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On January 13th a long-time resident of ‘The Villages” lost his wife of 67 years ‘Terri’. Later he walked away from his home which was the subject of a recent hearing before the Development District 4 Board of Supervisors following complaints of uncut grass and weeds.
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Go ahead and spend your children’s inheritance
Soon 1-in-5 will be at retirement age
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
1 Comment
A better solution for the widower who walks from home would be to ask the question “Who will handle your affairs when you can’t?” at application. When a Reverse Mortgage is inherently intended to be a loan on the borrower’s last home, it should be obvious that many borrowers will be dead or have reduced capacity at the end of the loan. I know HUD expects these people to dispose of the property and pay off the loan. A more realistic approach would be to identify an entity at origination to handle the end of the loan when the borrower can’t.
It seems only a government person would expect a man who is having trouble handling his financial affairs, and may be dead, to properly maintain or dispose of a property.