card payments. She got as far as the appraisal - which she told me she would not do - but once I reviewed her bills I told her that she didn't need this mortgage, we could find a more cost effective way to consolidate. This company wanted over $4,000 in closing costs which was very unclear to my mother. She was only interested in consolidating approximately $20K in debt so this made no sense! She was told that she didn't need to make a payment every month if she didn't want to and that the money in the equity line would grow and grow! What a load of ***! My mother finally told the mortgage banker to call me directly and do proceed (or not) as I directed him. He continued his tactics with me until I finally told him to conference in my mother and she told him the same thing. He actually said on the phone with my mother on the line that unless I had power of attorney that he did not have to take direction from me even though that is precisely what she was telling him. They are using strong arm tactics and are very unprofessional. I only hope I got to this before it's too late for my mother and that nothing else is signed that I'm not aware of.
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1 comment
#1214118

I had such mortgage. AAG is jk

AAG is legal theft.

They cost me thousands of dollars. I had to get a lawyer to stop foreclosure.

Our government support them. Get rid of HUD.

ID
#725520 Review #725520 is a subjective opinion of poster.
Location
Virginia, United States
Reason of review
Poor customer service
Preferred solution
STOP CALLING MY MOTHER AS SHE ASKED!! I NOW HAVE POA SO I WILL PRESS CHARGES IF THIS CONTINUES~

Unhappy customer

My husband & I started the process for a reverse mortgage thru One Reverse mortgage in early July, 2015. All the paperwork was overnighted to (FedEx), and we scheduled an appointment for a counseling session (which is one of the requirements for a reverse mortgage - no problems), which was set for mid August ( the earliest date available). in the meantime, we began filling out, signing and returning mountains of paperwork , giving permission to One Reverse Mortgage to run , and check our credit report , and to speak to our mortgage company for info needed. We were told that everything looked fine on the credit history. We then proceeded with the process which became very stressful. Once the reverse mortgage company received the certificate from the counseling session, One reverse began to process the paperwork (on their end). A few days into the process, the broker called me, and said that we would have to come up with twenty six thousand dollars + in order to close. We told him that was not going to happen. He then come back (a couple of days later), and said we needed sixteen thousand dollars to close , and told us we could sale some assets to get the money if needed. . We again told him that wasn't going to happen. A couple of days later, another phone call came. This time, the closing cost was $6500.00. This amount was satisfactory to us, and told him to proceed. In the meantime, our daughter had given us a small monetary give which was deposited into our bank acct. We were required to send (Fax) them our bank account info for two months which they required (no problems), but they wanted our full account # (nothing blacked out), which we were hesitant to do, but did it anyway. And they also wanted to see that the money was in the bank (in advance) for the closing, which we provided to them. We followed all their guidelines, and provided them with everything they requested. By this time, we were going into the month of October, still with no closing date. BY this time, we were starting to get very discouraged , and mentally exhausted. Through another phone call, the broker from One Reverse Mortgage told me that he needed my daughter's bank acct. info showing the monetary gift to us, and needed two months bank statements from ( as well) , and the acct # could not be blacked out. Well, needless to say, this did not set well with us nor my daughter, however, she did comply with their request. The day after I faxed this info to the broker, he called me to see if I had faxed the paperwork. I told him I had, and he said he count not out his hands on it, and to re fax, which I did . He then sent me an email requesting the same paperwork a third time, and the closing cost had increased from the previous $ 6500.00. I confronted him about this, and let him know that the closing cost would not be going up, and if he could not keep his word, he could just forget it. He then called my daughter's work phone (not her cell as she had requested he do), and gave out personal info about us to the answer service, which somehow got back to her boss, and caused her problems on her job. He wanted my daughter to re fax paperwork he said he could not find. My daughter called him and spoke to him again about calling her cell phone. She re faxed the paperwork to him again. This occurred another time with personal info going out to the answer service, and, this time, my daughter got very upset, and called him with " a piece of her mind " . He called me the same day, and told me that he had all the paperwork needed, and would call in a couple of days with a closing date with the closing cost remaining at $ 6500.00. by this time were into the third week in October, with still no closing date after four months stress. Two days later, he called me and informed me that he was unable to help us . One Reverse Mortgage treated me and my husband as second class citizens, and acted as though we were trying to by a home from them instead of the reverse. We feel as though there was information requested by them that they did not need ( such as full bank acct #s) from us as well as our daughter who was not involved in this. We are not sure what will happen to our bank accounts, but one thing is for certain, if our accounts are hacked, One Reverse Mortgage will be the first in line to be investigated. There is more I could say, but I hope you get the message. I would not recommend this company if you plan to apply for a reverse mortgage. Shop around, and get good info. There are good companies out there. That's what we are going to do as we begin this process again. I truly hope One Reverse Mortgage checks their reviews, and reads this. This is one of the worst companies I have ever dealt with, and Henry Winkler should be ashamed of himself for representing them, or misrepresenting them ( I should say). LH IN NC
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2 comments
#1352873

My experience with One Reverse Mortgage was terrible! Lies and bull *** all the way, the documents did not match what was stated on the phone, SLIMEY BUSINESS TACTICS!

