Originally published at: An 81-year-old woman is losing her home to a predatory lender | Boing Boing
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Once again, it comes back to the US “Health Care” system.
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Rarely the San Fran so many of us (still) imagine it to be.
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Agreed, and no doubt the whole situation is very predatory, but I wonder if she had any equity left in the property. The article mentions that she took out a reverse mortgage in 2007, so that’s probably a significant factor in addition to this newer loan. If she was receiving reverse mortgage payments all that time it means that fully half of the 30 years that she’s been living in that property she’s been taking equity out rather than putting it in.
Hopefully she finds a legal remedy!
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Repugnant!
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Ugh. Reverse Mortgages are another scam targeting the elderly. This poor lady never had a chance.
The sad fact is she would have been better off defaulting on the property taxes. The county government will be a lot more reasonable in working with her to get a payment plan and keep her in the house than some sketchy payday lender or bank will be.
I wish Americans still had faith in their governments. Most of them still work well, the federal circus aside. Governments work for us. Corporations work for themselves.
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Maybe so, but I’ve read that while reverse-mortgage companies can’t evict you for living too long, they usually can evict you for failing to pay your property taxes. So maybe the fear that led to her taking this new loan was because of that, not eviction by the government.
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Predatory lenders, reverse mortgage brokers, private health insurers all see the elderly in the same way phone scammers do: as prey.
The celebrities who shill this garbage on cable TV ads should be ashamed of themselves.
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SURELY you’re not telling me that this lavishly mustachioed pitchman for a reverse mortgage company could possibly lead me astray, putting me in a position where they COULD take my home?
BBB:
On October 8, 2021, American Advisors Group entered into a Stipulated Final Judgment and Order with the Consumer Financial Protection Bureau. The Judgment and order settles allegations that the business made deceptive representations about estimated home values, made deceptive representations about accuracy of home estimates, and violated the Consent Order entered in 2016. Under terms of the order, the business is prohibited from misrepresenting the estimated home values to consumers, must pay $173,400 in consumer redress and pay $1.1 million civil money penalty.
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Maybe, just maaaaaybe we need to stop kicking old people out of their homes AND bilking them?
Exhibit A, where Hennepin County seized a woman’s condo over $2300 in unpaid taxes, sold it for $40k, and kept the overage.
A footnote: the lawyer arguing that this behavior by the county is okay is none other than Neal Katyal. I know SOMEONE has to represent them, and it’s legit legal work; but…DAMN, Neal.
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Apologies in advance for a facebook link (youtube taken down) and unfortunate gun imagery at the end:
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Absolute PERFECTION
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