WINSTON-SALEM, N.C.-- In 2007, a knock at Barbara Freeman front door, came with a great opportunity: to be debt-free and take care of her sick husband.
This year, another knock at that same door was a sheriff's deputy serving foreclosure papers -- and that's when her nightmare began.
The widow is now at the brink of losing everything she and her husband worked for all because of a reverse mortgage. In the most simplified terms, reverse mortgages differ from "regular mortgages" because in the latter, a homeowner makes monthly payments to a lender.
But, in a reverse mortgage, a homeowner borrows against their home equity -- which means a lender pays (s)he either a lump sum or monthly, while the homeowner pays nothing.
The lender gets the money back when the homeowner dies or sells the home. Reverse mortgages are designed for seniors. Freeman says she and her husband were talked into signing up for one, about 6 years ago, and now after her husband's death, the bank is back trying to kick her out of the home.
"I just feel like I've lost everything," she said, her voice filled with sadness.
Freeman raised seven children in the home. Her marriage of more than 40 years was all in that home. However, as soon as next month, Wells Fargo might force her to leave all those memories behind and move out.
"It's all I have. It's all I have left. I've lost my husband," Freeman said. "I can't think because I don't know what direction I have. I don't know what the alternative is going to be."
Article here:
http://www.digtriad.com/news/article/300180/57/Reverse-Mortgage-Nightmare-Widow-Facing-Foreclosure
This year, another knock at that same door was a sheriff's deputy serving foreclosure papers -- and that's when her nightmare began.
The widow is now at the brink of losing everything she and her husband worked for all because of a reverse mortgage. In the most simplified terms, reverse mortgages differ from "regular mortgages" because in the latter, a homeowner makes monthly payments to a lender.
But, in a reverse mortgage, a homeowner borrows against their home equity -- which means a lender pays (s)he either a lump sum or monthly, while the homeowner pays nothing.
The lender gets the money back when the homeowner dies or sells the home. Reverse mortgages are designed for seniors. Freeman says she and her husband were talked into signing up for one, about 6 years ago, and now after her husband's death, the bank is back trying to kick her out of the home.
"I just feel like I've lost everything," she said, her voice filled with sadness.
Freeman raised seven children in the home. Her marriage of more than 40 years was all in that home. However, as soon as next month, Wells Fargo might force her to leave all those memories behind and move out.
"It's all I have. It's all I have left. I've lost my husband," Freeman said. "I can't think because I don't know what direction I have. I don't know what the alternative is going to be."
Article here:
http://www.digtriad.com/news/article/300180/57/Reverse-Mortgage-Nightmare-Widow-Facing-Foreclosure
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