Consumer complaint received 2021-03-24
Company: AMA Advisors, LLC.
State: GA
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Closing on a mortgage

Complaint:
Been contracted to purchase home at XXXX XXXX XXXX XXXX, Georgia XXXX since XX/XX/XXXX. After I was pre-approved by HomeBridge Financial Services represented by XXXX XXXX via their Reverse Mortgage Program, I paid the Seller {$45000.00} a 5 % non-refundable deposit to have the property taken off the market. I had hoped to close by XX/XX/XXXX. I was advised in mid-XX/XX/XXXXXXXX by Rep a new reverse mortgage program would reduce amount needed to pay down on this newly built property if I were to wait and re-apply in XXXX. My package was received by HomeBridge Underwriter on XX/XX/XXXX. I commented XXXX said " processed by XX/XX/XXXX '' and how important it was for me to close by XX/XX/XXXX, and Rep explained it was standard process time, he would " work to expedite. '' XX/XX/XXXX Mr. XXXX, with his Sales Manager from the HomeBridge Corporate Office in XXXX XXXX, XXXX XXXX, on the phone and in writing told me I " would have to bring {$120000.00} to closing and he " would 'see ' if he could get a closing appointment by Thursday. '' He further advised that the " XXXX had found my letters of explanation ( LOE ) 'unacceptable ' regarding why I paid my XXXX property tax on XX/XX/XXXX vs XX/XX/XXXX ; and why my XXXX fees were late ( less {$300.00} due- arrangements made as soon as I learned owed with XXXX XXXX in XX/XX/XXXX ). '' Because " XXXX found my LOE unacceptable '', he further explained, a XXXX was needed to be paid to their company of {$120000.00} so money was set aside to pay " 18 future years of projected taxes and insurance '' for the new house. I became extremely distraught and bewildered as to how I would come up with that much money and only being told about it on XX/XX/XXXX 60 days after application about this huge amount of money. The Manager suggested they talk to the XXXX and see if anything could be done. Overnight they were able to speak with the XXXX and get the XXXX amount reduced to {$75000.00}. 

I advised them on XX/XX/XXXX, I would not pay {$75000.00} to put into an account so they could pay my taxes and insurance for 18 years because their XXXX  found my letters of explanation " unacceptable. '' There is NO EVIDENCE of my insurance or taxes not ever being paid, I've lived in my home for 35 years. I also requested ALL of the hard copy documents sent to him AND their XXXX file regarding my application be returned to me overnight. I advised I would be making the acquisition for this property with another lender. 

After 2 days, and several notes via voice, text, email that I had not received the documents to XXXX XXXX and Ms XXXX, I received a phone call from MsXXXX XXXX. She apologized and advised I would get the documents. I finally received hard copy documents 7 days after my initial request. I still have not received the XXXX file, although I asked daily until XX/XX/XXXX when Ms XXXX said to me because I was going with another lender those documents were " internal to them. '' She did ask who Id be going with, advising they had other Reverse Mortgage Companies ; but when I refused to say, she did not offer to have any other of their companies approve the application without this stipulation. I advised the docs might help me expedite my new loan process. I still do not have them. 

My best acquisition method for this property is a Reverse Mortgage. Accordingly, I met every requirement except this subjective one. Ive even paid 1st year in full for home insurance XX/XX/XXXX. Rep insisted it be raised {$150000.00} MORE THAN 100 % replacement value of home per my XXXX Agent. I paid increased amount so not to hold up closing on the property. I withdrew from IRAs XX/XX/XXXX & in mid XXXX expecting this loan would close. Ive lost significant earnings as my down payment ( {$410000.00} ) has been ready to wire since XX/XX/XXXX ; and {$45000.00} non-refundable deposit and agreement made in XXXX expired at the end of XXXX, which Rep knew would happen. 

I have proof he submitted to his 2 " letters of explanation '' to his company that he forged saying they were from me dated on XX/XX/XXXX. I explained to Ms XXXX that I did not write either of the letters, and certainly I would not be writing those letters in XXXX when I'd been trying to close since XXXX by contract- XX/XX/XXXX by application. Additionally, Ms XXXX sent me a copy of the XXXX notes that showed I had been " approved on XX/XX/XXXX '' with the only conditions needed mostly met in my response to her. It does not show by XXXX checkmark any XXXX is required. Only that the XXXX need to be in the file. Although I still put in writing a letter of explanation I've since remembered in XXXX XXXX, because of Covid-19, we were permitted to pay later than XX/XX/XXXX, I believe up to XX/XX/XXXX, which means I paid it earlier than due. 

Rep even told Manager I had to provide a letter of explanation for " WHY I wanted to move into such a 'large ' house so close to my existing home. '' Totally INSULTED by this question, I explained to her in writing that I was born in XXXX and was buying this new home in the area of XXXX where I was born, and closer to my XXXX year old mother, my house of worship, and the community in which I mostly work or serve in social service projects. Additionally that I was moving where I could live, work, and play and would be incorporating my company in XXXX from my new home. For me this was also a special XXXX XXXX Historical fact as XXXX, a Federal Empowerment Zone, is also a National Historic District. It was so designated as it was founded in XXXX by freed XXXX American Slaves after the Civil War ended. I am a Direct Descendant of the freed XXXX American Slaves who settled XXXX. I was born there and moving back to my " Heritage '' home! 

The delay in closing has caused me irreparable damage in launching my new company which was to be done in XXXX to optimize XXXX History Month to include a news article of local and national interest launching my company and noting a XXXX History XXXX Fact. I truly want to buy and live in this house and am trying to get another lender to rapidly approve me, but as a senior with only SS and IRA investment income, it is proving difficult. The Reverse Mortgage is the product that works for me. If I don't get a lender ASAP I will lose the deposit {$45000.00} and the Seller is not willing to enter into a new agreement to take this property off the market.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation