Price Match Terms of Use and Promotional Rules

Last updated March 22, 2019


 

Here at Reverse Mortgage Funding LLC (“RMF”) our Customer for Life Commitment means we’re with you every step of the way with personalized, ongoing service — from our first conversation on day one, throughout the entire loan process, and even after closing. We not only make loans, but after closing we also service all the loans we originate, and maintain a long-term relationship with our customers. We’re committed to ensuring that your experience is optimal every step of the way, and we’re here for our borrowers throughout the life of the loan. We offer our customers a transparent, informative lending experience. Our objective is to provide clarity at each step of the loan process, and to help our customers feel confident about their decisions.

As part of our Customer for Life Commitment, we also offer competitive pricing. For example, our Price Match program: if you’re shopping around for a reverse mortgage and we are unable to match or beat a competitor’s pricing, we’ll give you a $500 gift card.*

*Price Match Program Details:

We want you to be assured that RMF is a lender that is committed to providing our customers with competitive pricing and terms. When shopping for a reverse mortgage loan, RMF is confident that our program offering will be competitive with other HUD approved reverse mortgage lender product offerings in the marketplace.  If possible, we will match or beat the Program Offering of any HUD approved competitor reverse mortgage lender. If we are unable to match or beat a competing lender’s Program Offering  we will give you a $500 gift card (the “Reward”) after you close your loan with the competing lender.

Price Match Program Terms and Conditions and Promotional Rules (“Official Rules”):

NO PURCHASE OR PAYMENT NECESSARY TO PARTICIPATE IN THIS PROGRAM: Purchase of a product or service from Reverse Mortgage Funding LLC (“RMF”) is not required in order to be eligible.

ELIGIBILITY: In order to be eligible for the Price Match Program (the “Program”), a participant must be a legal resident of the 50 United States or the District of Columbia and meet the qualification requirements for a HECM or proprietary reverse mortgage product (the “Participant”). Must meet financial eligibility criteria as established by lender for a proprietary product or HUD for a HECM.  Employees, officers, managers and directors of RMF, RMF’s parent companies, contractors, subsidiaries, distributors, sales representatives, retailers, advertising and promotion agencies, and any others engaged in the development, production, execution or distribution of this Program (the “Program Entities”) and the immediate family members (parents, children, siblings or spouse, regardless of where they live, or persons living in same household, whether related or not) of such employees, officers, managers and directors are not eligible to participate. Void outside of the United States and wherever else restricted or prohibited by law. In addition, as part of participation in the Program, if RMF cannot match or beat a competitors Program Offering, a claims form (the “Claims Form”) must be requested, completed  and submitted by the Participant per the Claims Form process. Based upon the information provided, eligibility will be further determined. If Participants do not meet the screening criteria, they will be disqualified and ineligible for the Program. By participating, you agree to these Official Rules and all decisions of RMF which are final and binding in all respects.

DEFINITIONS:  A “Program Offering,” is defined as the price, including the all-in margin and net closing costs after lender credits. The Program Offering only applies to a similarly structured reverse mortgage from a HUD approved competitor lender. A similarly structured reverse mortgage must be for the same property, term, product type, discount points, mortgage loan amount, and loan to value with the same or lower total closing costs and APR.

“Loan Comparison,” for the Purposes of this Program, a Loan Comparison shall have the same meaning as a Loan Estimate. The terms will be used interchangeably.

“Initial Price Match Documents,” is defined as the dated competing HUD approved lender’s issued Loan Comparison, Amortization Schedule and Total Annual Loan Cost.

“Final Price Match Documents,”  is defined as the dated copy of the competing HUD approved lender’s Final Signed HUD1 Settlement Statement, Final Loan Comparison, Final Amortization Schedule, and Final Total Annual Loan Cost.

“Claims Form,” is defined as the dated RMF claims form that must be requested, completed  and submitted by the Participant per the Claims Form process.

