CHIP Reverse Mortgage

I had no other alternative in order to stay in my home with no money left from my investments and short notice in when exactly said money was running out. Up front know that since they are the only game in Canada in terms of reverse mortgages they pretty well have you backed into a corner if you are older, have a lower income needing extra monthly money in order to stay in the home that you presently reside in. Always remember no matter how nice up front they may be, they are making a lot of money off of you. Trying to get a final disbursement document has been difficult. No one seems to want to provide me with one and because I paid my own lawyer I want to be certain they didn't overcharge me. I am also shocked at how rude and ignorant bank employees have been accusing me of yelling at them on the phone. I may have wished I had yelled but never did. They have called me back after I requested the final disbursement document asking personal questions they claim to need in order to send me this final document saying they needed such information to be certain I am who I claim to be. If they are only sending me this final document of how much exactly each iitem such as their lawyer charged and mailing it to my home address which they now hold the reverse mortgage on what really is the problem? I only asked for said document because I paid my own lawyer directly myself as well as paid for the house assessment and I want to double check that they did not charge me as well. Seems to me asking for a disbursement document is my right and to be told over the phone by them that first of all it was in the mail (which I never did receive after waiting a couple of weeks) and then questioned as to why I wanted and or needed said document saying no other client asked for this seems rude and very, very unprofessional. I would be very careful with going this route unless you were like me, and felt you had no other choice! The local representative was very nice, but didn't always know exactly what specific costs would be which is also why I should be allowed a final disbursement document. In the end they also asked for a void cheque supposedly to send the final cheque directly into my own financial institution only to in the end send said money to my lawyer... not directly to my financial institution which they stated they would do. They also expressed annoyance at my insurance company not being willing to put them into my policy before all paperwork was done without my insurance company asking me first. Frankly I was happy that my insurance company behaved in this manner. Too bad companies such as Home Equity Bank don't understand how customer service is important especially dealing with older people and in my particular instance a single very vulnerable woman with a disability. Having to put a reverse mortgage onto your home is already emotionally difficult; business transaction or not, it costs nothing to be considerate and respectful! You might wonder as I have as to whether they may have sent a disbursement document to my lawyer. If so I still didn't get a copy and I sure cannot afford yet another bill from the lawyer.

Dont they give you half the value of your home from their pocket? When you sell you pay them that half and you keep the other half. They didnt say the money they would give to you would come from the equity of your home. Am i right?

My mother called and spoke with an agent and she told them that she owned her home however did not own the land (she lives in an adult living community) she was told she qualified and even received emails confirming the amount. She was told she would receive the money within 2-3 weeks. This is week 3, the agent never returned calls she said a person would call to make appointment to have house assessed, they never called. Tuesday of this week my mother was told she does not qualify as her home would be to hard to sell. I spoke with a manager and was told she did not qualify because the land is leased. They need to get their facts straight