#1105685

Thank you for this info! I think my husband and I will not do a reverse mtg.

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ID
#723583 Review #723583 is a subjective opinion of poster.
Reason of review
Poor customer service

One Reverse Mortgage - Staff Review from Delray Beach, Florida

First, Henry Winkler didn't come. Wow, off on the wrong foot! Second, we live in a gated, guarded community. The appraiser was stopped at the gate and refused entrance. That's a huge positive. I don't want some uninvited Bozo digging around my stuff. Look, I'm a big time rancher. Here in retirement, we only have 2 cats left, Mike and Dr. Watson. Unlikely well start another herd. All the clomping,etc. I guess he just appraised the guard shack. Probably worth more than my shack. Hah! Take that Henry-Fonzy-Winkler.
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3 comments
#1214119

They stole thousands from me. I sold stuff and got rid of them. Answer to get rid of HUD.

#1200174

Now that's a review I can agree with ! LOL

#1041012

You sound about as smart as most of the *** that need a reverse mortgage.

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ID
#657934 Review #657934 is a subjective opinion of poster.
Location
Delray Beach, Florida
Reason of review
Poor customer service

Double (Triple) Teaming High Pressure Sales

All I wanted was information when I called One Reverse Mortgage. For the next two months I got as many as 5 phone calls a day - including Sundays - pushing me to send in papers, get the ball rolling, we need to get this started, etc. This company deals with no one who is not over 62 years of age. If they're in dire financial straights, these people will have two and three salesmen working on them and they end up losing all equity in their home. If they are ill, they will lose the home if they are hospitalized for an extended period.
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ID
#492556 Review #492556 is a subjective opinion of poster.
New Reviewer

Given the run around

Almost 4 months ago we applied for a Reverse Mortgage with One Reverse Mortgage. OMG. What a nightmare. The first appraiser refused to come out after looking at 10 year old photo's of our property. We did extensive renovation 8 years ago. ORM dropped us at that time. Another rep called us to start the process again. He stated the reason he said we were dropped was because we had new out buildings on our property. My husband on his own obtained comparables of other property's in our area that had appraised. The next appraiser came out gave an estimate and then just dropped the ball. We never heard from that appraiser. Then ANOTHER appraiser shows up. His estimate was 40,000 dollar less than the other appaisal. Once again we thought the ball was rolling. WRONG. Then daily call's came n for copies of insurance ( which had already been submitted.) and numerous other thing. Today the call was that the appraiser will be back to take more pictures of our out building. This company is the MOST incompetent company I have EVER dealt with in my 65 years of live. Please heed my word before dealing with this company. By the way we did not even own this property in the pictures from 10 years ago.
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5 comments
#1041014

Your property sounds like a dump.

#812440

Last October I began the process of seeking a reverse mortgage from One Reverse - a division of Quicken Loans. A ream of paper with questions and answers was sent to One Reverse.

Then they asked more questions, which I answered.

At their request I paid for an appraiser to give One Rev an appraisal so they could complete the process. The appraiser came, examined our seven (7) year old house and submitted his appraisal. I had to raise a ruckus to get a copy, although the appraisal was mine because I paid for it! I was shocked to see he appraised the house

without any allowance for it's location on ten nicely landscaped acres.

I questioned it. One Reverse had more questions - which I answered then told them "That is it". No more questions, what do you have to offer? Their reply was that they were not prepared to give me a mortgage, but if I wanted to try later they would reconsider.

I answered that I would never reconsider them for my business and told them to close their file.

A few weeks ago I started negotiations with another lender. They have

just informed me they cannot proceed because ONE REVERSE HAS MY PROPERTY TIED UP WITH FHA THROUGH THE CASE NUMBER. THE FHA WILL NOT PERMIT ME TO USE ANOTHER LENDER UNTIL AND UNLESS ONE REVERSE TRANSFERS THE CASE !!!!!!!!!!!!!

I called One Rev. They tell me a transfer cannot be made unless the other lender submits a prescribed Form - signed by me.

It is pretty clear this process will take many more days. In the interim MY PROPERTY is at the mercy of One Reverse.

Surely it is time to put that outfit out of business? What Government Department should be moving forward on that?

#492588

I do not work for this company but I can tell you that the mortgage broker/originator nor the mortgage company can have anything to do with the appraisals on reverse mortgages. You are pointing the blame in the wrong direction.

#812444
@PissedConsumer492588

Walter,

As your comment - offered in response to my complaint - is dated

2012 and the date of mine is 2014,, it is beyond me how your response can be applicable.

#842103
@PissedConsumer812444

honestman, I believe Walter's comment was in response to the original poster Had It dated in 2012.

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ID
#292416 Review #292416 is a subjective opinion of poster.
Location
Seminole, Oklahoma

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