[DAVES]

Originally Posted by mikeritz53

This has nothing to do with it being a Reverse Mortgage. A Foreclosure is just that a Foreclosure of a Mortgage. Sometimes it takes time for the Foreclosure process to play out. I was a Mortgage Banker up North and often saw the process take 2+ years. Stop Shaming Reverse Mortgages, it is a Loan and has the same processes when someone leaves the house as any other collateral loan that is not being paid as agreed.

Most things are painted with a broad brush to cover specific events.

Not sure if it effects this particular case but they have once again suspended foreclosures due to covid 19 legislation.

[Spalumbos62]

Why doesn't a neighbor just go there with their mower and do the darn lawn???
They certainly have time to sit at their computer and bitxx about it. It would take...what, maybe 20 mins? I'm not saying do a full landscape job...just a mow...then when all these appalled neighbors drive by, they can now smile.
And before you say..why don't I do it.....I do own in that area, unfortunately stuck in allot of snow up north....otherwise, I would.

[Garwood1]

I walk by that house daily and it’s not falling down in disrepair as so implied and other than grass it’s a decently nice looking place so I’m sure there is a good resale value , can’t speak to the inside but outside looks fine so perhaps looking at something before reading an article that maybe the writer hadn’t seen would be in order

[dewilson58]

Originally Posted by Garwood1

I walk by that house daily and it’s not falling down in disrepair as so implied and other than grass it’s a decently nice looking place so I’m sure there is a good resale value , can’t speak to the inside but outside looks fine so perhaps looking at something before reading an article that maybe the writer hadn’t seen would be in order

Thanks for an independent update.
Facts did not fit the OP's agenda, so fiction gets posted.

[Joe V.]

Originally Posted by John41

Since you love RMs so much why don’t you go mow the unsightly lawn.

I have no issue with it. Why don't you take your own advice?

[jimjamuser]

Originally Posted by b0bd0herty

Yeppers... That 101 year old woman should have gotten off her behind and taken care of things.

To just spitball an idea, could the Federal Government get into the reverse mortgage business - so that any profits from ALL of the reverse mortgages are used to create local nursing care / rest homes where people like that 101-year-old lady can choose to go to prevent their HAVING to stay in their deteriorating home.

The current system (as discussed here in this thread) seems to have POTENTIALLY terrible problems for the individuals and the whole society. It is costing society and the close neighbors a lot of money and suffering to resolve. If the private for-profit system can not fix a problem. Does that NOT (?) leave ONLY the government as the problem-solver of LAST resort?

[BogeyBoy]

My 2 cents. This is not a reverse mortgage problem. It is a "who is going to take care of things when I die" problem. This person could have a million dollars in the bank and if nothing is in place to take care of the property nothing will be done.
I was a licensed real estate agent and witnessed properties in disrepair after the owner died. Even getting a bank to take care of basic maintenance was often a hassle. When the real estate market took a dive things were worse.
And - unless I am misinformed - people who have reverse mortgages are required to have insurance on those loans. I think the cost of the insurance is less than the government has to pay out and there are proposals to correct this. (Similar to any insurance, your premium goes up if the insurance company pays a lot of claims.). Of course, who knows when it will be corrected.
Again, putting reverse mortgages aside, anyone's property can fall into disrepair when they die. I think this problem is compounded by (in most cases) living away from family.

[Don5154]

Originally Posted by Spalumbos62

Why doesn't a neighbor just go there with their mower and do the darn lawn???
They certainly have time to sit at their computer and bitxx about it. It would take...what, maybe 20 mins? I'm not saying do a full landscape job...just a mow...then when all these appalled neighbors drive by, they can now smile.
And before you say..why don't I do it.....I do own in that area, unfortunately stuck in allot of snow up north....otherwise, I would.

[jimjamuser]

Originally Posted by Spalumbos62

Why doesn't a neighbor just go there with their mower and do the darn lawn???
They certainly have time to sit at their computer and bitxx about it. It would take...what, maybe 20 mins? I'm not saying do a full landscape job...just a mow...then when all these appalled neighbors drive by, they can now smile.
And before you say..why don't I do it.....I do own in that area, unfortunately stuck in allot of snow up north....otherwise, I would.

That would be "right neighborly" of you!

[almondz]

Originally Posted by Plinker

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.

[CoachKandSportsguy]

The answer is either a foreclosure sale or a tax sale, because I believe that there are no relatives to which the complaint can be complied. So without relatives, or a proper will and/or estate, the courts need to used to resolve the ownership issue. .

So what would be the process of someone with no heirs, with plenty of resources, no mortgage and the taxes and amenity fee on autopay or autobill and pay?

These are the issues which automation is not equipped to solve, but to perpetuate because automation solves a convenience issue for the living.

technology guy

[newgirl]

You must be a lender, lenders are the only ones I have ever met that actually Jenifer from these loans.

