Heirs who want to pay off reverse mortgages to keep their family home can run into problems that last for years.
Water shut off without notice, a letter addressed to a deceased mother, a loan that never should have been granted.
“It’s a common problem largely because servicers don’t do a good job of providing clear information to regular people,” Bolling Mancini said. “The system is set up and these families should have options to satisfy the loan, rather than lose the home.” Latoya Gatewood-Young was surprised to learn there were five people on the title to her grandfather's house, which has been in her family for a century.When Gatewood-Young's grandfather died in 2016, the family was surprised to discover that his rural Maryland home on 10 acres had a reverse mortgage lien against it. He had drawn down about $150,000 with his reverse mortgage — a sum that had to be paid back for the property to be transferred to his family.
The estate of Robert Young sits unoccupied while his granddaughter, Latoya Gatewood-Young, tries to keep it from foreclosure.Even after a court fight to resolve the title dispute, several expired appraisals, costly upkeep of the property and complaints to a string of lenders, servicers, regulators and even her congressman, Gatewood-Young still has not been able to buy the family home. The latest dispute with Champion Mortgage: a final purchase price that has jumped more than 30%.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Gavin and Stacey's Alison Steadman's secret heartache that never left herThe Gavin and Stacey actress opened up about the devastating impact a family death continues to have on her
Consulte Mais informação »
See how reverse mortgage foreclosures have affected your areaA USA TODAY analysis found that senior citizens in predominantly African American ZIP codes are hardest hit by failures of loans that promised to help them age in place. Search our interactive map to find out how your area measures up.
Consulte Mais informação »
Over Half of Americans Will Be Obese in 10 Years If They Don’t Start Eating Healthier, Study SaysResearchers stressed the importance of prevention versus treatment to reverse the trend
Consulte Mais informação »
Weekly mortgage applications drop 5% as rates flattenVolume was 65% higher than a year ago, when interest rates were considerably higher, according to the Mortgage Bankers Association.
Consulte Mais informação »