Complaint Review: FEDERAL MORTGAGE & INVESTMENT CORP - Clifton New Jersey

SENIORS BEWARE!!!!! WATCH OUT FOR THE REVERSE MORTAGES!!

Here is some interesting information.

This company does not have their business telephone published.

They are not affiliated with the Better Business Bureau.

They do not have the Equal Lender Logo.

They do not respond to emails from their website.

Pasted below is the BBB Report.

BBB of New Jersey,Inc.

1700 Whitehorse-Hamilton

Square, Suite D-5

Trenton, NJ 08690-3596

(609) 588-0808

FEDERAL MORTGAGE & INVESTMENT CORP

1111 Clifton Avenue

Clifton, NJ 07013

View Location Map

Local Phone Number: (800) 788-1184

Membership Status: This company is not a member.

TOB Classification: Mortgages

The information in this report has either been provided by the company, or has been compiled by the Bureau from other sources.

Customer Experience

The Bureau has requested basic information from this company. The Bureau has not received a response. Without this information, the Bureau may not have current information concerning such things as the company's management or its nature of business.

Educational/General Comments

Refinancing Your Mortgage Loan

Given the low mortgate interest rates that are now available,

many homeowners are considering refinancing their home mortgage.

Not everyone saves by refinancing, however, so homeowners should

weigh the total cost of refinancing before making such a

decision.

To help you decide if refinancing is for you and to help you

prepare to approach a financial institution, the Better Business

Bureau offers these tips.

When you refinance your mortgage, you pay off your original

mortgage and sign a new loan. With a new loan, you can incur

many of the same costs you paid to get your original mortgage.

These can include settlement costs, discount points, and other

fees.

Before you go through the expense of refinancing, check the

interest rates to make sure they have dropped to a level that

makes refinancing worthwhile. Conventional wisdom states that a

two to three percent difference between the rate on your current

mortgage and the new rate over a period of time - generally

several years - usually offsets the costs you must pay at

closing. The ultimate amount you may save depends on many

factors, including your total refinancing cost, whether you sell

your home in the near future, and the effects of refinancing on

your tax situation.

If you decide to refinance, shop around by calling several

lending institutions to ask what interest and fees they charge.

Remember, you don't have to refinance your mortgage with the

same lender that provided your original mortgage. Check with the

Better Business Bureau for a reliability report on lending

institution(s) you're considering.

Do some homework. Gather all the information and documentation

you're likely to need for a phone or face-to-face interview:

credit account numbers and addresses; bank account numbers and

addresses; and tax returns from the last two years. If there is

any indication of credit problems on your credit report, (late

loan payments, etc.) be prepared to fully explain the situation.

Working cooperatively with your lending institution and

carefully analyzing your financial situation can help you

determine if refinancing is the right step for you.

Report as of: 4/23/2005

Copyright: 2005 BBB of New Jersey,Inc.

As a matter of policy, the Better Business Bureau does not endorse any product, service, or company. BBB reports generally cover a three-year reporting period, and are provided solely to assist you in exercising your own best judgment. Information contained in this report is believed reliable but not guaranteed as to accuracy. Reports are subject to change at any time.

The Better Business Bureau reports on members and non-members. Membership in the BBB is voluntary, and members must meet and maintain BBB standards. If a company is a member of the BBB, it is stated in this report.

MY questions are:

If you are in business, why wouldn't you publish your business telephone number? Wouldn't you want potential customes to be able to contact you?

Why not join or repspond to the BBB? You are in business for 30 years and never responded to the BBB? Doesn't make sense!

Not an equal lender??? Why not??

Why don't you respond to general email questions?

Email #1

From: DarlaKino

To: [email protected]

Cc:

Bcc:

Subject: Reverse Mortgage

Date: Thu, 31 Mar 2005 10:15:09 AM Eastern Standard Time

HI,

I was thinking about applying for a reverse mortgage. My live in boyfriend (who's name is also on the deed) doesn't want to apply for one. Can I still apply for the reverse mortgage, without any signatures from him?

I was also wondering, if I can persuade him to go along with this, do we pick one person as heir to the property, or 2 separate people (just asking because we have everything separated bank accounts, etc..)? What happens if we don't choose an heir? Does the heir needed to be notified in advance or sign any papers?

Thanks

Darla

EMAIL #2

From: DarlaKino

To: [email protected]

Cc:

Bcc:

Subject: Reverse Mortgage

Date: Sat, 2 Apr 2005 8:20:13 PM Eastern Standard Time

HI,

I was thinking about applying for a reverse mortgage. My live in boyfriend (who's name is also on the deed) doesn't want to apply for one. We are both 66 years old. Can I still apply for the reverse mortgage, without any signatures from him?

I was also wondering, if I can persuade him to go along with this, do we pick one person as heir to the property, or 2 separate people (just asking because we have everything separated bank accounts, etc..)? What happens if we don't choose an heir? Does the heir needed to be notified in advance or sign any papers?

Thanks

Darla

Darla

Jersey City, New Jersey
U.S.A.