{"id":6166,"date":"2019-06-15T07:42:38","date_gmt":"2019-06-15T12:42:38","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/nyforseniors\/?p=6166"},"modified":"2019-06-15T07:42:38","modified_gmt":"2019-06-15T12:42:38","slug":"seniors-facing-foreclosure-after-being-sold-reverse-mortgages","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/nyforseniors\/seniors-facing-foreclosure-after-being-sold-reverse-mortgages\/","title":{"rendered":"Seniors Facing Foreclosure After Being Sold Reverse Mortgages"},"content":{"rendered":"

Leroy Roebuck, 86, of Philadelphia, is fighting to keep his home of at least 55 years where he raised all his kids.<\/em><\/p>\n

JASPER COLT, USA TODAY<\/a><\/span><\/em><\/p>\n

Reverse mortgage commercials air regularly on television, but USA Today has an investigative article, which shows that seniors are facing foreclosure because of these reverse mortgages. (See Video Below)<\/p>\n

USA TODAY found that reverse mortgages end in foreclosure six times more often in predominantly black neighborhoods than in neighborhoods that are 80% white.\u00a0\u00a0<\/em><\/p>\n

Even comparing only poorer areas, black neighborhoods fare worse. In ZIP codes where most residents make less than $40,000, the analysis found reverse mortgage foreclosure rates\u00a0were\u00a0six times higher in black neighborhoods than in white ones.<\/em><\/p>\n

The foreclosure disparity resembles a more familiar scenario from the late 2000s, when subprime lenders targeted specific neighborhoods with risky loans doomed to fail, according to the nation\u2019s lead reverse mortgage researcher.<\/em><\/p>\n