*BEWARE* DO NOT CONTACT THIS COMPANY - As a financ...

*BEWARE* DO NOT CONTACT THIS COMPANY - As a finance and real estate investor, I strongly caution people to fully understand the potential consequences of a reverse mortgage. Contrary to what you hear on tv, I personally, believe there are very few situations where a reverse mortgage is the optimal long-term solution.

Our Experience with PHH - my grandmother took out a reverse mortgage through PHH roughly 5 years ago. They sold her on the idea of having easy access to equity in her paid off home (these companies target marketing towards older generations). My grandmother, a retired business owner and realtor, was never clearly informed of the fees and penalties. Once she found out the payoff amount of her mortgage was DOUBLE the amount she expected, she learned that many fees she thought were one-time fees were actually compounded monthly. After 5 years, almost all of the equity in her house was gone and her buyout price was rising by thousands of dollars monthly. As I quickly worked to purchase the property and pay off her reverse mortgage (so she could remain in the home she built), PHH put up road blocks every step of the way. They would even send letters stating, "We are pleased to inform you your new buyout price is...." as they were pleased to know they were taking more of our equity. Once I had financing secured for the purchase of the property, PHH refused to send my lawyers the payoff documents. They even delayed our closing. My lawyer informed me that in her 20 year career, she had never worked with a more difficult company.

Very long story short, please learn from our mistakes and never contact these people. In fact, do everything you can to find other options outside of a reverse mortgage. PHH made it very clear, that they wanted the full value of our home, and they did everything they legally could to get it. I pray for the day companies like PHH are shut down and justice is served to their executives for the countless lives I am sure they have damaged.