Reverse Mortgage Abuses

27Oct

Reverse Mortgage Abuses

Senior Citizens Financially Abused by Reverse Mortgage Companies

There is a growing number of Home Owners , states attorney generals and the AARP (See Case#2:18-cv-07299) pursuing legal actions against Reverse Mortgage Lenders and Servicers.  This also includes class action lawsuits in addition to a long list of individual civil actions being filed against the reverse mortgage industry across the United States. This is a result of the many complaints from home owners about wide spread abuse committed against seniors by reverse mortgage lenders and servicers. If you or someone you know currently has or has had a reverse mortgage than this information may be extremely important to review. 

When reverse mortgages first came out, seniors were told that getting one was a yellow brick road to a risk free retirement. Unfortunately, many who were sold that are now facing the prospect of losing their home through a foreclosure. Elderly homeowners were promised this by slick ads and greedy, unscrupulous sales people. Seniors were enticed by the dream of living mortgage payment free and or getting cash from their equity without having a monthly payment. This promised dream quickly turned into a nightmare when a deadline for paperwork was not met, or a tax and/or insurance payment were allegedly missed. The senior’s home, of often decades, was turned into a house of horrors by aggressive lenders moving fast to take possession of the property by foreclosure for a mere technical default. This is wrong, if not legally, then morally; something needs to be done about this. We need your help!     

If you or anyone you know, perhaps a relative or a loved one has been a victim of the many abusive practices that have been uncovered by the lawsuits mentioned above then we would like to hear from you.  This article is not part of a current class action settlement and is not to be construed as a means to locate victims for a current class action settlement. We are providing information as a means to inform and make the public aware of some of the legal issues that the reverse mortgage industry is facing today.  If someones rights have been violated, we want to know!

Currently, we are investigating reverse mortgage lenders and servicers on behalf of homeowner victims.  This is an attempt to find the reverse mortgage lenders and servicers who are breaking the law and filing a civil case against them.  Some of the illegal practices that have been uncovered by the AARP, states attorney generals and the class action law suits are:

  • Illegal foreclosures
  • Failure to credit tax and or insurance payments properly
  • Failure to correct errors identified by homeowners
  • Charging fees for additional services without homeowner consent
  • Filing a foreclosure when a spouse passes
  • Filing a foreclosure due to an occupancy requirement
  • Sending erroneous threatening letters
  • Forced placed insurance violations

If you or someone you know has ever been in one of these threatening situations, there is probably a strong likelihood that some of the above abuses may have been committed.  Why should a homeowner look into pursuing a lawsuit against a reverse mortgage lender or servicer with our firm?  First and foremost, we require no upfront money from you if we take on your case.  We do not get paid unless we win.   A wrongful foreclosure could mean tens of thousands of dollars in damages to a consumer.   The Fair Debt Collections Practices Act (FDCPA) provides up to $1,000.00 per violation to the consumer.  The Telephone Consumer Protection Act (TCPA) provides up to $1,500.00 for each phone call made to a cell phone by an automated dialing system without your permission.  This includes calls that you did not answer.  Although each case is different, some cases could be worth tens of thousands of dollars.

Please call 877-241-2200 today to discuss any problems you or someone you know may have had with a reverse mortgage lender and or servicer and find out if we can help in filing an individual lawsuit against them.  We will evaluate potential cases free of charge and there will be no obligation to move forward unless the homeowner chooses to.


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