Posted by JF in CT on July 25, 2013 at 02:54:51 from (71.88.46.81):
In Reply to: OT Rant. posted by LOU from Wi. on July 24, 2013 at 23:48:39:
Actually sometimes it works out against the bank like it did with my neighbors. They got a reverse mortgage just before the real estate bubble burst. $300k for a house that is now worth less than half that. They lived long enough to run the entire amount out (high monthly payments?). Now the bank owns a house that cost them twice what it is worth and can't do anything with it. It went to auction and didn't sell. They aren't paying the taxes on it and can't figure out how to recoup the massive loss.
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