Heirs who want to pay off reverse mortgages to keep their family home can run into problems that last for years.
Water shut off without notice, a letter addressed to a deceased mother, a loan that never should have been granted.
“It’s a common problem largely because servicers don’t do a good job of providing clear information to regular people,” Bolling Mancini said. “The system is set up and these families should have options to satisfy the loan, rather than lose the home.” Latoya Gatewood-Young was surprised to learn there were five people on the title to her grandfather's house, which has been in her family for a century.When Gatewood-Young's grandfather died in 2016, the family was surprised to discover that his rural Maryland home on 10 acres had a reverse mortgage lien against it. He had drawn down about $150,000 with his reverse mortgage — a sum that had to be paid back for the property to be transferred to his family.
The estate of Robert Young sits unoccupied while his granddaughter, Latoya Gatewood-Young, tries to keep it from foreclosure.Even after a court fight to resolve the title dispute, several expired appraisals, costly upkeep of the property and complaints to a string of lenders, servicers, regulators and even her congressman, Gatewood-Young still has not been able to buy the family home. The latest dispute with Champion Mortgage: a final purchase price that has jumped more than 30%.
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