- Report: #1416951
Complaint Review: Meadowbrook Financial Mortgage Bankers Corp - Garden City New York
Reported By:
GWM -
Rancho Mirage, California, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Meadowbrook Financial Mortgage Bankers Corp
825 East Gate Blvd., Suite 200 Garden City, 11530 New York, United States
Phone:
(516) 544-5305
Web:
www.mfmbankers.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Meadowbrook Financial Mortgage Bankers Corp Provided a refi of an existing reverse mortgage Garden City New York
The existing reverse mortgage provided a monthly income of $2500 per month for life. I received a call from a salesperson from Meadowbrook. During the course of my conversations with Jeff, I indicated that would be interested if we can receive more than the $2500 a month. I repeated this several times over the months that this process went on.
As we got close to closing we received a draft of the loan document. It was probably close to a hundred pages of all of the best boilerplate legal language. According to this document the monthly payment was going to be satisfactory.
The final document was presented by a contracted Notary that was provided by Meadowbrook. She just wanted us to sign in the mirad of locations in the document. I should have slowed her down to go over each and every page. I failed to see that the monthly payout was about $600 less than the payments we received from the original reverse mortgage. The notary took the signed documents with her so that she could make a copy of the signed document.
The copy of the final document did not arrive as soon as I had expected, when I saw the final monthly payment as called out in this version of the document. I contacted Jeff to tell him that there was a mistake. After heated conversations he told me that under the rules of reverse mortgages, nothing could be done.
I bumped up to an officer of the corporation who seemed invested in working with me. Ultimately he sounded the same story as Jeff which was essentially, "too bad, you need to live with it." As anyone knows who has done a reverse mortagage, it is a very,very expensive process. The end result was that Meadowbrook made all of its fees and commissions while I wound up with $600 a month less.
They did promise me that in a year, when it was legal to do another refi, that they would do it for me, free of charge. A year passed and it turns out that I would be even worse off.
The Golden Rule of reverse mortgage law is that there can only be a refi if it benefits the borrower. As much hand wringing as the officer did, Meadowbrook failed in its fundamental duty. There were other irritations, such as the promise that I would be reimbursed for the home appraisal. There were several calls telling me that the check was in the mail. It did finally arrive, but only by my calling, cursing, yelling... There is nothing easy in dealing with Meadowbrook and they do not stand by their mistakes.
Depending on my life span, I am out a minimum of $60,000 in hard cash, plus I incurred all of the high cost of obtaining the loan.
According to them, the salesperson is no longer there.
If you are considering Meadowbrook, I would look at other options.
1 Updates & Rebuttals
Gary
Rancho Mirage,California,
United States
Additional comments re: Meadowbrook Financial Bankers
#2Author of original report
Fri, March 29, 2019
My original report about Meadowbrook Financial Bankers was more scathing, in retrospect, than appropriate. I should have waited longer to post it and to let things settle.
Since the review, I have had extended conversations and dealings with senior staff who have been added to the company. My dealings with them have led to a resolution that was responsible. I had some misunderstandings in my original discussions, but we have resolved all issues that I had, thanks in large part to the staffing changes that were made.
I appreciate Meadowbrooks consideration and working to a resolution.
