by Victoria Mba-Jonas | Jan 6, 2021 |
SAN JUAN – Reverse mortgages are failing at nearly double the U.S. national average in Puerto Rico, a problem magnified on the island by sliding property values, lenders’ responses after natural disasters and unique challenges ranging from spotty mail...
by McGraw Center | Jan 6, 2021 |
En el 2019, tres de cada cuatro hipotecas reverse ejecutadas en la isla se debieron a problemas técnicos, y no al fallecimiento del propietario como se supone que ocurra, según datos de la Oficina del Comisionado de Instituciones Financieras (OCIF). José Sajiún Soto,...
by Karishma Vanjani | Jul 8, 2019 |
In a stealth aftershock of the Great Recession, nearly 100,000 loans that allowed senior citizens to tap into their home equity have failed, blindsiding elderly borrowers and their families and dragging down property values in their neighborhoods. In many cases, the...
by Karishma Vanjani | Jul 8, 2019 |
The U.S. Department of Housing and Urban Development oversees most reverse mortgages under its Home Equity Conversion Mortgage program. Since its growth in popularity in the 2000s, seniors have been swept into stressful situations if they default – jeopardizing the...
by Karishma Vanjani | Jul 8, 2019 |
Experts suggest seniors and their family members have an open discussion about these topics before they apply for a reverse mortgage: 1) Why do you need the money, and how do you intend to use your reverse mortgage loan proceeds? Seniors are free to use their loan...
