Podcast E649: Widower with reverse walks from home


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Widower abandons his property in The Villages retirement community

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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Other Stories:

  • Go ahead and spend your children’s inheritance

  • Soon 1-in-5 will be at retirement age

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reverse mortgage podcast

1 comment

Don Opeka December 23, 2020 at 9:13 am

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.

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