EXCLUSIONS : This offer:

  1. does not apply to HECM for Purchase (“H4P”) products due to regulatory requirements;
  2. does not apply to offers from RMF approved partners;
  3. does not apply to loan applications that do not meet FHA or propriety product eligibility requirements;
  4. does not apply to loan applications that are canceled prior to closing;
  5. is not available for employees of competing lenders and/or affiliates of competing lenders;
  6. is only valid in states where Reverse Mortgage Funding LLC is currently licensed to originate and solicit loans;
  7. is not available for Hawaii and New York consumers;
  8. not available for refinances of loans originated by Reverse Mortgage Funding LLC within 6 months of funding date;
  9. cannot be combined with any other promotion;
  10. is void if the loan terms or conditions on which the price match was based change prior to closing;
  11. is subject to Reverse Mortgage Funding LLC’s right to rescind or modify the terms of this offer without prior notice;
  12. is not a firm offer, it does not guarantee loan approval, nor is it an offer or commitment to lend. A final loan decision cannot be made until a complete mortgage application and supporting documentation is received and verified. Loan approval is also subject to standard underwriting guidelines, investor conditions and receipt of a satisfactory appraisal and title report;
  13. does not apply to Reverse Mortgage Funding LLC’s own rate which cannot be used as the basis for a competitive rate price match;
  14. only applies to a similarly structured reverse mortgage from a HUD approved competitor lender. A similarly structured reverse mortgage must be for the same property, term, product type, discount points, mortgage loan amount, and loan to value with the same or lower total closing costs and APR; 
  15. is subject to Reverse Mortgage Funding LLC’s reserved right to verify that the competitor lender’s Program Offering is accurate and will determine the accuracy of the competitor lender’s Programing at its sole discretion;
  16. is available through Reverse Mortgage Funding LLC’s retail channel only. 

HOW TO PARTICIPATE: In order to participate in the Program, the Participant must have requested a price match from a RMF Mortgage Loan Originator and presented the competitor’s completed Loan Comparison(Estimate), Amortization Schedule and Total Annual Loan Cost (the “Initial Price Match Documents”)  .Participants requesting a price match must obtain the Initial Price Match Documents  from the competing lender that are dated no more than 14 days prior to the date they are  presented to their RMF Mortgage Loan Originator. Written confirmation from RMF as well as a dated RMF issued Loan Comparison will serve as documentation that RMF was not able to match or beat the Program Offering of a competing HUD approved lender when the price match request was made along with the completed competitors Initial Price Match Documents.   Alternative documentation used to show competitor’s Program Offering. will not be accepted. The Initial Price Match Documents  from a competitor are required to be provided to RMF. In addition, to be eligible for a Reward in the event RMF cannot match or beat a competitors Program Offering, a claims form (the “Claims Form”)must be requested, completed and submitted by the Participant per the Claims Form process.

Participants that successfully complete and submit a verified Claims Form in accordance with these Official Rules as determined by RMF will result in Participants becoming “Qualified Participants”.  Only Qualified Participants are eligible to receive a Reward.  Failure to complete the necessary steps and provide the required information in their entirety will result in Participants being disqualified from the Program.  If a Participant is found to be ineligible or otherwise not in compliance with these Official Rules, or if the Reward is returned as undeliverable, that Qualified Participant’s Reward will be forfeited.

TIMING: A price match request must be presented in the form of a competitor’s Initial Price Match Documents  issued by a HUD approved lender within fourteen (14) calendar days of the date RMF receives your application for a reverse mortgage loan.  RMF’s Program is subject to change or cancelation at any time and without notice.

Participants requesting a price match must obtain the Initial Price Match Documents  from the other lender that is not older than 14 days when presented to their RMF Mortgage Loan Originator. The Lender Information section on the Loan Comparison must be fully completed by the competing financial institution in order to have a valid Loan Comparison. Incomplete Loan Comparisons will not be considered for the Program.

