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.

Worst decision of my life to to let Advisors refinance my mortgage/using equity to pay off debt. I started the process the end of august and was told i locked in at ****% and we would close in September. I provided all September payoff statements and credit card statements. Weeks went by and i was having a bad feeling. Then the beginning of October they tell me i needed to show more money in an account. So i took care of that. Then they advise me of a close date of October 13,2021. The day before the close they are asking me for updated payoff statements and credit card statements. They sat on my paperwork for weeks and let everything expire. I took a day off for the close and noone showed. I logged into my work email to find a cancellation from the title company due to not having documents from advisors. No one contacted me until i had to demand an answer of what is going on . So i had a close date, then cancelled, then told i didnt qualify due to taxes increased and balances increased due to the fact they sat on my paperwork and everything Expired! Now i am paying late charges and fees for almost 2 months worth of bills.

Advisors Mortgage Group offers a wide variety of loan products to meet the needs of our customers, including cash-out refinances that *** be used for debt consolidation, home improvement, or to pay for a wedding, tuition, etc. Consolidating high interest rate credit card payments into one low monthly mortgage payment can save hundreds of dollars a month and help homeowners get back on firm financial footing. To qualify for a cash out refinance, there must sufficient equity to pay down or pay off the debt; and borrowers must be able to afford the new monthly mortgage payment plus any remaining open debt.A borrowers situation *** change during the loan process that causes them to no longer qualify for the loan. This could be a reduction in qualifying income; a new installment loan other obligation; or higher revolving credit card debt. Borrowers should avoid increasing their monthly obligations during the loan process whenever possible, and we encourage borrowers to work with their loan officers who can advise them if taking on additional debt would adversely impact their mortgage loan.

Worst customer service I've experienced in a long time if not ever.The Advisors mortgae team in Neptune, ** and their headquarter's team in Ocean Township were inept. On two different occasions my branch "forgot" to pay my flood insurance which led to me getting letters in the mail saying that the policy expired and I needed to take immediate action. The second time that this happenned, the flood carrier re-sent the **** to Advisors on multiple occasions. Finally, I was informed by Advisors that I let the policy expire and I needed to get new insurance. Bering grandfathered in to my previous policy, I now had to pay 3 times the amount for the same flood insurance. The customer service supervisor never returned my calls. It was not until I left multiple voice mails with the regional VP that someone from compliance returned my call. During that time Advisors sold my mortgae to *** mortgage Co. Advisors was able to get me new policy through an insurance agent who dropped the ball many times and never gave the information to my new mortgage company. Now I am fighting with the new morgage company to refund me the money they charged me for the overly expensive poilcy they purchased for me due to the fact that they believd I had no flood insurance. The timeframe to get all this cleared up has now been 10 monthes.

Advisors Mortgage Group had been servicing this mortgage loan without incident since 2013. It hadcome to our attention in the course of a servicing transfer earlier this year that the flood insurancecoverage had lapsed. At the time, renewal invoices were being mailed to us in the form of a paperbilling statement from the insurance company, and the premium was not paid. (We now have analternate system in place so we no longer rely on receiving a paper statement in the mail.)To rectify the situation, we shopped for flood insurance through an insurance broker and were able tofind more comprehensive coverage at a better price. As a courtesy for the inconvenience, AdvisorsMortgage Group paid the first years flood insurance premium in full to the new insurance company atno cost to our customer. The new loan servicer was notified directly by the insurance broker of the newflood coverage in effect as of March 12, 2021.We have apologized for the inconvenience and believe this matter to be resolved. We value ourcustomers and take any complaints very seriously and strive to resolve them as quickly as possible.