More seniors are taking loans against their homes — and it’s costing them


Across the nation, an increasing number of seniors are facing foreclosure after taking out reverse mortgages, either because they fell behind on property charges or failed to meet other requirements of the complex mortgage loans.
News Story (NATIONAL)

Jenifer McKim
Washington Post
August 25, 2017
READ THE FULL STORY HERE

Tags: Housing: Foreclosure

Organizations mentioned/involved: National Consumer Law Center (NCLC), Legal Counsel for the Elderly (LCE) (DC), Legal Services for the Elderly in Queens (JASA)


DETAILS

“Folks who had expected to age in place and live for the rest of their lives in their home are now having to scramble to find a new place to live,” said Odette Williamson, a staff attorney with the Boston-based National Consumer Law Center, which advocates for consumer justice for low-income people. “People just don’t know where to turn. It’s heartbreaking.”

The federal Department of Housing and Urban Development, which insures most reverse mortgages in the country, says it lacks detailed data on how many homeowners have lost their homes or are facing foreclosure in the program, which was launched in 1989 and covers about 636,000 loans. Nationstar declined to comment for this article.