Financial Heritage takes advantage of the elderly.
My father entered into a reverse mortgage with Financial Heritage on approx, March 5, 2008. His loan officer said he should have no problem completing his mortgage by April 15, 2008. He also told us that he had loan completed in two weeks. My father opted to do the loan with no fees. Most of the the reverse mortgages have fees of approx. $17,000.00 Which means the mortgage company makes more fees for them. They usually generate approx. $7,000.00 per loan. In our case the fees are approx, $3,600.00. according to the owner of the company. My father was sent to four different counseling sessions, which prolonged the loan. My father appraisal was done on March 12, 2008 so from that point on the loan was not funded until April 29, 2008 They later told me that they had never done this kind of loan. So my father had to pay a penalty of $2,400.00 to the I.R.S. If i would of known this was going to happen we would have opted for a regular mortgage with a bank. My father lives on a mere $1,500.00 If you decide to deal with this company , get it in writing.