Reverse mortgages: 15,000 older Florida homeowners at risk of foreclosure and homelessness

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Reverse mortgages: 15,000 older Florida homeowners at risk of foreclosure and homelessness

Already, 16,654 reverse mortgage holders have gone into foreclosure in the five years that ended December 2017, the most by far in the U.S. and nearly double the second-most — in California. Those figures are based on an analysis by USA TODAY in partnership with Grand Valley State University, with support from the McGraw Fellowship for Business Journalism.

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https://www.naplesnews.com/story/news/local/2019/06/12/seniors-florida-lose-homes-reverse-mortgage-foreclosure-thousands-risk-homeless/1192702001/

Part of the problem is they must pay the TAXES and INSURANCE every year.

TAXES are over $7K and Ins $3K year.

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That is $10K cash yearly to keep the Reverse mortgage out of foreclosure.

This is not bad as long as you work, but if you STOP WORKING the SS for her was not enough

 

h/t 108