A Hernando County senior citizen nearly lost her home after ignoring mail from a company whose name she didn’t recognize. She told the I-Team how it happened and has a warning for reverse mortgage borrowers.
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FUNNY HOW SHERIFFS WOULD HAVE GONE TO HER HOUSE AND MADE HER LEAVE..YET THEY CANT DO ANYTHING FOR SQUATTERS WHO DONT EVEN BELONG THERE..THAT MIGHT HAVE RENTED A ROOM FROM SOME HOMEOWNER BUT REFUSE TO LEAVE🙄
"YET THEY CANT DO ANYTHING FOR SQUATTERS WHO DONT EVEN BELONG THERE." They can now in Florida. The State just passed a new law bypassing the requirement to evict a squatter in civil court.
@@evelynwaugh4053I heard reverse mortgages can end up costing the last person who inherits the property the highest interest rate for any of the years of the realm of that reverse mortgage:For example a $100,000 reverse mortgage can cost the person who acquires the property a million dollars because of today’s inflation!! SCARY!
@T Raybern That's true but they disguise the company name and she didn't recognize it. And that was intentional. As a former banker I have heard so many of these complaints. Just remember no-one will give you money for nothing in return not even, Tom Selleck.
A big part of the problem is these mortgage companies are selling accounts back and forth without proper notification to residents. The company selling the mortgage should also have let her know--and in a way that it didn't appear to be just random correspondence. There is so much fraud out there that people disregard mailings that look cheap and fictitious. Judging by the PPH response once the court was involved,it looks like they do this a lot, and play the odds that they get away with the bum rush before the elderly home owners can respond. Bet they make a lot of money doing this
It seems like faulty standard and simple processing. Let’s say you own a company and like most companies you want to do an inventory check. Make sure your things are as they should be. They send out letter to all homes they “buy” to confirm their status in their system. If a home were to sit vacant it could have a water pipe break or something else severe like vandalism and hence why they check. Now they should have given notice of the new company, but at the same time how many “junk” letters did the lender send. Driving is far to costly and time consuming to be worthwhile, but a phone call is not. So long as she gave the correct number to the first loan company and has a working phone. Sad thing people sell to these reverse companies thinking it’s worthwhile. At the same time she only pays taxes and insurance as her rent now.
When the company that managed my mortgage sold it. I was notified promptly. I was aware. When people don't read their mail or just trash documents. This happens.
Simple. Change the law so that a certified letter must be signed for for these types of notices. It can’t be easier to foreclose on someone than it is to evict someone.
@@2nickles647 As I understand the Lovers Conjures' suggestion, without a signature on the certified mail, the mortgage company could not foreclose. Seems like a reasonable and effective solution to me.
She’s receiving check’s from them every month or got her lump sum. She signed a contract & is responsible for letting the mortgage company know that she hasn’t abandoned the property. With reverse mortgages that property in the paperwork HAS to be your primary residence. Otherwise you’re scamming the company because your payment is based on that house.
@veryslyfox Exactly. Pay your damn bills. Check your mail. It is a mortgage FFS, priority one, if you don't see any mail there is a problem. You would think after signing one you know that bill is due.
A $34,000 reverse mortgage in 2008 is going to mean when she passes away her $200,000 home does not go to her kids, it goes to the company. Don't trade down. Reverse mortgage should only be a last resort, such as if a medical crisis occurs.
I WAS THINKING THE SAME THING.... yes, she could have taken out an equity loan, left the property to her kids she is so proud of, but she sold the property out from under them and her horses for a measly $34K. She says how proud of the house she is and it's generational, but not once she took that money.
That is not necessarily true. You take out a loan amount, the reverse mortgage, a fixed amount, plus closing cost. The principal and the interest are what you owe. (you still pay insurance, taxes and maintenance). Over time the interest adds up. When you die or no longer live there that is what you owe, deducted from the current value. Principal + interest. It can go over what you borrowed, (lived a long time and a high-interest rate) because of the accumulated interest, you are covered by the PMI you had to have to make the deal. Some people think, do an RM, live there a month/year or 2 and the mortgage company owns the whole thing should you suddenly die. Not true. Yes, 2008 was a long time ago.
"A $34,000 reverse mortgage in 2008 is going to mean when she passes away her $200,000 home does not go to her kids, it goes to the company." If she took it out 15 years ago, they were capped at a lower percentage of the equity. It also means that 200k home would be about 400k when she passes. "Reverse mortgage should only be a last resort, such as if a medical crisis occurs." Or if you know that your bills exceed your income by 500 bucks every month.
