HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Editorials & Other Articles (Forum) » He promised his wife he'd...

Sat Dec 19, 2020, 01:07 PM

He promised his wife he'd keep the house. Then he took out a reverse mortgage.

By Steve Lopez

There is nothing grand about the white one-story house in the middle of Roxbury Drive in San Bernardino, particularly in its current state of disrepair.

But to Juan Gutierrez, that house is home. As a young man he worked in construction, saved up for a down payment and, in 1968, bought the three-bedroom house where he and his wife raised their three children.

And then, in 2014, he was evicted as part of a dispute with his reverse mortgage lender that continues to this day. It’s a kind of dispute that could become more common in coming months, as COVID-19 pushes more seniors to the brink of financial disaster, prompting some to resort to reverse mortgages even as others default on them.

So deep is Gutierrez’s pain over the loss of his house that on some days he travels from his nearby apartment to Roxbury Drive just to sit outside the abandoned, vacant house. He watches the comings and goings on the street, imagining himself back home.

https://www.latimes.com/california/story/2020-12-19/column-he-lost-his-house-in-reverse-mortgage-dispute-but-years-later-keeps-fighting-back

Lopez is an outstanding LA Times reporter, and this article highlights some of the gotchas with reverse mortgages that a lot of seniors probably didn't understand when signing up for one.

18 replies, 2289 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 18 replies Author Time Post
Reply He promised his wife he'd keep the house. Then he took out a reverse mortgage. (Original post)
Zorro Dec 2020 OP
TwilightZone Dec 2020 #1
Grins Dec 2020 #11
Submariner Dec 2020 #2
niyad Dec 2020 #3
justgamma Dec 2020 #9
Paladin Dec 2020 #10
kimbutgar Dec 2020 #4
marie999 Dec 2020 #14
kimbutgar Dec 2020 #16
marie999 Dec 2020 #18
marybourg Dec 2020 #5
CrispyQ Dec 2020 #6
SWBTATTReg Dec 2020 #7
blueinredohio Dec 2020 #8
MiniMe Dec 2020 #12
Skittles Dec 2020 #17
FM123 Dec 2020 #13
tanyev Dec 2020 #15

Response to Zorro (Original post)

Sat Dec 19, 2020, 01:09 PM

1. This makes me think of the Tom Selleck reverse-mortgate commercials.

He all but flat-out says, "It's not a scam to steal your house. I swear!!!"

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TwilightZone (Reply #1)

Sat Dec 19, 2020, 01:45 PM

11. "I swear!"

He should be sued.

He took the reverse mortgage lenders money (and he’s not cheap!) for YEARS! In making that statement he is saying he researched, investigated, did due diligence - and then said that.

Sue him!

I have not liked him for years for other reasons, but this one really shows what a fraud he is as a person.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:10 PM

2. FU Tom Selleck, and Fred Thompson before him

and all the other D-List actors screwing seniors for an extra buck via TV ads with this scam.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Submariner (Reply #2)

Sat Dec 19, 2020, 01:14 PM

3. He is a trumper, so I assume that everything he says is a lie.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Submariner (Reply #2)

Sat Dec 19, 2020, 01:27 PM

9. Don't forget Pat Boone

All Trumpsters and they brag about Reagan signing it into law. You know it must be a bad deal.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Submariner (Reply #2)

Sat Dec 19, 2020, 01:31 PM

10. Wonder which D-list, right-wing actor they'll select next as on-air pimp for their ads. (nt)

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:15 PM

4. Every time I see those reverse mortgage commercials I sayFU to Tom Selleck

My aunts ex husband took out one and was evicted at 95 when the mortgage became upside down and he couldn’t make payments. He was still in good health and sound mind and died 2 months later because he was grief stricken he lost his home of 50 years.

My Dad used to tell me if something sounds too good to be true it probably is a scam and these reverse mortgages end up being scams.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to kimbutgar (Reply #4)

Sat Dec 19, 2020, 03:04 PM

14. What payments did he have to make on a reverse mortgage?

Asking because we know people that are looking into reverse mortgages.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marie999 (Reply #14)

Sat Dec 19, 2020, 03:17 PM

16. He was told that in order to keep his house he'd have to get a new mortgage

My neighbors wife died and he took out a reverse mortgage to fund his new single lifestyle. He brought a Merced, took a cruise with his new girlfriend and did some home improvements. Unbeknown to her children from a previous marriage who were supposed to inherit the house they found out they lost the home when he died because he had taken out the reverse mortgage and the company wouldn’t let the kids refinance and pay them off.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to kimbutgar (Reply #16)

Sat Dec 19, 2020, 07:01 PM

18. Thanks, I'll let my friends know.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:21 PM

5. Couldn't get in to read it.

There used to be government sponsored non profit run mandatory counseling before taking a reverse mortgage. Wonder what happened here? Unable to pay taxes? Lapsed insurance?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:21 PM

6. Kicked out of his house, that now sits abandoned and vacant.



Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:23 PM

7. Easy money usually isn't so easy, especially in paying it back. Never, ever, put your home up ...

for collateral...or you will end up losing it. If there's a remote chance that you could lose your home, your castle, don't risk it. Find some other mechanism to get the money, anything but losing your home.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 01:27 PM

8. I hare these commercials.

Reminds me a few years back,Josh Mandel (our one time state treasurer) and Urban Meyer had a commercial trying to get mentally challenged people to let them invest money for them. Crooks.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 02:25 PM

12. I thought that you didn't owe anything on a reverse mortgage until you died, or moved out of the hse

I obviously don't understand how they work

Reply to this post

Back to top Alert abuse Link here Permalink


Response to MiniMe (Reply #12)

Sat Dec 19, 2020, 05:11 PM

17. yes, they make it sound so cushy

as always, the devil is in the details

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 02:30 PM

13. This makes me so sad and angry!

"He watches the comings and goings on the street, imagining himself back home."

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zorro (Original post)

Sat Dec 19, 2020, 03:05 PM

15. Mom asked me to look into that for her and I was interested, too.

My thinking was that if something happened to Mom, they could have the house, as long as Mom still had however much money was left. Save me the trouble of trying to sell it. But no, they don’t really want the house, they just want that loan paid back and you don’t get much time after the house is vacated. Seems like it was three months when I checked. Mom lived in a small town with not much of a housing market. What if I couldn’t sell it within three months? I told Mom it wasn’t a good idea.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread