My mom's reverse mortgage paperwork is a nightmare

Found out yesterday her lender buried a $450 monthly fee in section 12 of the contract that wasn't in the disclosure. Been going back and forth with their customer service for 3 days now in Phoenix. Has anyone else had to fight a reverse mortgage servicer over hidden fees?

3 comments

3 Comments

thea60210d ago

Did they try to blame it on "regulatory requirements" too? lol We caught our servicer adding a $300 "processing fee" that magically appeared after we signed.

angela_morgan10d ago

@shanec61 they really did try that exact excuse. $300 "processing fee" out of nowhere after they had the signed papers. Three hundred bucks gone just like that if you don't catch it. Makes you sick thinking how many people just paid it without a second look.

shanec6110d ago

So you actually caught them doing it? That's wild. I used to think stuff like that was just people being paranoid or not reading the fine print, but this definitely changed my mind @thea602. Seeing it spelled out like that makes me wonder how many other people got charged the same thing and just paid it without noticing. The "regulatory requirements" excuse is such a cop out, they just throw that around to make people feel stupid for questioning it. At least you caught it, most folks probably wouldn't go back and check after signing. Makes me want to go audit my own mortgage paperwork now to be honest.