 

To be eligible for the Reward if RMF is unable to match or beat a competitor’s Program Offering, a Participant must first request a Claims Form from RMF on the date RMF elected not to “match or beat” a competing lender’s Program Offering and then submit a completed Claims Form to RMF within 14 days of closing a loan with the competing lender in accordance with  the Claims Form Process described below.

CLAIMS FORM PROCESS:

Please reach out to the RMF Price Match Program Administrator at pricematchprogram@reversefunding.com  for a copy of the Claims Form. If you have any questions regarding the Claims Form process, you may contact Reverse Mortgage Funding LLC’s (“RMF”) at the above email address.

  1. If RMF is not able to match or beat a competing lender’s program offer, you can request and then submit a completed Claims Form with supporting documentation, which must be returned to us after closing your loan with a competing lender.
  2. You have to file your claim for the Program Reward within fourteen (14) days of closing your loan with a competing lender. The following documents must be submitted together and  included in your claim request:
    1. A dated copy of the completed Claims Form requested by  you  on the date RMF elected not to “match or beat” a competing lender’s Program Offering
    2. A dated copy of the  competitor’s Initial Price Match Documents ,
    3. A dated copy of RMF’'s Loan Comparison along with written confirmation from RMF that they were not able to match or beat the Program Offering of a competing HUD approved lender  
    4. A fully executed copy of the Final HUD1 Settlement Statement from the competing lender that is signed by the closing agent and all parties to the transaction.
    5. A dated copy of the of the competing HUD approved lender’s Final Signed HUD1 Settlement Statement, Final Loan Comparison, Final Amortization Schedule and Final Total Annual Loan Cost (the “Final Price Match Documents”)
  3. Email submissions of documents will not be accepted and will void your claim for Program Reward. Mail your Claim Form, Initial Price Match Documents and Final Price Match Documents to the following address:
    1. Reverse Mortgage Funding LLC

Attn: Price Match Program Administrator

2355 Gold Meadow Way, Suite 150

Gold River, CA 95670

If the Final Price Match Documents are  accurate and prove that the loan closed with the product and terms previously quoted by the competing lender in the Initial Price Match Documents, we will send you a Reward within 6-8 weeks  of receiving your complete and verified Claims Form.

  1. If the Final Price Match Documents are  accurate and prove that the loan closed with the product and terms previously quoted by the competing lender in the Initial Price Match Documents, we will send you a Reward within 6-8 weeks  of receiving your complete and verified Claim Form.
  2. All communications relating to the claim must be writing.
  3. RMF will not be responsible for system failures, website downtime, undelivered mail, or any technical malfunctions that prevent your information from reaching RMF.
  4. All documentation submitted by you to RMF will not be returned.
  5. It is the sole responsibility of the Participant to provide a valid mailing address for distribution of Reward.  RMF is not liable for failure of the Participant to provide valid contact information.
  6. No phone calls regarding Reward claim will be accepted. All inquiries regarding Reward  claim should be directed to the following email address pricematchprogram@reversefunding.com.
  7. RMF is not responsible for lost, late, or mutilated Rewards.
  8. RMF will make all determinations and decisions as to eligibility and qualification for issuance of the Reward . All RMF decisions are final.

Limit of one (1) claim per person/household for  the Program. Any attempt by any Participant to enter more than one (1) Claims Form by using multiple/different addresses, identities, logins and/or any other methods will void all of that Participant’s submissions, and that Participant will be disqualified. Late Claims Forms will not be accepted. RMF is not responsible for lost, late, mutilated or incomplete Claims Forms. All Claims Forms shall become the exclusive property of RMF and will not be returned. RMF and Program Entities have no obligation to acknowledge receipt of or to return any Claims Forms received. Claims Forms that: (a) are determined by RMF in their sole discretion to be indecent, offensive, inappropriate or morally objectionable, (b) illegal or are otherwise unfit for use; (c) incomplete or (d) violate these Official Rules will not be eligible.

