And then, in 2014, he was evicted as part of a dispute with his reverse mortgage lender that continues to this day. The fine print is considerable on reverse mortgage contracts, and each year, scads of them end up in default. AdvertisementFor Gutierrez, who took out a $60,000 reverse mortgage with Bank of America in 2009, the benefits were many. But three years after he signed the contract, Bank of America handed off the mortgage to Nationstar Mortgage and the related Champion Mortgage Co. Gutierrez told me that as long as he’s able, he’ll fight for the right to go home.

Source: Los Angeles Times December 19, 2020 15:02 UTC