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Old 02-16-2021, 01:33 PM
almondz almondz is offline
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Join Date: Nov 2014
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Default Reverse Mortgage

Quote:
Originally Posted by Plinker View Post
From The Villages News:

February 10, 2021

“The neglected home of a Villager who died last year at the age of 101 was the subject of a public hearing Wednesday before the Village Center Community Development District Board of Supervisors. The home at 1224 Dustin Drive near the Silver Lake Recreation Center was owned by Dorothy Samler. She died Sept. 13, 2020.
A complaint was received Nov. 22 about tall grass and weeds at the property. The violation was verified the following day by Community Standards.
There is a mortgage on the manufactured home that was placed at the site in 1984. Community Standards said that public records do not indicate the property is in foreclosure.
The property tax bill for the property is mailed to a home in Zephyrhills, according to the Lake County Property Appraiser’s Office. The emergency contact numbers that Samler left with The Villages District Office have been disconnected.
The VCCDD Board found the home to be in violation of deed compliance. The board allowed for three days to bring the property back into compliance. If it is not brought into compliance, fines will be imposed each time the district is forced to maintain the property.”

This home has a reverse mortgage (2004) and has been sitting for 5 months, wasting away. Neighbors are complaining and there is little they can do.
The good news is that the homeowner was able to stay in the home, mortgage-free until passing.
The bad news is that the property is an eyesore. Heirs, if any, get nothing. Neighbor property values decline. Lender doesn’t care as they will be made whole by relying on taxpayer dollars to reimburse them. Remember, the MMI fund is funded with taxpayer dollars and it is, therefore, the taxpayers that are on the hook annually for billions of dollars.
Why not let the lenders be responsible? Imagine how fast their response would be.
The reverse mortgage program changed significantly after the 2007/08 housing bust. That house probably did not have MMI as it wasn't required at that time. It is now, so they can recoup any loss from the tax payer. The new reverse mortgage program does not give the home owner all the home's equity or value. Anyhow, I am neither for or against the new reverse mortgage program - I feel it is good for some and not for others.
 
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