Consumer complaint received 2022-11-11
Company: REVERSE MORTGAGE INVESTMENT TR
State: WA
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
- My husband and I got a Reverse Mortgage in XXXX, tenure monthly payments. 
- We did a refi that was completed on XX/XX/XXXX. Our house had almost doubled in value. 
- On XX/XX/XXXX my husband left me and the house permanently. 
- On XX/XX/XXXX our divorce was final. 
- On XX/XX/XXXX I submitted documents requested by Reverse Mortgage Lending LLC : - Divorce Decree making the Reverse Mortgage Loan 100 % my responsibilty, /liability. XXXX XXXX fully understands this. 
- My husband 's Quit Claim on the house. 
- My husbands letter revoking all interest in the reverse mortgage loan. 

- On XX/XX/XXXX I contacted Reverse Mortgage Funding LLC to convert the monthly payments to a Line of Credit. I needed funds to buy my x-husband out of his half of the house as set forth in the Divorce Decree. Forms were to be sent to me. 
- On XX/XX/XXXX I received the forms : 'Modification of Home Equity Conversion Loan Agreement ' and 'Line of Credit Draw Request Form '. 
- On XX/XX/XXXX I called XXXX XXXX to ask if my ex-husband has to sign on the XXXXBorrower ' lines of both forms. When the customer service person read his Letter of Revocation, she said " NO he does not have to sign it ''. I faxed the Modification form to XXXX XXXX. 
- On XX/XX/XXXX I was informed by XXXX XXXX that my ex-husband has to sign the Modification form and any Withdrawal Request forms even though : He is no longer an owner of the house via Quit Claim Deed. 
He no longer resides in the house and never will again. 
He has revoked all interest in the loan ( as part of the Divorce Decree ).

I have taken full responsibility for the Loan ( as part of the Divorce Decree ). 
- XXXX XXXX is saying that he has to sign everything from now on because his name is on the Loan Contract. 
- XXXX XXXX is saying that they can't remove his name from the Contract. 
- XXXX is saying that the ONLY way to remove his name from the Contract is for me to REFI a new loan in my name. 

- There are several problems with my doing a REFI : - One can not REFI twice in the same year. 
- If a REFI is not in the best interrest of the applicant, it is against the law for a company to recommend REFI or to go through the process. 
- Since our REFI in XX/XX/XXXX, our house has lost some value and interest rates have gone up considerably. 
- If I were to do a REFI ( about {$10000.00} in cost which would benefit only XXXX XXXX ), I SHOULD be denied because it would be a financially inferior loan with less equity value at a higher interest rate, post-divorce. That is not in my best interrest. 
- XXXX XXXX says that I now have only 2 options : - Have my ex-husband sign all forms, remaining a party to the loan which is inappropriate and in violation of the Divorce Decree.

- Or do a REFI to their benefit and to no other party.

- So either my ex-husband remains on the loan with unlawful control and liability or I am forced to do a REFI which puts me in a significantly worse position financially, is against the law and I should be denied. 
- Then what? 

- I think XXXX XXXX has the power to make an exception for my case, including removing my ex-husbands name from the Contract. 
- By signing the Modification and Withdrawal forms, my ex-husband is signing up for more risk when he doesn't own the house. He doesn't reside in the home and has revoked all of his interest in the Loan via Washington State courts. 

- I think XXXX XXXX can choose to work with me instead of leaving me in a position now where at XXXX XXXX XXXX, I am likely going to have to sell my home, leave my community and relocate somewhere into a substantially lower status of living. While I am fortunate to have inherited longevity, my finances need to last decades longer meaning my dependency on XXXX XXXX making decisions complying with intersecting laws such as Dissolution of Marriage puts me in a genuinely vulnerable position. I have complied with all relevant laws thus far. Why should XXXX XXXX be able to choose profit over fair practice? 

- I have not attached those Decree documents here, according to the guidance on this website, as my name and contact information and my ex-husbands as well, are emberdded in those documents. 

I appreciate your bureau 's role is resolving this kind of situation. 
Thank you

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation