Have a Problem With Your Reverse Mortgage? Here’s What You Can Do

If you have a question or problem with your reverse mortgage, you may be wondering who to call or what to do next.

Maybe your loan statement shows something you don’t understand. Perhaps you sent in paperwork, but the loan company says it never received it. Or maybe you’ve called several times but still don’t have a clear answer.

You don’t have to figure it all out at once.

There are steps you can take to get answers, keep track of what’s happening, and make sure your concerns are heard.

Here’s how to get started.

What Should You Include in a Reverse Mortgage Complaint?

Start by writing down exactly what is wrong. Try to explain the problem in one or two sentences.

For example:

• You sent in a form, but the company says it is missing.
• Your statement shows a charge you don’t understand.
• You asked a question but never received a clear answer.
• You believe something on your account needs to be corrected.

Stick to the facts. Explain what happened, what your records show, and what you would like the company to do.

For example, if you mailed a form and have proof it was delivered, but the company still says it is missing, explain that. Ask the company to check its records and tell you what needs to happen next.

It can help to answer three simple questions:

1. What is the problem?
2. What information or paperwork do you have?
3. What answer or correction are you asking for?

If you’re having trouble understanding your statement, our guide to reading a reverse mortgage statement can help.

Which Company Should You Contact First?

The first step is to contact the company that currently handles your reverse mortgage. This company is called your loan servicer.

Your loan servicer handles your account, sends your statements, and answers questions about your loan.

It may not be the same company that originally gave you the loan.

Look at your most recent statement or other account paperwork to find the correct phone number and contact information. Be careful about using phone numbers from unexpected emails, letters, or text messages. Always make sure you’re contacting the right company.

If your loan was recently transferred to another company, make sure you know which company is now handling your account.

Our guide to reverse mortgage servicer changes can help you understand what to look for when your loan moves to a new company.

What Paperwork Should You Gather?

Before calling or writing to the company, gather the paperwork that helps explain your problem.

You don’t need to collect every document you’ve ever received. Start with the papers that relate to your question.

These may include:

Keep your original documents in a safe place. Make copies to send to the company if needed.

It may also help to put everything in one folder so you can find it easily when you call.

A quick reminder: Never post your loan statement, account number, or personal information in public comments or online forums.

Before sending paperwork, make sure you’re using the company’s verified mailing address or secure online system. Only send documents related to the problem you’re trying to resolve.

Why Is It Important to Write Down What Happened?

Keeping a simple record of what happened can make a big difference.

Write down the dates when you noticed the problem, contacted the company, sent paperwork, or received an answer.

Put everything in order, starting with the first time you noticed the issue.

For example:

• June 3: Received my monthly statement.
• June 5: Noticed a charge I did not understand.
• June 6: Called the loan servicer for an explanation.
• June 10: Received a letter from the company.
• June 12: Called again because my question was not answered.

If you aren’t sure of an exact date, just say it is an estimate. Don’t guess.

Also, write down what questions are still unanswered.

Having this information in one place makes it easier to explain your situation without having to remember every detail.

Keep in mind that a timeline is simply a way to organize your records. It does not tell you whether a legal deadline applies to your situation. If you have questions about your legal rights or deadlines, speak with a qualified attorney.

What Should You Say When You Call Your Loan Servicer?

Calling about a problem can feel frustrating, especially if you’ve already called more than once.

The best approach is to stay calm, explain the issue clearly, and ask what needs to happen next.

Keep your paperwork nearby so you can refer to it during the call.

Here are a few questions you can ask:

• What does your system show about this issue?
• Can you explain why this appears on my account?
• What paperwork do you need from me?
• Has someone reviewed the documents I sent?
• When should I follow up?

Write down the date of the call, the name or department of the person you spoke with, and any reference number they give you.

If the answer is confusing, don’t be afraid to ask them to explain it again in simpler terms.

You can also ask the company to send its explanation in writing.

One important thing to remember: A company saying it received your paperwork does not always mean it has reviewed or approved it. Ask whether anything else is needed.

How Do You Write a Complaint?

If a phone call doesn’t solve the problem, you may want to put your concerns in writing.

You don’t need to write a long letter. A short, clear explanation is often easier for everyone to understand.

Include:

• Your name and the appropriate account information.
• A simple explanation of the problem.
• The dates of any earlier calls or requests.
• Copies of the paperwork that supports your concern.
• What you would like the company to explain or correct.

Here’s an example:

Example Complaint

My reverse mortgage account shows that an occupancy document is still missing. I sent this document and have a confirmation showing it was delivered.

I have attached a copy of the document and the delivery confirmation. Please review these records, let me know if the document has been accepted, and explain whether anything else is needed from me.

This is just an example to help you organize your thoughts. It is not a required form or a legal notice.

