Friday, April 3, 2015

HORROR of the REVERSE MORTGAGE

One Annapolis resident has set up a fund to help another. They live just a quarter of a mile from each other. It all centers on a reverse mortgage and efforts to keep a senior citizen in his home.
WBAL-TV 11 News first reported on Robert Bennett and his reverse mortgage back in February 2014. Now he's run into some financial complications and a neighbor has set up a GoFundMe page to try to help.
Bennett, 72, is getting a little help from friends that he didn't even know he had in his battle to keep his Annapolis home.
"Well, I wouldn’t want to wish this on nobody, because like I said you really can’t have a good night's sleep because it's always on your mind," Bennett said.
The I-Team told you last year. How he and his wife, Ophelia, took out a reverse mortgage in December 2008, with the understanding they could stay in the house until they died, but the loan was placed in her name only. She died a month later.
Bennett learned under the loan agreement, he no longer owned the house and could be forced out. The AARP Foundation filed a lawsuit and continues fighting for him to remain in his home, but now it seems while working on those legal matters his home insurance and property taxes were paid by the mortgage company, which is giving him 25 days to pay back the funds. Now a neighbor is stepping in.
"I went over and introduced myself to Mr. Bennett because I hadn't met him and felt it was important to know him before I punched the GoFundMe page," Bronwyn Belling said.
The Capitol Gazette first reported on Belling starting a GoFundMe page. She is retired from the AARP and said she just trusted the funds would start coming in.
"The money will be paid directly to this loan servicing company that advanced his property tax payments and it will be paid to the insurance company or whomever it needs to be paid to satisfy these debts," Belling said.
The attorney representing Bennett, Jean Constantine-Davis, said, "We appreciate the efforts of Bronwyn Belling. We are hopeful HUD (Housing and Urban Development) will cooperate in getting this to a place where Mr. Bennett can stay."
Bennett is grateful for all of the donations.
"(There's) a lot of good people out there. Out of all the negative news we’re always looking at all the time, it’s still a lot of real good people out there," Bennett said.
The requested amount is for $13,000. So far, more than $10,000 has been raised online. To donate, visit the GoFundMe page.

No comments:

Post a Comment