Open Mortgage is proud to be licensed in 46 states across the country and the District of Columbia. We believe that “Better is Possible”, so if your
state is not listed, please contact us and see if we have plans to expand near you.
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to
sell the home or repay the loan from other proceeds;
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage
insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) the borrower remains responsible for property taxes, hazard insurance and home
maintenance, and failure to pay these amounts may result in the loss of the home; and
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full
Kansas Licensed Mortgage Company MC.0001373
Colorado: Regulated by the Division of Real Estate