LUBBOCK, Texas — One 86-year-old said she is at risk of losing her home and that she regrets getting a reverse mortgage.
Tom Couture, a mortgage lender with Texas Tech Credit Union, said a reverse mortgage is exclusive to homeowners age 62.
“Each month they pay their monthly bills and they get to borrow against the equity of the home and either get a lump sum paid to them or get monthly payments for the rest of the time that they live in that home,” said Couture.
Sandra Foster, the homeowner, said she got a reverse mortgage after her husband died. Foster said she was alone and could not physically work, and thought the reverse mortgage sounded ideal.
“It was appealing to me because I have a condition on my spine that is inoperable,” said Foster. “I had three surgeries and the doctor didn’t want me to ever let anyone to do surgery on me because I could be a quadriplegic if they ever made a mistake.”
Foster said she lives on $1400 of social security and does not know how she’ll manage to pay. She said she is concerned she will wind up homeless.
“It’s been difficult to ask for help,” said Foster. “You just tend to want to hide your head and by dysfunctional. I don’t want anyone who is old to ever have to go through this.”
Foster said when she signed her paperwork, she was not aware of what she was signing. She hopes others are more cautious and reach out for help when they don’t understand before they sign anything.
“My advice to somebody else is please be more careful than me,” said Foster. “It’s the scariest thing, we just had a call from the appraiser that wants to come and appraise my house for the mortgage company to sell it and it made me want to cry, it made me scared, it’s just awful and for it all to happen at Christmas is even worse.”
If you would like to help Mrs. Foster, her friends have started a GoFundMe to help her keep her home. Click here.
Couture said he advises people to make sure the company they work with is accredited by going through the Better Business Bureau or the Nationwide Multistate Licensing System & Registry (NMLS).