To the Editor:
I am writing in response to Meta Minton’s Sept. 22 article, “Neighbors continue to be haunted by dead Villagers’ reverse mortgage,” concerning the property at 9623 SE 171st Argyll St. in the Village of Woodbury.
The article states that “the home’s downward spiral is directly tied to a reverse mortgage.” I believe that conclusion is unfair and misleading.
Homes can become neglected after an owner dies or moves away whether they have a reverse mortgage, a conventional mortgage or no mortgage at all. The real issue is that the property was left unattended and appropriate arrangements were apparently not made for its care, sale or disposition.
A reverse mortgage did not cause the grass to become overgrown, vines to spread or the home to deteriorate. It is simply a mortgage loan with different repayment provisions.
Repeatedly portraying neglected properties as a consequence of reverse mortgages, as the article’s author has done previously, creates unnecessary fear among older homeowners and misinformation in the community. For many homeowners, responsibly using home equity through a reverse mortgage can improve cash flow, eliminate required monthly principal and interest mortgage payments or provide access to funds needed during retirement.
Reverse mortgages deserve thoughtful scrutiny, just like any financial product. But they should be judged on how they actually work — not blamed for the consequences of an abandoned or poorly managed property.
Dan Kapellen
Village of Chatham
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