@@eckankar7756 "yes, she could have taken out an equity loan, left the property to her kids " You have to make payments on an equity loan. "she is so proud of, but she sold the property out from under them and her horses for a measly $34K." That's not how it works. If she borrowed 35k in 2008, the house would had to appraise at no less than 87k. A house that was 87k in 2008 is probably 250k now. Her family has to pay off the balance, and they can keep the rest.
@@mikegee8875- Your comment is beyond foolish. I honestly feel incredibly sorry for you. And one thing I know for sure, you’ve never been in a sailboat going across the ocean because you’re definitely the kind of person that would worry you’ll fall off the face of the Earth because you believe the Earth is flat.
The judge should have gone a step further and declared PHH created a breach of contract by foreclosing on her home, and therefor her debt to PHH is now nullified.
There's nothing illegal with what they've done. She either received a lump-sum UPFRONT or was receiving payments each and every month. If she does not hold her end of the bargain that's stealing. She had to agree on the amount she'd receive. It's just that simple
@@fljetgator1833 Sounds like a nonsensical canned response. No. She is living in the home as she was required to do. It isn't her job to babysit these companies every time they decide to sell her loan off and come up with new names and ways to send out verification mails.. Did the old company send out notification that her loan was being sold and who they were selling it to? Did the post office return the mail as undeliverable or anything else? Probably not. Looks like a scam to try and cheat people out of their property. Send something that looks like junk in hopes it gets discarded as junk to cheat people. That is what it looks like. But sure, let's blame an old lady for how businesses operate.
@@fljetgator1833 Then the laws need to change. This corrupt loan-holder never legitimately tried to contact this woman before they foreclosed. They only sent some junk-mail-looking letters in hopes she wouldn't respond. That is called corruption.
The marketing and business development purposely design legit mail to look like junk mail. In hopes people default and they can steal their homes and sell it for asset cash.
There is nothing shady here. The mortgage lender has a contractual right to the house if it is no longer occupied by the owner, or if the owner has died. The mortgage company sent letters requesting confirmation that the owner was still in the house and alive. A simple response would have avoided any problem. The borrower of $35,000 has certain contractual responsibilities which must be met. If the owner of the house doesn't want these responsibilities, then they shouldn't borrow the $35,000.
@@Alfonsodag: In most jurisdictions a mortgage lender on foreclosure and sale is entitled only to the principle amount loaned plus any accrued interest and fees all of which must be stated in the original contract. Any remainder goes to the homeowner if living or to the estate if deceased.
The problem is with so many scams getting sent by mail and phone calls….you can’t blame citizens for not reading or responding to what looks like junk mail or not answering calls they don’t recognize. There needs to be a better way these companies can communicate with citizens so those citizens know they are legit and so this kind of thing doesn’t happen.
There is away. Called Mail. People make choices of sorting through their mail. When the company that managed my mortgage. I was notified by Mail. I almost have email. I check my current mortgage documents. Phone call I manage that also.
It's called registered mail. Landlords use it all the time to notify non-paying tenants of pending eviction. If they refuse to sign for a registered letter, then that's on them.
@@iwishpeoplecaredagain: A reverse mortgage can be a great way for some people to enjoy their last few years and still live in the house they probably spent a lifetime paying for. For many older people it’s the only ‘money’ they have yet they can’t use it, they can otherwise only pass it on.
I worked for a mortgage company . it's very easy to do what we call an occupancy cert. There are companies who will go out to a home and confirm that the person lives in the home.
out of curiosity, can you name a couple of these companies that perform these service? know someone who is looking for a side gig. (tried a simple search but the results are all CO's for rentals, etc.
Those fines the government levied against the reverse mortgage company never reached people that suffered from their bad practices. Government should not be allowed to fine companies for harming you, but not pay you any compensation for the treatment.
Why not? The government centrally operates around the fundamental premise of profiteering off of widespread, human suffering and tailored victimization. You’d be a fool to expect anything different.
@@rosemariemello6675 Under the Obama’s, administration decree all massive finds to corporations, the money’s are being disperse at there discreción, to HUM? How much?…🙏🇺🇸.
You are wrong. I and five of my friends all have reverse mortgages and in this particular case she wouldn't have had any problem if she'd opened her mail and sent in the once a year signed letter confirming that she was still alive and living in the home and paying her taxes. If you listened to the whole video you heard her admit to not opening the mail and you heard that the Mortgage Co. dropped the foreclosure the minutes it was established that she still lived in this particular house.
