News Story (Florida)
December 9, 2017
READ THE FULL STORY HERE
Tags: Housing: Mortgage
Organizations mentioned/involved: Jacksonville Area Legal Aid (JALA)
Foreclosures in reverse mortgages climbed to more than 3,600 a month last year, up from less than 500 a month in previous years, according to government data analyzed by nonprofit groups.
The legal-aid organization said in some instances it has helped win court orders to let seniors return to or stay in their homes, but the cases point to serious risks with reverse mortgages — including aggressive tactics by mortgage servicers.
“Wrongful reverse-mortgage foreclosures are at a crisis stage and there are very few, if any, protections from the bad practices of the servicers,” Jacksonville Area Legal Aid said in a statement.