Pitfalls of Reverse Mortgages May Pass to Borrower's Heirs

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Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs

Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs

NYT-

The only solace for Isabel Santos as she spends her evenings huddled over stacks of yellowed foreclosure notices is that her parents are not alive to watch their ranch-style house in Pleasant Hill, Calif., slipping away.

Ms. Santos, 61, along with a growing number of baby boomers, is confronting a bitter inheritance: The same loans that were supposed to help their elderly parents stay in their houses are now pushing their children out. “My dad had nothing when he came here from Cuba and worked so hard to buy this house,” Ms. Santos said, her voice quivering.

Similar scenes are being played out throughout an aging America, where the children of elderly borrowers are learning that their parents’ reverse mortgages are now threatening their own inheritances. Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers.

[NEW YORK TIMES]

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One Response to “Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs”

  1. Sarah says:

    As a layperson, the concept of a reverse mortgage was a way to accelerate the theft of a house as soon as the old folk die off. For example, instead of giving the fixed income, frail and nearly broke retiree a loan they could never pay back, which results in a home grab, give them a wonderful new ponzi-fraud known as reverse theft.
    But, yes, it’s no surprise the Bankster is going after the living pre-emptively stealing from the dead. You’ll notice, that because reverse-mortgages are “legal” real estate profiteers (like Martin Andleman) will miss the forest for the trees. Indeed, this article doesn’t debate reverse-mortgages, it expresses outrage at the financial loss of relatives of those who were suckered.

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