NIGHTMARE for Platinum Reverse process! In April of this year I had a major decision to make, either I sell my home in Florida or get a reverse. At 71 I cannot afford to retire unless I do one or the other. So, I decided to go with the reverse with the hope to live out my final years enjoying the home I worked hard for all of my life.
I started on April 30 with Michael S. and I provided numerous documents he requested in a rapid way. At the end of May the appraisal came in which was much lower than what the house is truly worth by $200,000 (appraiser here since 1982). He refused to allow me to challenge it, my choice was either accept it or end the loan. The appraiser made numerous mistakes including saying it was in a different neighborhood, using a 2 year old comp as their #2 comparison in a different neighborhood that didn't come close to matching my house. I decided just to accept it so I could get the loan done. Michael was rude, wouldn't ever communicate. When I accepted the appraisal, I falsely assumed it wouldn't be long until closing; I was wrong. There was a lack of communication with him and his loan processor Kathryn; I wouldn't hear from them for days. Then I was told Michael was no longer with the company after weeks of silence and was switched to another loan officer Saher who has been kind, and who told me Michael would still make his $9,000 commission from me, she wouldn't make anything, absolutely ridiculous that he should make even $1 from me. Then in mid July I started getting bombarded with documents I had to provide, why wasn't I asked for these in May or June?. They needed the last 2 years of my mortgage statements, so I wasted at least 2 hours downloading each one off my lender's website, sending them to Saher. That wasn't good enough, they needed one document from my lender showing all payments which at first the lender was reluctant to provide. Then 2 weeks ago I was suddenly asked about my HOA. Why wasn't I asked for that HOA information in May or June? I got online and requested a copy of my payments with my HOA that only went back to January 2025 as that is when the management company took over, and I forwarded that email to Saher. Nope, that wasn't good enough, so I provided a copy of my last 6 month payment in June 2025, that wasn't good enough, I was then told a company by the name of HomeWise would have to step in who charges $300 to get the information from the HOA. One absurd delay after the next, nothing but pure red tape. Then the final hurdle arrived. I gave Michael my insurance agent's name and number in early May, then suddenly last week I was told I would have to completely change my coverage, which I cannot do what they are asking for would cost me $25,000 a year, I'm paying over $8,000 as it is, they were asking for ridiculous things like coverage for never ending water (my house has never had a claim), and they wanted full roof replacement coverage when I have a 20 year life expectancy certificate and a wind mitigation on my hard to damage tile roof. The ridiculous underwriter FINALLY made a call to my insurance agent last week (should have been done in May or June, and was questioning him why I "only" had $800,000 coverage on replacing my house, well it's because that is all it would cost. It has been very clear throughout this process that Longbridge never intended on giving me this loan and has been searching for a way out that couldn't be used against them, and it is also very clear no one working there cares at all about the stress they put on their elderly clients, using numerous people who the file gets moved to, it sits on their desk ignored until that person gets around to it, then passed on to someone else. I was also not told correctly that I had to replace a cover on an outside outlet, then was questioned why I hadn't replaced it when I didn't know I had to. I sent my handyman, no one told me where it was, so he assumed it was on the back porch. The appraiser came back and I learned it was on the back porch. Someone should have told me, I had to pay him twice! On Thursday I reached the end of my rope after wasting hours and hours of my time trying to comply with every ridiculous request, and sent an email stating I needed an answer, yes or no to my loan. ZERO RESPONSE. I have wasted the most critical time of the year to sell my home, the summer months while the incompetent crew at Longbridge (way too many people who don't know what they're doing) has simply wasted my time acting like it is no big deal to keep stringing this elderly 71 year old woman along for months who is at a critical juncture in her life, who now has to rush to get the house on the market and get it sold so I can retire. Not only did they waste my time, but money, going through counseling, paying for an appraisal that was a total disgrace. I will be filing a report with the BBB. Do better Longbridge, this borders on elder abuse! read more
