Consumer complaint received 2018-12-13
Product: Mortgage — Reverse mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Finance of America Holdings LLC (MS)

I contacted Finance of America Reverse on XX/XX/XXXX regarding a reverse mortgage. The agent was XXXX XXXX. 
Finance of America Reverse LLC ( XXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , CA XXXX Lender Case # XXXX As part of the process, they requested my credit report on day 1 of our discussions so they knew of my financial situation from the get go. They also knew that I am on Social Security retirement supplemented with XXXX. They also knew my XX/XX/XXXX income from Social Security. There was nothing hidden from me. Mr XXXX never mentioned any problems and proceeded with the required credit counseling, followed by a notary to sign the the papers to continue the process. Also, an appraiser was sent to the house to get an up-to-date and accurate appraisal of the house. The appraisal was XX/XX/XXXX. Mr XXXX asked how much my raise with Social Security would be and said I was a few dollars short of the necessary income. I told him how much raise we were getting and estimated what my XX/XX/XXXX income would be. He said since it was so close, it would probably be no problem. So the process continued with the appraisal and notary to sign the necessary proposal papers. The fees for the professional services ( notary, appraiser and counselor ) was supposed to be paid at closing. 

I was given this rosy picture that I would have {$25000.00} at closing with more after a year. I heard no concern that it may all be in vain because of the info on the credit report which they had in front of them from the beginning. They also had my income and the expected raise by SS. I told them at the beginning I had no additional income. Knowing my financial situation ( Income and Credit Report ) they continued the reverse mortgage process. 

Two days ago I received a phone call from Mr XXXX saying due to my debt as stated on the credit report and income being so low, there wasn't much that could be done. He even told to call my brothers ( the only family I have left ) to pay down some of the debt I have and maybe that would help push the mortgage through ( {$5000.00} ). It's not that easy! Even if my brothers had that amount, it's doubtful they would hand that amount over to me. I've been stuggling along without anyone 's help and it's been rough. I have no one who really cares. That's right! I'm alone and this is how people take advantage of someone XXXX and alone in this world. Mr XXXX had no right to even bring my family in to the process. All families are not alike. With both my parents gone, they family is not as close as once was. Was Mr XXXX trying to get a feel as to their financial situation as well? Something doesn't seem right to me? 

I'm sitting with piles of paper and proposals. They had built up my hopes and now, I have no reason XXXX XXXX XXXX. I struggle and will continue to struggle even more. ... and now, I have other worries on top of the mountain of worries I have now .... 

Who is going to pay the notary, credit counselor and appraiser that Mr XXXX ordered?? I can't and he is fully aware of that. Was all of this a way to take my house as a way to pay these services which he knew would not help me in any way whatsoever?? I feel as though I was conned by him or he just didn't know what he was doing. They knew everything from the beginning and still proceeded with the process and spoke frequently of the closing amount. I called 10 days or so ago and told him I wasn't sure I could make it financially to the end of the month and he said he was waiting on the appraisal which was due in that day. I had estimated the house using the amount set by the insurer. The actual appraisal came in higher so that wasn't the issue as to the quick refusal and being turned down. 

I'm at a loss now. They give me a ray of hope and now look at me. I can't buy groceries, one pair of shoes to my name and they are falling apart ... .no banks want to help ... I feel like I've been thrown away and not worth helping. How can someone like this company hurt people like they do?? Do they have a conscience whatsoever??? 
I've had a XXXX and afraid that's what will happen again. I have no one to take care of me. The people who treat folks like me so wrong should have to live my life with my worries. They'd never make it. Emotional duress is an understatement!!