@@rack9458 The math says it's bad. I mean think about it for a minute. They give you a loan that you do not have to pay on or pay back until... So, it's a forever loan just chipping away at your equity growth that you could have had instead it's turned over to them. It's just baaad financial management. It's a default loan to me for people who did not do well with their finances and you know who is ready to take advantage of those needy people. The draw of getting something for nothing. No such thing. You will be subject to whatever tricks, like this one, that any mortgage company can come up with against you when you least suspect it. ie letters but no in person visit so they process foreclosure. What if this woman had just gotten out as they told her. She would have lost her home in her old age. No, no, hell no!!! Trying to beat these board rooms is like trying to beat Vegas. Know that!
Since the mortgage company sent the process server with the foreclose notice to the house she lived in the company knew she still lived in the house. The legislator need to pass a law that requires registered letters to be used in all initial contact of any legal action. That simple law will stop almost all this chicanery.
@@joycef8443 The mortgage company cannot have it both ways. If she did not live there she was not process served. If she was served, by definition, she lived there.
As soon as Ocwen Mortgage gets involved you are dealing with people that want to take your home from you. They claimed that they purchased my loan from another company. I checked and there was no filling at the court house. They said they had not had time to do that, but they claimed they now own the paper. I refused to pay until it got properly recorded eight months later. Sent the payments to the old company, certified mail, return receipt. If they had mailed this poor woman's letter certified and return receipt, that might have caught her attention.
You can file the proof online in most cases. I do, because something similar happened to me, and I didn't respond to their mail. Big mistake. They didn't foreclose, but it scared me. Not again.
You expect a lot from people who had a hard time when broadcast TV went digital. And that newfangled AOL dial up modem on our windows vista computer. Really.
she's so proud of the house her family built yet she sold it out from under them and the horses by getting the reverse mortgage. When she moves into a nursing home or dies they will all be out on the street. Some nice mother, huh??? Too lazy to open a letter. Unwilling to keep her part of the deal to prove on a regular basis she still lives there. What a piece of stupid she is.
absolutely....especially how she proclaims how proud of the property she is and her family, when she moves into a nursing home or dies, the kids and the horses will be kicked to the street. She sold the house out from under the family she says she's so proud of. She's a scammer, too.
@@eckankar7756 "the kids and the horses will be kicked to the street." Or her grown kids can pay it off. If they couldn't manage to cover 35k in 15 years, they'd lose the house anyway.
she's so proud of her family, but when she took out that bitty payment in 2008 she kicked her family to the streets when she dies or moves into a nursing home. She sold it out. Funny showing all those family photos but she couldn't care less about leaving the house to her family. she has to prove she's still living in the house, and she won't even do that, refuses to open envelopes in the mail. She brought this on herself.
" I'm afraid I'd live too long and they'd end up with my home." They can't take your home as long as you keep living in it, paying the taxes,maintaining upkeep and having insurance.
@@eckankar7756 " but when she took out that bitty payment in 2008 she kicked her family to the streets" Seems like adult children shouldn't be depending on mom for over 15 years. "Funny showing all those family photos but she couldn't care less about leaving the house to her family." Her family can pay it off now if they want to keep it.
@@cutehumor That was my thinking. Why would a grown adult's plan be waiting for mom to die so they can have a house? If the kids are that inept, they'd lose it anyway.
The thing is this company isn't really a mortgage company, they are a mortgage servicer. If you read the fine print it say they are technically a debt collector. They do have regulations but it varies from state to state. I'm about to pay off my 30 yr mortgage loan this month and I have always kept an eye on what they are doing. I can't wait to be rid of them.
I am so happy that this lovely lady found the right person to help her with this awful situation. These companies have got to be held accountable for every mistake that they make.
You know what I hate? I hate sitting through two minutes of an attempted emotional bath before you tell me what happened. I already know old people love their homes. I already know they'll be upset if someone tries to take their homes. Just tell me what happened.
@Beth Edmonds You have this news story all wrong...Technically, the company did nothing wrong. She is required to live in the home and she didn't answer the mail to confirm that. The reporting was extremely irresponsible, creating fear and mistrust for this service which has been heavily regulated and changed to protect the consumer. This news story is about the home owner not recognizing the company on the mail because her RM had been "sold" three times now to another lender. It should have been about making people become more aware of checking their mail twice to catch this information to confirm she still lived at the home (required to satisfy her mortgage).
