It would be unusual for someone to be evicted with a reverse mortgage. Especially one recently acquired. To qualify for
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Archived from the IMDb Discussion Forums — 99 Homes
micirisi — 9 years ago(June 04, 2016 12:56 PM)
It would be unusual for someone to be evicted with a reverse mortgage. Especially one recently acquired. To qualify for the reverse mortgage one needs to have considerable equity in their home if not own it outright. Seems the storyline was concocted to further castigate the
evil
banking industry.
He killed sixteen Czechoslovakians. Guy was an interior decorator. -
wowista — 9 years ago(June 12, 2016 08:58 AM)
Exactly. In reverse mortgages there is nothing to pay, you actually receive an income. When his wife died the man should have had more of an income, as the income isn't going to be reduced with the death of a spouse. Makes no sense whatsoever.
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gregbarnes — 9 years ago(June 15, 2016 01:46 AM)
I'm not an expert on this so I might be wrong, but I've read if people getting evicted because both spouses weren't listed on the contract. When the listed spouse dies, the mortgage company steps in and takes the house.
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micirisi — 9 years ago(June 15, 2016 12:29 PM)
Not an expert either but a spouse dying is typically not a reason to foreclose on a reverse mortgage. (Unless the surviving spouse is not a "co-owner" of the home.) More common reasons to foreclose would be the owners not living in the home for more than a year. (Both if a couple.) Another reason would be for the owners to fail to maintain the home which might include failure to pay property taxes, assessments etc. If there is a standard original mortgage existing failure to make those payments may also be a reason to foreclose on the reverse mortgage.
He killed sixteen Czechoslovakians. Guy was an interior decorator. -
JBMovies123 — 9 years ago(September 02, 2016 07:58 PM)
My assumption was that the wife opened the reverse mortgage and that perhaps it was in her name only. Maybe it was a clerical error on the bank's part, but when the wife died the bank likely took ownership of the house. The old man didn't seem to have the wherewithal to figure it all out. That might have been a case where it could have been sorted out but he just didn't have the ability to do so.