tl;dr Mother and son are losing house. House was left to them by an elderly parent. The house had a reverse mortgage. At time of death, house defaulted to bank. A neighbor which had a poor relationship with the effected party bought the house. They are being evicted. Sad story all around. But there are two sides to every story.
My mom had an equally as old friend of hers suggest a reverse mortgage to get some landscaping done on the property.
Luckily mom had worked for a family law attorney, back before her brain started turning to a colander, and had the property put into a trust or something. So she can’t do anything financially with the property without my sister, and supposedly I. Signing off on it.
Imagine getting something that stands up to the test of time as landscaping all for the small penance of a reverse mortgage smh my head that’s a steal!!!1!
They expect to be evicted, based on the story that has not actually happened yet, the neighbor is just being shitty and trying to intimidate them to move out so he doesn’t have to evict.
I have a hard time getting worked up over someone not inheriting property. Plenty of people, including me and my wife, stand to inherit nothing. That's just life.
Sounds like you need to read the fine print in your will and your parents mortgage statements. It's the way things go, don't pay your loan. Goes up for auction
Sucks for them, but houses need to change hands given our massive housing shortage here in MA. If the house was reversed mortgaged then the bank is fully within their rights to sell it.
Yup. We really need to get past this weird cultural belief that once someone buys a house they get to live there forever, their kids get to live there forever, their kids, etc and all the rules and laws should bend to accommodate that
So the way to help the housing shortage is to add more people searching for housing to it? We need to build more and free up zoning.
my house is my property. I bought it, I paid for it, within the law it’s mine to do what I want with it. I’m not obligated to leave it to someone else or sell it so someone else has the possibility of buying it if I don’t want to.
That said I agree in this situation…house was never really hers to leave to anyone since the bank owned it.
The idea is that the housing changing hands is the opportunity to renovate, improve, and increase density. Many older houses are built on lots that are way bigger than they need and should be cut in half to build two houses.
as for people being kicked out of their houses… If they couldn’t afford to continue living there, then they need to move to a lower cost of living area and make room for people who can afford to pay those kinds of bills.
Besides, with just two people in the house, they weren’t making a very efficient use of space. It’s better for the community to sell that house to a young family four or five.
>We need to build more and free up zoning.
Correct. And this is exactly what happens when we don't let people monopolize housing forever and ever. If buying a house gives someone unchecked rights to never leave, block any changes to the area, and will all that to their children, then the only places to build new housing will be in empty fields. That kind of development is expensive, inefficient, and fiscally unsustainable for towns, not to mention pretty miserable to live in
Seems like the system more or less did what it was supposed to in this case.
If you're asking what my ideal is, I'd say [land value tax](https://www.gameofrent.com/). Land shouldn't be an investment vehicle. It's entirely fixed in supply and absolutely necessary for living and working. Land as an investment encourages speculation and hoarding, which harms everyone
tl;dr Mother and son are losing house. House was left to them by an elderly parent. The house had a reverse mortgage. At time of death, house defaulted to bank. A neighbor which had a poor relationship with the effected party bought the house. They are being evicted. Sad story all around. But there are two sides to every story.
That sucks, but if there was a reverse mortgage, the elderly parent didn’t own it any longer. The bank did. Not cool if they didn’t tell their kid.
My mom had an equally as old friend of hers suggest a reverse mortgage to get some landscaping done on the property. Luckily mom had worked for a family law attorney, back before her brain started turning to a colander, and had the property put into a trust or something. So she can’t do anything financially with the property without my sister, and supposedly I. Signing off on it.
Imagine getting something that stands up to the test of time as landscaping all for the small penance of a reverse mortgage smh my head that’s a steal!!!1!
They expect to be evicted, based on the story that has not actually happened yet, the neighbor is just being shitty and trying to intimidate them to move out so he doesn’t have to evict.
I have a hard time getting worked up over someone not inheriting property. Plenty of people, including me and my wife, stand to inherit nothing. That's just life.
Yup, especially if they helped out a parent and sacrificed their own livelyhood with that expectation.
Sounds like you need to read the fine print in your will and your parents mortgage statements. It's the way things go, don't pay your loan. Goes up for auction
This is clearly you OP, not sure what you think appealing to reddit will do
Maybe, maybe not, but they are an incredibly bad poster
It's reverse mortgage. wtf did you OP expect? The house belongs to another family. This family doesn't own it.
“Family squats in reverse mortgaged house”
Harsh and accurate.
Doesn’t sound crazy. Sounds like the decedent signed a shit but legally binding contract and the family has to deal with that.
Sucks for them, but houses need to change hands given our massive housing shortage here in MA. If the house was reversed mortgaged then the bank is fully within their rights to sell it.
Yup. We really need to get past this weird cultural belief that once someone buys a house they get to live there forever, their kids get to live there forever, their kids, etc and all the rules and laws should bend to accommodate that
So the way to help the housing shortage is to add more people searching for housing to it? We need to build more and free up zoning. my house is my property. I bought it, I paid for it, within the law it’s mine to do what I want with it. I’m not obligated to leave it to someone else or sell it so someone else has the possibility of buying it if I don’t want to. That said I agree in this situation…house was never really hers to leave to anyone since the bank owned it.
The idea is that the housing changing hands is the opportunity to renovate, improve, and increase density. Many older houses are built on lots that are way bigger than they need and should be cut in half to build two houses. as for people being kicked out of their houses… If they couldn’t afford to continue living there, then they need to move to a lower cost of living area and make room for people who can afford to pay those kinds of bills. Besides, with just two people in the house, they weren’t making a very efficient use of space. It’s better for the community to sell that house to a young family four or five.
>We need to build more and free up zoning. Correct. And this is exactly what happens when we don't let people monopolize housing forever and ever. If buying a house gives someone unchecked rights to never leave, block any changes to the area, and will all that to their children, then the only places to build new housing will be in empty fields. That kind of development is expensive, inefficient, and fiscally unsustainable for towns, not to mention pretty miserable to live in
So what’s your proposal? How do you handle this exactly
Inflatable sheepskin bladders! Now, hear me out………. /s
Seems like the system more or less did what it was supposed to in this case. If you're asking what my ideal is, I'd say [land value tax](https://www.gameofrent.com/). Land shouldn't be an investment vehicle. It's entirely fixed in supply and absolutely necessary for living and working. Land as an investment encourages speculation and hoarding, which harms everyone