92 year old woman evicted over 27¢ on a Reverse mortgages. Actor and pitchman Tom Selleck, among others, has helped persuade more than 1 million seniors in markets like Palm Beach County that reverse mortgages are not “too good to be true.”
But a federal agency overseen by Housing Secretary Ben Carson of Palm Beach Gardens says an insurance program backing reverse mortgages is “losing money and can no longer remain viable in its present form.”
Foreclosures in reverse mortgages climbed to more than 3,600 a month last year, up from less than 500 a month in prior years, according to government data analyzed by nonprofit groups.
A 92-year-old Florida woman with a reverse mortgage faced a foreclosure filing because she owed 27 cents, a legal aid group said.