Originally Posted by Spalumbos62

Why doesn't a neighbor just go there with their mower and do the darn lawn???
They certainly have time to sit at their computer and bitxx about it. It would take...what, maybe 20 mins? I'm not saying do a full landscape job...just a mow...then when all these appalled neighbors drive by, they can now smile.
And before you say..why don't I do it.....I do own in that area, unfortunately stuck in allot of snow up north....otherwise, I would.

Someone tried that and was arrested.

[manaboutown]

Originally Posted by Joe V.

This is old news even when the Village rag reported it. RMs are not going anywhere whether you like them or not. This type loan is not for everyone, I get that. However they work for many others,

They did not work for these folks.

"Wrongful reverse mortgage foreclosures are at a crisis stage, and there are very few if any protections from the bad practices of the servicers. And the lack of any meaningful oversight from HUD only makes things even more dangerous for seniors.

Here are just some of the reverse mortgage horror stories that have been experienced by Florida’s elderly population:

• A mortgage company filed a mortgage foreclosure against a 92-year-old woman for failure to pay 27 cents after first suing, claiming wrongly she did not live in her home of 40 years.

• An 80-year-old homeowner agreed to a repayment schedule for missed insurance payments — but foreclosure was filed anyway

• A 76-year-old homeowner repaid insurance and tax payments, yet the bank found a new reason to foreclose.

• An 84-year-old homeowner was accused of not living in his home when he is wheelchair-bound and almost never leaves it.

The widower, who has extreme difficulty hearing because of his age and health issues, was sued based on a wrongful allegation that he no longer lived in the home. The bank would not accept an affidavit from him and his daughter/caretaker as proof he lived in the property and insisted on taking the case to trial, further wasting judicial resources.

The case was eventually dismissed.

• An 82-year-old homeowner was accused of not living in his home during the time a separate department of the same bank was in regular communication with him.

• A 75-year-old widow faced foreclosure for purportedly no longer occupying the property. Her bank demanded she fill out and return an “occupancy letter” — which she did. She was also in regular contact with the bank regarding her insurance. Despite all of this, the homeowner was sued anyway.

• A 73-year-old widow lost her home to foreclosure because one word was missing from one page of her loan documents. She and her husband took out a reverse mortgage; her husband wanted to safeguard the family home after he passed away. Instead, because the word “borrower” was missing from one page of dozens of mortgage documents, she lost her home.

Jim Kowalski is the CEO of Jacksonville Area Legal Aid."

From: Guest Column: Reverse mortgages can backfire on homeowners - Opinion - The Florida Times-Union - Jacksonville, FL

[Joe V.]

Originally Posted by manaboutown

They did not work for these folks.

"Wrongful reverse mortgage foreclosures are at a crisis stage, and there are very few if any protections from the bad practices of the servicers. And the lack of any meaningful oversight from HUD only makes things even more dangerous for seniors.

Here are just some of the reverse mortgage horror stories that have been experienced by Florida’s elderly population:

• A mortgage company filed a mortgage foreclosure against a 92-year-old woman for failure to pay 27 cents after first suing, claiming wrongly she did not live in her home of 40 years.

• An 80-year-old homeowner agreed to a repayment schedule for missed insurance payments — but foreclosure was filed anyway

• A 76-year-old homeowner repaid insurance and tax payments, yet the bank found a new reason to foreclose.

• An 84-year-old homeowner was accused of not living in his home when he is wheelchair-bound and almost never leaves it.

The widower, who has extreme difficulty hearing because of his age and health issues, was sued based on a wrongful allegation that he no longer lived in the home. The bank would not accept an affidavit from him and his daughter/caretaker as proof he lived in the property and insisted on taking the case to trial, further wasting judicial resources.

The case was eventually dismissed.

• An 82-year-old homeowner was accused of not living in his home during the time a separate department of the same bank was in regular communication with him.

• A 75-year-old widow faced foreclosure for purportedly no longer occupying the property. Her bank demanded she fill out and return an “occupancy letter” — which she did. She was also in regular contact with the bank regarding her insurance. Despite all of this, the homeowner was sued anyway.

• A 73-year-old widow lost her home to foreclosure because one word was missing from one page of her loan documents. She and her husband took out a reverse mortgage; her husband wanted to safeguard the family home after he passed away. Instead, because the word “borrower” was missing from one page of dozens of mortgage documents, she lost her home.

Jim Kowalski is the CEO of Jacksonville Area Legal Aid."

From: Guest Column: Reverse mortgages can backfire on homeowners - Opinion - The Florida Times-Union - Jacksonville, FL

And these loans have worked for tens of thousands of people. Right at the end of your cut and paste job the title of that column said reverse mortgages can backfire on homeowners. To me that states most of these loans do not.

Sharpen the ax you grind. It is getting dull.