By submitting a Claims Form , the Participant: (i)  warrants and represents that he/she has read these Official Rules, is eligible to participate in the Program and agrees to be bound thereby; (ii) warrants and represents that all of the information provided in his/her Claims Form is accurate, (iii) warrants and represents that the Claims Form is the original work of the Participant and does not violate any third party's legal rights (including without limitation rights of copyright, trademark or other intellectual property right, privacy and/or publicity), and/or any applicable law; (iv) agrees that Participant will be solely responsible for any and all resulting tax consequences for participating in the Program; and (v) consents to allow RMF to use any information contained in the Claims Form materials for the purpose of providing Participant with information about available products or services in accordance with applicable law.

REWARD CONDITIONS: The Reward is not transferable and no cash redemption or substitution is allowed. RMF reserves the right to award no Reward, at any time. Qualified Participants are solely responsible for all matters that may become due in respect to the Reward, including, but not limited to, any expenses not stated herein and all applicable federal, state and local taxes.

REWARD:  Limit One (1) Reward per Qualified Participant: Qualified Participants will receive a Reward with an approximate retail value of $500 subject to the terms and conditions of the applicable third party.  The Reward will be mailed via USPS to Qualified Participants within 6-8 weeks from receipt of a completed and verified Claims Form.

It is the sole responsibility of the Qualified Participant to provide a valid mailing address for distribution of Reward.  RMF is not liable for failure of the Qualified Participant to provide valid contact information. No phone calls regarding Reward claim will be accepted. All inquiries regarding Reward  claim should be directed to the following email address pricematchprogram@reversefunding.com .  RMF is not responsible for lost, late, or mutilated Rewards.

GENERAL RULES OF PARTICIPATION: This Program is subject to all applicable federal, state and local laws. By participating, Participants agree to be bound by these Official Rules and the decisions of RMF and waive any right to claim ambiguity in the Program or these Terms and Conditions. RMF is not responsible for lost, late, misdirected, undeliverable or incomplete Claims Forms, whether due to system errors or failures, faulty transmissions or other telecommunications malfunctions, Claims Forms not received resulting from any hardware or software failures of any kind, lost or unavailable network connections, failed, incomplete or garbled computer or telephone transmissions, typographical  or system errors and failures, faulty transmissions, technical malfunctions, or otherwise. RMF may prohibit a Participant from participating in the Program or receiving a Reward if, in its sole discretion, it determines that said Participant is attempting to undermine the legitimate operation of the Program by cheating, hacking, deception, or other unfair playing practices (including the use of automated quick entry programs) or intending to annoy, abuse, threaten or harass any other Participants, RMF, or Program Entities. If for any reason this Program is not able to be conducted as planned, including, but not limited to, by reason of infection by computer virus, bugs, tampering, unauthorized intervention, fraud or any other causes beyond the reasonable control of RMF and Program Entities which corrupt or affect the administration, security, fairness, integrity or proper conduct of the Program, then RMF reserves the right at their sole discretion to cancel, terminate, modify or suspend the Program and choose from those Claims Form received up to the cancellation/suspension date. CAUTION:  ANY ATTEMPT BY A PARTICIPANT OR ANY OTHER INDIVIDUAL TO DELIBERATELY DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THE PROGRAM MAY BE IN VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD SUCH AN ATTEMPT BE MADE, RMF AND PROGRAM ENTITIES RESERVES THE RIGHT TO SEEK REMEDIES AND DAMAGES (INCLUDING ATTORNEY’S FEES) FROM ANY SUCH PARTICIPANT TO THE FULLEST EXTENT OF THE LAW, INCLUDING CRIMINAL PROSECUTION.

NO LIABILITY: By participating, Participants agree to release, discharge, indemnify and hold harmless RMF, Program Entities and each of their respective officers, managers, directors, employees, representatives and agents (“Releasees”) from and against any claims made by Reward recipients, Participants, or any other third parties, related in any way to the operation of this Program as well as any other claims, damages or liability due to any injuries, damages or losses to any person (including death) or property of any kind resulting in whole or in part, directly or indirectly, from acceptance, possession, misuse or use of any Reward  or participation in any Program related activity or participation in this Program. In all events, the sole maximum liability of the Releasees shall be limited to the cash value of the Reward or Five Hundred Dollars ($500.00), whichever is less.

