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« Sponsored Reverse Mortgage Podcast: Bill May Change the Face of Reverse Mortgages
HUD Considering New Reverse Mortgage Product »

Senior Hopes Reverse Mortgage Will Cure Delinquent Property Taxes

September 14th, 2009  |  by John Yedinak Published in News, Reverse Mortgage  |  5 Comments

image An article from the Ridgefield Press shows how a local community is forced to send four houses, a vacant lot, and two commercial properties to the auction block later this month due to delinquent taxes. 

“Nobody loses their home right away, no matter what,” said Tax Collector Jane Berendsen Hill. After a property is auctioned off at the sale, the owner has six months to redeem the property and will not be evicted during that time.

One of the homeowners is 79 year old Calivin Waterbury, who owes $52,00 in back taxes on the home he has lived in since 1976.  According to the article, Waterbury believed he was on a tax deferment.

“I’m trying to get a reverse mortgage now so I can pay — that’s just another bunch of vultures,” Mr. Waterbury said of the process.  He believes he has been mistreated by the tax collector and assessors office.

“I believe the tax assessor and tax collector departments need an overhauling and new personnel,” sais Waterbury.  He has lived in town for about half a century and never expected the town to hold a tax sale and sell-off homes belonging to senior citizens.

“I never wanted to leave Ridgefield but now I’m starting to think about,” Waterbury said. “The Ridgefield of today is not the Ridgefield of old. They [tax offices] are definitely not being kind to senior citizens.”

The Assessor’s office called Waterbury three times last spring and early summer to remind him to file for his deferment but he did not return the calls, Tax Assessor Al Garzi said.

Four houses, two commercial buildings will be auctioned for taxes

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Taxes

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  • The_Critic

    To be clear Mr. Waterbury owes $52,000 in past taxes on a home worth over $1.38 million.

  • LM

    Wow. Is there no end to people blaming everyone else for their own shortcomings? If they're YOUR taxes, it's YOUR responsibility to either pay them or make sure they've been deferred. Since when is the tax collector's office supposed to be your baby sitter? And it's an insult to seniors everywhere, Mr. Waterbury, to imply that they should not be held to the same level of accountability as anyone else. The seniors I've encountered tend to be quite proud of their self -sufficiency and your comments cheapen that. If Ridgefield has, in the past, not done anything about senior citizens (or anyone else) who don't pay their taxes, then KUDOS to them for finally getting a back bone and being fair.

  • http://www.reversemortgagecalculator.org rainmand

    Sounds like a good candidate for the mini HECM

  • LM

    Wow. Is there no end to people blaming everyone else for their own shortcomings? If they’re YOUR taxes, it’s YOUR responsibility to either pay them or make sure they’ve been deferred. Since when is the tax collector’s office supposed to be your baby sitter? And it’s an insult to seniors everywhere, Mr. Waterbury, to imply that they should not be held to the same level of accountability as anyone else. The seniors I’ve encountered tend to be quite proud of their self -sufficiency and your comments cheapen that. If Ridgefield has, in the past, not done anything about senior citizens (or anyone else) who don’t pay their taxes, then KUDOS to them for finally getting a back bone and being fair.

  • http://rmlo.bankofamerica.com/raymonddenton rainmand

    Sounds like a good candidate for the mini HECM

.

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