Reverse mortgage

iVillage Member
Registered: 11-17-2007
Reverse mortgage
1
Mon, 01-23-2012 - 12:04pm

There is a piece on Insight's page about a woman in Detroit that is a 101 years old. This woman in 2006 got a reverse mortgage on her home of 65 years for the amount of 34,000 We all know that the banks never give more then 80percent of the value of the home. If you are in the USA then you know that Detroit is in really bad shape value wise. In fact the city just went bankrupt.or is talking about it anyway.

iVillage Member
Registered: 12-31-2010
Tue, 01-24-2012 - 1:54pm

Maryann, you have some facts correct, but to clarify I am here in the Detroit area and if you have seen Detroit (where my grandmother was taken out of her house on a stretcher because someone broke in and beat her to near death the night before her 65th birthday) you would see that there are blocks and blocks of field where homes once stood. My grandmothers home was sold and then the people who lived there made crack and blew the house up. A once beautiful street of brick houses is no more, there is one house left standing. Here are some pictures: http://blogs.denverpost.com/captured/2011/02/07/captured-the-ruins-of-detroit/2672/

In 1956, when my mother graduated high school in Detroit, there were over 2 Million people living and working in the city.

#Marie