PRIVACY:  By participating in the Program, RMF will collect your name, address, phone number, age, e-mail address and any additional information provided by you (if any).  RMF will use this information to administer your participation in the Program and in accordance with RMF’s Privacy Policy. Information that Participants provide to RMF will be used to evaluate the price match request and the Program and to communicate with Participants regarding the RMF Program and otherwise as set forth in these Official Rules. By submitting either a Claims Form or the Initial Price Match Documents and or Final Price Match Documents issued by a HUD approved competitor lender to RMF, all Participants acknowledge and agree that the personal information that they have provided will be maintained as confidential information in accordance with RMF’s Privacy Policy and all applicable Federal and State laws, regulations and requirements. At the time you are participating in the Program, you are providing your signature and express "written" consent to be contacted by or on behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of participating in the Program, to send you future information about reverse mortgages and/or  RMF's products or services, even if you have previously registered on a "do not call" government registry or requested RMF to not send marketing information to you by email and/or direct mail. You agree that RMF may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any RMF products or services. If you do not wish to authorize RMF to contact you in this manner, you can call 855-282-6588 to complete your request. You understand that you can revoke this consent at any time. RMF is dedicated to protecting your privacy.  Participants may view RMF’s Privacy Policy located at https://www.reversefunding.com/privacy  .

Participants may contact RMF regarding privacy issues by contacting RMF at:

Reverse Mortgage Funding LLC
1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003
Attn: Compliance Department
1-855-479-5840 

CONDITIONS AND CONFIDENTIALITY: By submitting either the Claims Form or the Initial Price Match Documents and or the Final Price Match Documents issued by a HUD approved competitor lender to RMF, you understand and agree that the information contained therein will be treated as confidential information, will be used for purposes related to the Program, to send you future information about reverse mortgages and or RMF's products or services  and will not be distributed, sold or otherwise transmitted outside of RMF. You further understand that your name may be listed (together with your pricing results) for statistical and/or regulatory requirements without further compensation to you or review by you. The Claims Form, Initial Price Match Documents and or the Final Price Match Documents  submitted by you will not be returned. The Participant further agrees to release RMF, from any and all claims related to such  use by RMF, including any commercial advertising presentation, web content or any other material subsequently produced, presented and/or prepared by or on behalf of RMF.

CHOICE OF LAW: Except where prohibited, participants agree that: (1) any and all disputes, claims, and causes of action arising out of or connected with this Program, or any Reward, or the determination of a Qualified Participant, shall be resolved individually, without resort to any form of class action, and exclusively in federal or state courts located in Essex County, New Jersey, USA, and (2) any and all claims, judgments and awards shall be limited to actual out-of-pocket costs incurred, including costs directly associated with entering this Program but in no event attorneys’ fees; and (3) under no circumstances will Participant be permitted to obtain awards for, and Participant hereby waives all rights to claim, punitive, incidental and consequential damages and any other damages, other than for actual out-of-pocket expenses, and any and all rights to have damages multiplied or otherwise increased.  All issues and questions concerning the construction, validity, interpretation and enforceability of these Official Rules, or the rights and obligations of Participants and/or Releases or to in connection with the Program, shall be governed by, and construed in accordance with the laws of the State of New Jersey, without regard for the conflicts of law doctrine of that State or any other jurisdiction. Should any term of this paragraph be determined by a court of competent jurisdiction to be void, unenforceable or contrary to law, such term or provision shall, but only to the extent necessary to bring this paragraph within the requirements of law, be deemed to be severed from the other terms and provisions hereof, and the remainder of these Official Rules shall be given effect as if it had not included the severed term herein.