Ok - my aunt and uncle lived a pretty decent life but they didn't have a ton of money when they retired. They had a nice home and in their late 60s they decided to get a reverse mortgage. Living in California, they contacted a variety of lenders and BofA seemed to offer the best deal. From the off-set, BofA was great. They were friendly and courteous to my relatives. However, my aunt had to get some surgeries and be placed in a home. With all these costs, they used most of the proceeds from the California reverse mortgage to pay off these expenses. However, because of all these expenses, my uncle didn't continue to pay the property tax nor the homeowners insurance. Well - guess what happened next...their home is foreclosed upon by the bank and they are forced to move into a small 1-bedroom apartment.
I understand that banks need to make money but this was just preposterous. I guess this is why BofA no longer dabbles in the reverse space. How can you seriously evict seniors from their home? What kind of person do you have to be? It really ticks me off. I used to go over there all the time for the holidays when I was growing up and now, the house was bought at an auction for pennies on the dollar. Ugh - thanks BofA - you guys rock...NOT!
