Open Mortgage is proud to be licensed in 47 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.
PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR
ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST
A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN 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 DOWNLOADED AND PRINTED 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 MORTGAGE BANKER 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 WEB SITE 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