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Old 02-16-2021, 07:40 AM
retiredguy123 retiredguy123 is offline
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Quote:
Originally Posted by Plinker View Post
With respect, that was not the intent of my post. I specifically said that the RM worked out just fine for the owner. My point was to show how the lender has no skin in the game to maintain the property. They will be made whole by the taxpayer-funded MMI fund. The neighborhood pays the price of a home in disrepair. If the lender was held responsible then this would likely not be the issue it is.
Yes, but also, the homeowner has no skin in the game that would incentivize them to maintain or increase the property value like most homeowners do. That is another reason why the situation described in the OP often occurs with reverse mortgage properties.