livincali, I don’t see a proliferation of “dated properties” (SFRs) flooding the market at any one time, ever. I believe those owners of “dated properties” who succumb to reverse-mortgage lenders are far and few between in SD. The majority of senior citizen-homeowners in SD County have more pension/SS monthly income than they can even use, due to many thousands of them collecting pensions and survivor benefits from the VA and CSRS/FERS/SDCERS/SDCERA + SS. Tricare for Life charges military retirees and survivors very little in monthly premium (and no copays except for a small copay for brand name drugs) for their Medicare Part B and D coverage. SD at one time was a city/county populated by predominately government workers and military and a good portion of those senior-homeowners (now retired) are still alive and not going anywhere …. nor will they ever need to take out a reverse mortgage, IMO.
The only seniors I know of who were stupid enough to do that owned fairly expensive homes in Bonita, free and clear. Their spoiled 30-40-something kids convinced them to get a reverse mortgage to (a) bail them out of the fog-a-mirror-get-a-loan mess they created for themselves; and, (b) pay for their grandkid’s college education when they could ill afford it. The first spoiled kid ended up losing their own home, anyway, in spite of mom’s earlier bailout and the second spoiled kid’s son had to drop out of college after he found out that his mom spent the rest of his college fund on a luxury vehicle for herself.
Seniors shouldn’t be so codependent to their loser-adult children and fall for their manipulation but oftentimes they are and do … to their detriment.