"My Wife's mother-in-law lost her house to a reverse mortgage Corporation " How? Did she fall behind on her taxes, not fix the roof or stop paying for her insurance?
This kind of “legal” practice is what makes scamming so successful. Actually, the whole banking industry is a scam. I’ll bet that there is not one bank or lending agency in the world that isn’t up to its neck in debt.
"Ignores mail" is the key phrase here... She should have opened it and if she wasn't sure what it was about or thought it was fraud she could have easily called the bank that she originally had the mortgage with and they would have cleared things up. I know of a friend of mine that did the same thing "ignoring mail" they had there mortgage on auto pay directly from there bank account and the bank sold their mortgage to another bank and when the notices arrived they didn't recognize the sender and thru it away and 3 months later they were foreclosed on and wound up losing their home after 20 yr's of paying on it all cause they had autopay and didn't check their statements showing the money wasn't being taken out due to the new lienholder didn't have autopay set up or the bank account or the routing numbers ...
In 90% of the cases, a reverse mortage is not a financially sound decision. And the great mayority of the people do not understand how it works. They are basically a line of credit with a collateral (the house). There are tax, Medicaid, and inheritance implications. I worked for Legal Aid and I had to explained to seniors why they were losing their homes and/or their Medicaid 😢
"In 90% of the cases, a reverse mortage is not a financially sound decision." It's not designed to be a money maker. There are no taxes on it. Then again, if your line of credit is high enough, you shouldn't need Medicaid since you already have Medicare.
I was planning on getting a reverse mortgage and when I have to live in a nursing home. let the nursing home and the reverse mortgage fight over my home. hahaha
There's something to be said for not jumping in bed with usurers in the first place. We have become a nation of people that can't make it from the bed to the bathroom without taking out a loan on the way.
Ir is the biggest concern with reverse mortgages. Non-judicial foreclosure (common in many places) allows the taking of a home without requiring a review by any Judge. They mail a letter requiring you to send back a signed certification that you still live there, but the letters do indeed arrive (and maybe are intentionally designed to) looking like simple junk mail and if you are not in the habit of opening every piece of junk mail you get, you may miss it. Further, even if you sign the form and mail it back, since mail does indeed sometimes get lost or destroyed by Post Office machinery, your first indication that may have happened is when the foreclosure notice is taped to your door. Although some Reverse Mortgage companies promise to never sell their mortgage, it sometimes happens, or a bankruptcy may result in a Judge taking it from them and handing the servicing of the mortgage to a new company (which recently happened to one of the larger Reverse Mortgage companies) which may not be a company whose name the homeowner recognizes, or which itself may sell the mortgage. Also although Reverse Mortgage holders are allowed to spend 6 months away from their home during the year (taking a vacation, visiting their children, a contract job in another city, etc.), travel is perilous as during that absence may be when the certification letter (which has an expiration date far shorter (30 days is not uncommon) than the amount of time a reverse mortgage holder is allowed to not be at the home) and because the owner was not there to get the mail a foreclosure may ensue. Noting that most reverse mortgage agreements both require maintenance of the home and authorize an inspector to visit unannounced at abt hour or day and if paint is peeling or something equally trivial (such as a loose board on a deck) they can decide the owner has failed to hold up their end and initiate a foreclosure action without the home owner ever being made aware of the unannounced inspection (especially if they were at the store at that moment or gone fishing, etc.) . This has been known to happen if the resale value of homes in the neighborhood has dramatically increased. Some companies holding or buying mortgages lack scruples.
My mail is often delivered to neighbors and I've had my certification letters thrown out, by them thinking it was junk mail. Other times, over 20+ years, I've sent the form back but the company said they didn't get it. Most of this has happened since getting a new postmaster. It is really irritating that they can use these certifications to take away someone's home. My new mortgage company (I think it is the 6th so far) has a computer-related name, making their mail look like it is an ad from a computer store. I tossed a couple of their letters before my neighbor brought over a letter from the previous mortgage company saying they had sold my mortgage. FHA really needs to put an end to this practice of selling reverse mortgages multiple times.
Why? It's business. People 'hold paper' and have every right to sell. The new company that holds the paper (note) is now who's to do business with the debtor. Simple
I got a letter once from Nielson media and thought It junk. almost threw it out but decided to see what they wanted. Inside was a $10 bill for advance thank you for filling out TV survey, then they paid me another $20 to document my (pitifully small) weeks viewing.
