The suit alleges a systemic practice of improperly charging reverse mortgage borrowers for attorneys’ fees, property inspection fees, property preservation fees and appraisal fees. According to the complaint, each of the plaintiffs obtained a Home Equity Conversion Mortgage (HECM). This increased the risk that older homeowners could lose their homes, particularly when servicers failed to comply with required federal protections, they allege. The complaint estimates that tens of thousands of HECM borrowers nationwide may have been charged similar fees since 2012. Enforcing these laws is essential to protecting older homeowners’ financial security.”Spokespeople for Carrington Mortgage Services, Finance of America and Longbridge Financial did not immediately respond to requests for comments by HousingWire‘s Reverse Mortgage Daily.