Reverse Mortgage Lenders May Be the Big Bad Wolf

[douglas9]

In early August 2016, 73-year-old Mary Taylor opened her mail and found some shocking news: The southwest Houston home she’d lived in for more than 30 years was in foreclosure.

Five months earlier, she had received a certified letter from a company she’d never heard of, Reverse Mortgage Solutions, saying she had defaulted on the terms of a reverse mortgage she had taken out from another company in 2013. Reverse Mortgage Solutions had owned Taylor’s loan for only ten days before it filed a foreclosure motion in Harris County District Court.

As part of the motion, an RMS “foreclosure specialist” filed a false affidavit claiming that Taylor had defaulted on her property taxes and insurance premiums. The affidavit claimed that the specialist had meticulously combed through Taylor’s records and saw that she hadn’t met her requirements under the terms of the loan.

But Taylor knew the company was wrong. She contacted her son Johnny in Atlanta and explained the situation. Johnny contacted Reverse Mortgage Solutions’ attorney and tried to resolve the misunderstanding, which proved futile. In May he filed a response on behalf of his mother in Harris County District Court that included information about his mother’s home insurance policy.

http://www.houstonpress.com/news/some-reverse-mortgage-lenders-prey-on-senior-citizen-homeowners-9678241

[SWBTATTReg]

1. good read!!

[hlthe2b]

2. Not surprised... When I see that ad with Tom Selleck standing at the high rise windows looking

outward with his legs apart in a most bizarre stance---all I can think is that he's peeing on the rest of us. (His stance really looks as though he is--lol-- and the message, it would appear, confirms it.

[TNNurse]

6. Didn't Selleck get caught "diverting" water to his almond grove

during the water restrictions in CA ??? I would not trust him anymore than I would trust Trump. Selleck is also a big NRA supporter. I can no longer watch him on TV.

[CrispyQ]

3. I'd take in renters & live in the basement before I'd reverse mortgage.

Fuck Tom Sellec & Tommy Lee Jones for pushing these. You guys didn't make enough money in your years of show biz - you have to sell this shit?

[Chakaconcarne]

4. my parents did this.....

don't fully understand all the details but the terms will end up paying way more than the home is worth as if the value is supposed to dramatically increase.. they live in a rural area.

[madinmaryland]

5. My inlaws did this eight years ago.

It seemed to work out ok. No real issues. When he died last fall we put the house on the market for six months without selling it. We said fuck it and walked away. Same company as the one above.

[SWBTATTReg]

7. curious

bad economy? couldn't get price you needed/wanted? Or, had to get price above reverse finance?

Sorry to hear about inlaw passing away. God bless.

[Stuart G]

8. k and r..nt