Consumer complaint received 2016-08-28
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
Many years back ; we got from Chase Manhattan Bank an Equity Loan on our fully pay home ; every 10 years ; we renewed the loan ; the last expiration date of the equity loan was ; XXXX/XXXX/2015 ; and as we did before, we apply to renew the Equity loan before ; but after we presented the application and all the requested paperwork ; including the income taxes for the last 3 years, etc. ; the equity loan renewal was denied, because we have : too many payments obligations ; and not enough income to renovate the Equity Loan and be able to make the monthly payments of approximate {$1300.00} ; therefore ; since we do not qualify to renovate the Equity Loan ; the JPMorgan Chase officers ; converted existing Equity Loan witch used to have minimum payments of {$1300.00} a Month ; to a 15 years mortgage with monthly payments of approximate {$3400.00} ; and we was qualified for this new mortgage and approved! 
In other words without any changes in our income or expenses ; we do n't qualify to pay {$1300.00} a month ; but yes we qualify to pay {$3400.00} a month ... Can anybody explain this? 
I believe this is something very unfair ; and we had been discriminated ; and harassed ; because me and my wife that we are in the XXXX 's ; will need to earn {$25000.00} more every year ; to be able to make the new mortgage payments ; and at this age how we will earn this additional income every year? 
Consequently to be able to make the payments in time ; at this age ; we are working part-time ; ( besides our regular work ) and are borrowing money from the family ; and using credit cards ; but we no longer will be able to continue like this, and we will lose our home.. 
We never make late payments to this loan ; or any other one ; we never have a foreclosure ; we never been in bankruptcy ; and the value of the property is between {>= $1,000,000}. to {>= $1,000,000} ; full paid ; except for the {$460000.00} Equity Loan balance. 
And why ; at list ; the JPMorgan Chase officers converted the Equity Loan to a 15 years mortgage with huge monthly payments instead to a 30 years mortgage with a smaller more affordable monthly payment ; without give us the opportunity to choose or consulting us first.. 
After the JPMorgan Chase officers decided that we do n't qualify to renew the Equity Loan for 10 more years ; and immediately approve us for the conversion of the Equity loan to a 15 Years Mortgage ; ca n't they instead of convert the Equity Loan to a 15 years Mortgage with unaffordable monthly payments, give us the opportunity to renew the Equity loan for only one or two years, to give us the time and the opportunity to sell other full paid properties that we own and pay in full the balance of the Equity loan ; or pay a percentage of the balance and have a smaller Equity Loan and be able to qualify? 
Can the any Government Institution found out why JPMorgan Chase did this to us ; and if is any possibility to reverse this " non common senses '' : That without any changes in our income or expenses ; we do n't qualify to pay {$1300.00} a month ; but yes we qualify to pay {$3400.00} a month?

Company response to consumer: Closed with explanation