Cars pass by the home of Patricia Blair in North Philadelphia.USA TODAY had one simple question: Why are so many reverse mortgages held by seniors foreclosing and where are they happening?
USA TODAY and Grand Valley State then used this dataset to identify the top lenders and ZIP codes with the highest number of reverse mortgage originations by year. This combined dataset allowed USA TODAY and Grand Valley State to calculate origination and foreclosure rates by ZIP code and to see which lenders had been particularly active in predominantly black areas during the period from 2001 to 2009.The team used the standard zip codes in which at least 80 percent of the residents were black or white to say that the neighborhood was predominantly of that race.
GVSU mcgrawcenter Person must be willing to give up house for certain amount of money. But outright sale means finding new place to live, more money for house but soon eaten up by cost to rent somewhere. You’d need short life for money to last. Maybe 5 good reasons of 100 to get reverse mortgage.
GVSU mcgrawcenter If u have good understanding of what you’re doing it might be a good deal. Question should be, how does lender make money on reverse mortgage, from initiation through its termination? Ask them to be specific. If they’re honest it ain’t pretty.
GVSU mcgrawcenter Mortgagee responsible for all expense in owning a home. Reverse mortgage is like selling your property at 30-40% below its market value. Interest soon eats up difference and continues. P&I eats up market value. Cash out is usually zero. Lender gets house for what u got up front.
GVSU mcgrawcenter ITS THE WORST ITS A SCAM NEVER EVER DO A REVERSE MORTGAGE !! THERE ARE MORE OPTIONS
GVSU mcgrawcenter The real question is why did so many families have to take out a revers mortgage under Obama? BOOYA!
GVSU mcgrawcenter I warned my uncles about reverse mortgages years ago because it sounded like a scam. I don’t even have a degree in finance or banking but I couldn’t understand how it would benefit long term. I wish Americans weren’t so gullible!
GVSU mcgrawcenter I thought that was one of the selling points. They won’t foreclose but the bank gets the house upon your death? Guess that’s not the case.
GVSU mcgrawcenter They should never be allowed.
GVSU mcgrawcenter Because it's a SCAM
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