As I wrote in a similar thread here a few days ago (
15,000 Floridians with Reverse Mortgages Facing Foreclosure and Homelessness) a RM was a godsend for my father who passed away 3 years ago at 93. FANNIE has owned it since he passed but he made out like a bandit.
Quote:
Originally Posted by EdFNJ
My father had a RM and it was the best thing that could have happened for him. He died at age 93, had pulled out well over $90,000 on a condo worth $50K with his RM and after he passed the bank could do what they want with it. So far it has sat empty and foreclosed upon for 3+ years in 90 degree south Florida heat and must be rotting away from mold inside. No way he could have continued to live there without it. When he applied for the RM they appraised his little condo for $180,000 when they were selling for $50-60K.
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He was a WWII & Korea Navy Vet so the Feds (and by default taxpayers) owed him.