Customer ReviewsforAdvisors Mortgage Group, LLC

This company preys on seniors who they know are in desperate need of financial assistance. Horrible. My 83 yo father received an advertisement in the mail. He reached out to this company and started the process on a reverse mortgage. Was told he'd be receiving a good chunk of money without them even looking at the property. Being strapped for cash he decided to go through with the process. His property is old, home built in **** with no updates, but **** still encouraged him to continue with the process. They sent an appraiser out, then gave my dad a list of repairs he'd need to do to be approved. Did I mention it was a complete remodel of a 2nd unit that is considered a tear down. When I asked how was he supposed to pay for these repairs when he's already strapped for cash I was told they could take the money out of the loan. Long story short I reached out to a realtor in our area, explained the situation. He asked for a copy of the appraisal. I informed him we were never given one, even though I paid for an appraisal. He immediately became suspicious, looked into my dad's property and informed us we were being scammed. He said there's absolutely no way my dad's property would even pass the fha requirements for the loan. If your loved ones are working with this company please intervene and find a realtor in your area who can better assist you.

Home Equity Conversion Mortgages (HECMs) are FHA-insured reverse mortgages. FHA sets standards and guidelines concerning the condition of the properties it will accept as collateral. Although seniors may utilize HECM loan proceeds to make repairs and improvements to their properties, the loans are not permitted to close if there are health and/or safety issues involved. We would have no way of knowing such issues existed at time of application unless this information were volunteered by the applicant.The appraiser inspected the property but was unable to complete the report. Due to the extensive amount of repairs that were needed, a consultant would have to be brought in for a cost estimate. We did receive pictures of all required repairs and a list of what needed to be done. Our loan officer provided this list to the applicant and his daughter, who was helping him; however, the repairs were never finished. We did refund the cost of the appraisal since a written report was never completed.

Last summer I called Advisors in response to a mailing I received - I am a retiree on disability and needed home repairs after a crippling winter storm in 21 and a brutal summer drought - Knowing my credit history and the market I was encouraged to proceed with my application - ****** were invested in the worthless counseling, the appraisal and the faxing after which I was told the rates were not favorable and the deal was not possible - That money may not seem like much but to me it was a list of sacrifices and a feeling of being misled and then dropped - I will never recommend a reverse mortgage to anyone and certainly not this, what I consider to be, cruel company - ***********************

The Home Equity Conversion Mortgage (****) can help senior homeowners access the equity in their homes for any purpose, such as to pay off existing liens, make home improvements or repairs, or to supplement their retirement income. Although there are no minimum income or credit score requirements, HUD does require a financial assessment to evaluate the mortgagors willingness and ability to meet his/her financial obligations and to comply with the mortgage requirements. To protect senior homeowners, **** counseling is required to be completed with a HUD-approved counseling agency before we collect any money or proceed with the loan application. The role of the counselor is to educate homeowners concerning the reverse mortgage and to provide them with guidance and resources to enable them to make an informed decision.In this case, the estimate of appraised value stated on the Residential Loan Application for Reverse Mortgages was substantially lower than the appraised value of the property, resulting in a cash shortfall due to insufficient equity. The borrower would have needed to bring cash to the closing in order make up for this deficit.We do not feel that this borrower was misled in any way; rather, our company relied on overstated property value on the loan application. Had a more accurate estimate been provided by the applicant, a very different loan proposal would have been presented prior to application.Further, our records do not indicate $895 in out-of-pocket fees. The borrower paid $480 for the appraisal, and the cost of the **** counseling fee was $145 a total of $625.While we regret that this loan could not be approved as submitted, Advisors Mortgage Group strictly adheres to HUD guidelines concerning reverse mortgages.

I would give this company a ZERO stars! They gave us a prequalification for a loan with no down payment, strung us along for 3 months, asking for different documents, then ghosting us when we asked for updates, up to the point we would lose the house because the sellers were sick of waiting. We ended up needing to get another lender, which cost us the specific loan, having to get a loan WITH a down payment, and we have to pay 2 percent more in the loan, so we are out THOUSANDS of dollars total. These guys should have their licenses to sell REVOKED!!!

We appreciate your comments and regret that we have been unable to satisfy your expectations.The Section 502 Guaranteed Loan Program or USDA loan is available to eligible applicants to purchase a home in an eligible rural area with 100% financing. This loan program helps Advisors Mortgage Group work with low- and moderate-income households living in rural areas to make homeownership a reality. Applicants must meet income eligibility requirements and other program guidelines.USDA loans are unique in that income from the entire household who will reside in the property is considered in determining income eligibility, not just the individual loan applicant. At the time of application, it was stated that only the applicant was working; however, during the application process, documented income was discovered for family members which caused the household income limit to exceed this threshold. It was necessary to obtain proof that these individuals were no longer working, and would not be working once they moved, in order to maintain eligibility for the loan.Additionally, a property tax search revealed a higher amount of tax due than what was originally estimated when this loan was prequalified. This caused the debt ratio to exceed the agencys threshold, making the loan ineligible for USDA loan financing. It was determined that you may have qualified using *** financing, and this option was presented by your loan officer. *** follows a different set of guidelines than USDA. Notably, *** requires a minimum down payment of 3.5% (a higher down payment would apply if an identity of interest exists between the buyer and seller); acceptable source of funds for down payment; and an *** appraisal must be performed.We regret that in the end you chose to work with another lender, but we do feel that we adequately communicated the challenges we encountered during the loan process, and that we put forth our best efforts to work with you to finance your new home.