What is the interest on a reverse mortgage? Could a $35,000 loan take your home from your estate at the end of your life. I get it. Your no longer here and it won’t bother you but what about maybe leaving the home to the kids?
Her estate will likely lose the home when she passes. Reverse mortgages are generally a bad deal and shouldn't be offered to consumers. Also, who doesn't open and read their mail. Apparently, many people, which is bizarre. Thousands of people in California threw their gas refund cards away thinking they were junk mail despite all the publicity that payments were coming.
"Her estate will likely lose the home when she passes. " Her family can pay it off before she dies if they wish. "Also, who doesn't open and read their mail." Most, because most mail is junk.
Reverse Mortgages got DANGEROUS when FICO started coming into the determination for banking and insurance products!! It seems that Florida has some of the shittiest regulations in the United States!! Especially since the condominium boom of the late 1990’s,Florida became EXPENSIVE!! There was a time you could buy a mobile home in Florida for the price of a new car in the mid nineties back including the land under it! This evaporated with the Miami condominium boom in the late nineties!!!
That's sad. Thanks for the warning. You know that happens a lot that a mortgage loan is sold to an other company. I will tell my husband. what happened so we don't get involved in that type of loan.
I am a Veteran with a VA Loan and VA Rider on the loan. PHH sat on checks then started mailing them back to me after 60 days. Then started foreclosure. I got the VA involved, had the VA on the phone while talking to PHH rep told them that the call was being recorded on my end. Asked them about my loan and their practices, and asked if they read the VA Rider. They said they did and it didn't matter the VA wouldn't be able to do anything. I said I have two people who had my permission to speak were on the line. The VA Rep then spoke up along with the VA Lawyer on the phone. PHH didn't believe they were who they said they were. They asked for a second line with caller ID and a couple of other numbers. The gulp was loud when the phones started ringing. PHH got blacklisted for awhile by the VA and sued for illegal practices. My mortgage transferred to a new company shortly thereafter and they have been the best experience.
Check mail, answer phone and look at notices left by property inspectors that’s trying to confirm occupancy or loan default occurs for non occupancy. Occupancy certifications must be completed each year until the loan is repaid.
Elderly people don't necessarily understand the mail they get. I was my mother's caregiver for a very long time. Even before she developed Alzheimers she would read mail and completely misunderstand it. I would haven to read it and interpret it for her. I think reverse mortgages are a terrible idea but this ladies husband took out a $35,000 loan over a decade ago so when she dies her home would go to the reverse mortgage company. The original mortgage company probably sent her a letter explaining that they sold her mortgage to another company. Whether she received it, read it and understand it is not the responsibility of the mortgage company.
They don't say it, but she probably didn't answer her phone either. Maybe when a mortgage is sold or transferred to another company, that new company should send a certified letter to the owners they are now servicing informing them of the change. But they should definitely make a bigger effort to ascertain the house is not occupied before starting foreclosure.
No, believe me, my elderly aunt 88 years old opened everything but did not comprehend and failed mention it. They are death vultures just waiting for an opportunity. In Florida the home owners house insurance is close to $5,000 a year on an average their only source of income can’t keep up and they go into foreclosure if taxes, and insurance and maintenance upkeep isn’t paid, besides if they are out of their home for even a short time for rehab from a fall or recoverable medical issue they are living in threatening environment everyday, fearful of losing everything even their bed and pillow to put their head down to rest
To be safe if you ever get something in your bank like it call them at the number you have for them, not the letter and find out if it's legit. In this case the letters they got where. Unfortunately the elderly don't have much help in how to handle how modern businesses operate.
I work for the insurance companies and speak to the biggest banks in the country all day long. Let me explain this to everyone so we can get the air clear on this. NO ONE IS RESPONSIBLE FOR HUNTING YOU DOWN TO MAKE SURE THAT YOU READ YOUR MAIL ENTIRELY OR TO MAKE SURE THAT YOUR CURRENT POLICY TERM HAS THE CORRECT LENDER ON FILE. THIS IS NOT THE FAULT OF THE INSURANCE COMPANY. IT'S NOT THE FAULT OF THE BANK. ALL THESE BANKS SEND OUT NOTICES EITHER MAIL OR EMAIL EVERY TIME THIS HAPPENS. YOU HAVE TO TAKE INITIATIVE AND MAKE SURE YOUR SERVICES ARE IN ORDER. LET ME SAY IT AGAIN, THERE IS NOT A SINGLE COMPANY ON THE FACE OF THE PLANET THAT IS GOING TO HOLD YOUR HAND AND CALL YOU DIRECTLY TO MAKE SURE YOU READ YOUR MAIL AND KEEP TRACK OF YOUR BILLS!!!!!!
