Reverse Mortgages, .....something to probably avoid...read this entire article first..
posted by douglas9...on Aug. 8, 2017..hit this link, (originally in Editorials & Other Articles Forum)
https://www.democraticunderground.com/1016190737
The original link is to this entire article ....The Huston Press...entire article is at this link:
http://www.houstonpress.com/news/some-reverse-mortgage-lenders-prey-on-senior-citizen-homeowners-9678241
Reverse Mortgage Lenders May Be the Big Bad Wolf
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.