Before sending your letter, ask the loan servicer which address or secure online system you should use.

Keep a complete copy of everything you send, along with any delivery confirmation.

When Can You File a Complaint With the CFPB?

If you’ve tried to resolve the problem with your loan servicer and still aren’t getting answers, you may be able to file a complaint with the Consumer Financial Protection Bureau (CFPB).

The CFPB is a government agency that accepts complaints about mortgages, including reverse mortgages.

You can submit your complaint online and include copies of letters, statements, and other paperwork that support your concerns.

When filing, explain:

• What happened.
• Which company is involved.
• When you first noticed the problem.
• What you’ve already done to resolve it.
• What you would like the company to explain or correct.

You can visit the CFPB’s official complaint website here:

Submit a Complaint to the CFPB

The CFPB will send your complaint to the company for a response. However, filing a complaint does not guarantee that the company will make the change you want.

Before submitting, review everything carefully. The CFPB says you generally cannot submit another complaint about the same problem.

Save your confirmation number and check the website for updates.

When the company responds, read its answer carefully. Make sure it actually addresses your question and explains any promised changes.

Can Your Adult Children Help With a Complaint?

Yes. A family member, such as an adult son or daughter, can help you organize paperwork, write down questions, and take notes during phone calls.

Sometimes having another person there can make the process easier, especially when there are several documents or conversations to keep track of.

But it’s important that you remain involved in decisions about your home and your loan.

Before making a call, talk about how your family member can help. Make a list of questions together and decide who will take notes.

If your family member needs to discuss account details with the loan servicer, the company may require your written permission first.

Simply helping you organize paperwork does not give someone legal authority to make decisions for you.

Here are a few ways family members can help:

• Organize statements, letters, and other paperwork.
• Help write down questions before a phone call.
• Take notes during conversations.
• Keep track of unanswered questions.
• Help follow the company’s process for giving permission to discuss the account.

Never share your account passwords. If there are questions about who has the legal right to make decisions or sign documents for you, speak with an attorney.

What Should You Do After the Company Responds?

Once you receive an answer, take some time to review it.

Compare the company’s response with the original problem you reported.

Ask yourself:

If the company says it will correct something, ask how you will know when the change has been made.

For example, you may need to check your next statement or request written confirmation.

If the answer doesn’t make sense, ask for more information. Refer to your original complaint and any reference number the company provided.

Keep all new letters and responses with your original paperwork.

This will help you avoid starting over every time you speak with someone.

Do You Still Have to Make Your Loan Payments or Meet Other Requirements?

Yes. Filing a complaint does not put your reverse mortgage responsibilities on hold.

If you have a Home Equity Conversion Mortgage (HECM), you must continue to:

• Pay your property taxes.
• Keep homeowners insurance current.
• Pay any required homeowners association dues.
• Maintain your home.
• Follow the rules about living in your home as your principal residence.

There are also certain situations that can make your reverse mortgage due for repayment. These may include selling your home, permanently moving out, or the death of the last borrower.

Certain protections may apply to an eligible non-borrowing spouse.

A long stay in a healthcare facility can also affect your loan. For example, an absence of more than 12 consecutive months may matter if no co-borrower remains. Other circumstances can affect your loan sooner.

The 12-month period does not mean you can automatically move away from your home for a year without affecting your loan.

If you receive a default or foreclosure notice, don’t ignore it. Contact a qualified attorney or housing counselor as soon as possible.

You can also review the CFPB’s reverse mortgage guide for more information about your responsibilities.

Important: Do not assume that filing a complaint stops a foreclosure, changes a deadline, or excuses you from meeting your loan obligations.

The Bottom Line

Having a problem with your reverse mortgage can be frustrating, especially when you’re not getting the answers you need.

But you don’t have to handle everything at once.

Start by writing down the problem, gathering the paperwork, and contacting the company that handles your loan. Keep track of your conversations and ask for answers in writing when needed.

If the problem isn’t resolved, you may also be able to file a complaint with the CFPB.

Most importantly, keep meeting your reverse mortgage responsibilities while the issue is being reviewed.

A little organization can go a long way toward helping you get the answers you need.

See What Your Reverse Mortgage Options May Be

If you’re researching reverse mortgages or thinking about getting a new HECM loan, the process starts with understanding your options.

Before getting a HECM, you must complete counseling with a HUD-approved counselor. This helps you understand how the loan works, the costs, and your responsibilities.

You can also take the next step by exploring your options with South River Mortgage.

Try Our Reverse Mortgage Calculator to see what you may qualify for.

Or call us at 855-212-9114 to talk with our reverse mortgage experts who can answer your questions.

No pressure. No obligation. Just helpful information to help you make an informed decision.