AARP Foundation Files Federal Class Action Suit Against Reverse Mortgage Provider

The AARP Foundation — through its litigating arm, AARP Foundation Litigation — has filed a class action lawsuit in federal court alleging that reverse mortgage provider Live Well Financial Inc. improperly paid the property taxes of customers with Home Equity Conversion Mortgages before the taxes were due, then demanded repayment out of homeowners’ personal funds under the threat of foreclosure. The complaint maintains that the company failed to provide the required notice to the mortgage holder regarding prepayment of taxes and in fact had no contractual or other legal authority to do so. Also named in the suit are Celink and Reverse Mortgage Funding LLC.

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