Consumer complaint received 2016-03-22
Company: Reverse Mortgage Solutions, Inc.
State: NJ
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Here is my story. Back in XXXX of 2013, I was selling my house and having heard all the hype about Reverse Mortgages, I spoke to a representative from Reverse Mortgage Solutions in XXXX Texas. He assured me that under a reverse mortgage the new house would be mine until the day I die. He told me I 'd never have to worry as long as my taxes were paid and my homeowner 's insurance is up to date. Concerned about my security, I asked repeatedly if the house really would be mine until I died and he reassured me over and over again that it would. Regretfully, I believed him. Big mistake! I signed all of the paperwork and moved into my new house. Please know that I am not as of yet dead yet, all of a sudden, just this week, I 'm getting notices from all kinds of attorneys informing me that my house is listed for foreclosure. I contacted my state senator, XXXX XXXX, to inform him of my dilemma. He in turn contacted the Attorney General of Consumer Affairs here in XXXX who told him that it is illegal for reverse mortgages to be used to buy a new house ( something Reverse Mortgage Solutions never made me aware of ). Very concerned, the Attorney General of Consumer Affairs asked if I wanted to be part of a class action suit and I said yes, however, I was later to be told that because Reverse Mortgage Solutions is located in Texas, a suit ca n't be filed in XXXX. The Attorney General of XXXX then gave Senator XXXX 's Office this link to be able to file a complaint with the XXXX division of Consumer Affairs and am now contacting you, Consumer Affairs in XXXX, to hopefully get justice. 

Reverse Mortgage Solutions in XXXX XXXX misinformed and scammed me in that I was never told : ( 1 ) that the reverse mortgage runs out when the equity runs out on the house, ( 2 ) never told me that it is illegal to purchase a home using a reverse mortgage ; had they informed me, I never would 've agreed to using a reverse mortgage. Now there are foreclosure proceedings initialized on my house because of all the lies and misinformation I fell victim to. Using my {$95000.00}. down payment was their one and only priority in drawing up the papers for a reverse mortgage and ( 3 ) TV advertisements as well as Reverse Mortgage Solutions stated that I would be able to receive monthly funds to help pay my bills yet even in the first year of my Reverse Mortgage, I called Reverse Mortgage Solutions to ask if I could get a little help financially to help pay some bills and was told that the parameters were not correct. I 'm still not sure exactly what that meant as no one seemed to be able to explain it to me. The only thing I was told by the Reverse Mortgage Solutions representative was to try and get help from a friend. Needless to say, I was never able to get a dime from my Reverse Mortgage, from Reverse Mortgage Solutions. 
I think it is very important for people to know what they are very possibly getting into if they decide to use a reverse mortgage. The pain and suffering this is causing me is beyond description. I am currently fighting XXXX and would like to be able to get justice and to know that I 've been instrumental in informing the public of the blatantly unethical, non-professional and most deceitful program known as a Reverse Mortgage. I 'm hoping you can give me the justice I deserve. No one should have to endure this kind of XXXX over the unsavory practices of Reverse Mortgage providers.

Company response to consumer: Closed with explanation