December 14, 2015

Reverse mortgage requires forward thinking

By Marcie Geffner - The Washington Post

Lisa Lajoie has been trying to buy the 1,400-square-foot home in Brockton, Mass., where she grew up ever since her mother, Aline Lajoie, died 17 months ago.

Lisa, who is 46, asserts that she has been approved three times for a new loan to purchase the home where she lived with her mother, but the servicer of her mother’s reverse mortgage has refused to cooperate with her.

Now she is surrounded by moving boxes as she tries to save her home from foreclosure. In late October, an auction date just two days away was postponed until early January.

Read more:
https://www.washingtonpost.com/realestate/reverse-mortgages-require-a-lot-of-forward-thinking-before-committing/2015/12/02/b25f73ce-8a2b-11e5-9a07-453018f9a0ec_story.html