I don't have much sympathy for her. Per the reverse mortgage agreement, she was required to maintain periodic contact with the mortgage company to verify that she still lived in the house. It isn't like the notices were lost in the mail. She ignored the notices, and then had the nerve to whine about almost getting evicted. If she had done what she was supposed to do, maintain contact, this would have been a non-issue.
"Per the reverse mortgage agreement, she was required to maintain periodic contact with the mortgage company" Except it changed six times. That, and lots of scam mail goes out pretending to be your reverse mortgage lender.
How about you open your mail all this could have been avoided as she would have just taken care of her business and opened her mail. If she wasn't capable of doing that her children should have been there opening her mail and taking care of their mother.
@@jobe8764 You're not entirely correct with your statement. You can buy back your house at any time by simply request the Mortgage company give you a current statement of what you owe. Your heirs can also buy the home after you pass at 10% under market value.
I almost did that until I got a reminder in the mail. I had just forgotten about it, but the mortgage company does need to double check every year to make sure we're still in the house. I almost screwed up. My husband and I built our own house ourselves just like her family did for her so I understand her love for her home.
I get my neighbors' mail all the time, so I'm sure they're getting mine. The problem is, while I take their mail to them, we never get any from our neighbors. So I'm sure there are times our mail is just getting thrown out by our neighbors.
My moms neighbor passed away a while back. Her adult children didn’t know that their deceased dad had taken out a reverse mortgage. One of her children threw away mail after she passed that would have given him the notice to pay up or move out. They foreclosed. The adult children weren’t very adult. Very nieve.
@@heehaw8401 How many decades after the reverse mortgage did she die? You can't even get one until you're 62. Then again, she could have had a mortgage, a HELOC or been behind on her taxes and had the same result. A reverse mortgage isn't different than any other lien.
Who the fuck checks mail? Mail sucks and things are constantly lost….. so she missed something sent in the mail that she may or may not have received and they try to take her house?
If you missed mail that your auto finance company sent you, wouldn’t they call you? Yes! Would it be your responsibility to ensure that they had a working phone number with voicemail? Yes. Don’t be fooled. Phone calls, letters, and inspections are done to verify occupancy. Ignoring those leads to non occupancy compliance default and foreclosure.
You have to get to the 1:40 mark before you learn any facts: 1. Husband took out a reverse mortgage for $35K in 2008 (unclear if he told his wife) 2. A lot email from a reverse mortgage company was ignored, and they began foreclosing 3. Implications that reverse mortgage company did not follow processes, but nothing concrete 4. The mortgage company basically dropped the foreclosure
This was 100% preventable if that stupid woman would have just opened her mail and replied. It's a part of the loan agreement SHE agreed to when she took the reverse mortgage loan. You have to prove you live in the home on a regular basis, simple as that. The segment ADMITS she didn't bother opening her mail. WHY on earth take out a reverse mortgage loan in the first place, they rarely are a benefit. Now, when she does move into a nursing home, moves, dies her family won't get squat.
" Now, when she does move into a nursing home, moves, dies her family won't get squat." She would have had to sell her house to pay for the nursing home, leaving her family with the same level of squat. Maybe her adult kids should plan on saving their own money?
@@wisenber Or not, she might have Long Term Care insurance, state Medicaid that covers Long Term Care, maybe she'll live long enough to die comfortably at home. Obviously the kids aren't dependent on the house as they aren't getting it since she made the decision to do a reverse mortgage nearly 20 years ago. Sometimes family like to get the home they grew up in. Since she has 15 horses on the property I'd IMAGINE someone other than she is providing care for them. Where will they place the horses when she does move out or dies? Family getting the property would cover that problem. You overlook so many possibilities with your minimal thinking.
These companies prey on people who are older and run int a difficult time. With 10k between owning their home outright and needing a reverse mortgage, my folks were against the wall. Their bank should’ve agreed to help them out. They built the house in 1979 and never missed a mortgage payment on two different mortgages. No tax issues at all. It’s ridiculous. Now they (my dad since my mom passed a couple years ago) are essentially living in someone else’s house on someone else’s property but still have to pay for upkeep and taxes and utilities. I don’t like it.
