[VIDEO] Reverse Mortgage Nightmare: Widow Facing Foreclosure

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[VIDEO] Reverse Mortgage Nightmare: Widow Facing Foreclosure

[VIDEO] Reverse Mortgage Nightmare: Widow Facing Foreclosure

Digtriad-

In 2007, a knock at Barbara Freeman front door, came with a great opportunity: to be debt free and take care of her sick husband.

This year, another knock at that same door was a sheriff’s deputy serving foreclosure papers and that’s when her nightmare began.

The widow is now at the brink of losing everything she and her husband worked for all because of a reversed mortgage. In the most simplified terms, reverse mortgages differ from “regular mortgages” because in the latter, a homeowner makes monthly payments to a lender.

But in a reverse mortgage, a homeowner borrows against their home equity which means a lender pays (s)he either a lump sum or monthly while the homeowner pays nothing.

[DIGTRIAD]

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2 Responses to “[VIDEO] Reverse Mortgage Nightmare: Widow Facing Foreclosure”

  1. Okay, this is both unbelievable and unbelievably bad reporting. This story is not about the reverse mortgage, and it is NOT the reverse mortgage that’s the problem here.

    The problem is the predatory, and I would say, criminal mortgage broker or banker that had her sign a quit claim deed to take her name off of the title in order to get the reverse mortgage approved.

    Home Equity Conversion Mortgages (HECM), which are known as “reverse mortgages” are regulated by HUD and insured by the FHA… they are not a scam in any sense of the word.

    To qualify for a reverse mortgage you MUST be at least 62 years old, and if married, then BOTH spouses need to be 62 years old.

    You are NOT permitted to have only one spouse on a reverse mortgage, if both aren’t 62 years old, then the couple DOES NOT qualify for the HECM reverse mortgage… period.

    What this mortgage broker or banker did to get around that rule, was to have this widow (who was not yet 62) sign a quit claim deed to remove her from the title, so it looked like her husband was not married.

    (Further, I’m quite sure that if someone checks they will find that the broker or banker also checked a box on the application saying the husband was unmarried, because if married had been checked, the reverse mortgage wouldn’t have been approved.)

    This is not the fault of a reverse mortgage, this is the fault of whomever originated this loan for Wells Fargo, and if that person worked for Wells, then Wells is responsible for defrauding this couple.

    And for the record, I am not a mortgage broker or banker and never have been. I am just a writer who has spent the last few months researching reverse mortgages, and why they are so misunderstood… one of the reasons is that they are so badly reported.

    I’ll try contacting the station or the woman and see if I can help.

  2. Sarah says:

    Contact Fred Thompson and Henry Winkler, two trusted celebrities. Apparently, there’s a right way to assist the elderly. The “socially responsible” thing to do is gracefully seize their assets.

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