Home News Dear Annie: Seniors who outlive disbursement schedules on reverse mortgages could lose their homes

Dear Annie: Seniors who outlive disbursement schedules on reverse mortgages could lose their homes

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Dear Annie: Referring to a recent column where a reader said he lost his home to a reverse mortgage, there are two main ways this could be done. reader.

In a reverse mortgage, the amount the lender pays the homeowner in reverse does not include the lender making property tax and hazard insurance payments. These payments must be made by the reverse mortgagee (homeowner) from their own resources and kept up to date.

Failure to keep your property tax and disaster insurance payments up to date can cause lenders to step in and mortgage reverse mortgages to protect the lender’s interests. This is because non-payment of property taxes may make the property subject to another foreclosure action by the town or city in which it is located. Also, allowing hazard insurance to expire exposes the lender to the possibility of losing an investment if the property burns down or is otherwise damaged during the uninsured period.

The primary cause of reverse mortgage foreclosures is the homeowner’s inability to keep up with payments in these two areas (hazard insurance and property taxes). Funds to cover living expenses and living expenses. As Americans live longer, seniors are outlived by reverse mortgage payment schedules. As a result, property taxes and hazard insurance cannot be maintained, leading to foreclosure of reverse mortgage properties. – lawyer

Dear Lawyer: I love hearing from professionals whose expertise helps readers understand their responsibilities and what to watch out for. In this case if they take a reverse mortgage. Everything you say makes perfect sense. Thanks for writing.

Dear Reader: Suicide is not the person’s fault. I would like to print a letter that will help make that point very clearly.

Dear Annie: In one of your recent columns, a reader mentioned some resources for people in crisis.

“Suicide is really hard on survivors, so don’t just run away, take the time to review these resources — helpful resources.”

“Resources to Help” would really like to be helpful, but answering someone contemplating suicide with “better than an easy escape” is utterly unhelpful! It’s a horrifying attitude for people who are thinking of ending their lives by their own hands because of it. This is not “easy out”. It only fuels stigma and the self-fulfilling prophecy that “nobody cares/understands”.

Any questions for Annie Lane? [email protected].

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