Reverse Mortgage at Center of NBA Player Steph Curry’s Instagram Post

National Basketball Association (NBA) point guard Steph Curry has posted to his Instagram account in support of a man in danger of losing his home in a reverse mortgage foreclosure.

The son of a reverse mortgage borrower who lives in a home with significance to fans of the NBA team the Golden State Warriors is at risk of losing the home, but has garnered the attention of Curry who has urged people to donate money to keep the son in the home. This is according to original reporting at local Fox affiliate KTVU, SFGate and Mercury News.

58-year old Lloyd Canamore has lived in the property at the center of the situation since he was a small child, and the house has since become a local landmark for Warriors fans in Oakland, Calif. since it has been painted in the team’s colors and flies team flags on its front facade. Canamore’s mother owned the home, and he says that a caretaker had “misled” her into taking out a reverse mortgage on it in 2005.

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The story’s spread through the local community reportedly caught the attention of Curry, who used his substantial following of nearly 31 million users on Instagram to promote a GoFundMe campaign set up by a neighbor, and designed to help Canamore pay the remaining loan balance of $350,000 to remain in the home. As of publication time, the campaign has raised more than $195,000.

The Instagram story was captured and posted to Twitter by Dalton Johnson, a writer and content creator for the Bay Area division of NBC Sports.

“Lloyd has been a die hard for #dubnation,” Curry wrote in his Instagram story publicizing the GoFundMe campaign, invoking the social media hashtag used to describe the Warriors fan community. “We can get there and get $$ [sic] to keep him in his home.”

Donations to the campaign reportedly included one anonymous contribution of $10,000, according to NBC Sports.

Canamore expressed his thanks to Curry for publicizing the campaign to local outlet Mercury News.

“I was praying that Steph Curry would find out,” Canamore told the outlet. “I’ve been trying for the last five months for someone to get in touch with Steph Curry, but I thought ain’t no way it was going to happen.”

Even though the amount is nearing $200,000 raised thus far, there is still a sizable amount of money the campaign must receive if it is to reach the full $350,000 figure. In the event that Canamore and his supporters are unable to raise the full amount, Canamore has agreed to accept the assistance of Oakland-based tenants’ rights group the Alliance of Californians for Community Empowerment Action (ACCE).

“I’m going to go out swinging. I’m not going to let [them] take my house,” Canamore told KTVU. “I’m going to need some more help too from all the Warriors players, all the Warriors fans, help to keep this Warrior’s house here.”

Read the stories at KTVU, SFGate and Mercury News.

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  • I hope SOMEONE out there is telling the other side of this “story”…e.g., what benefit(s) did this fellow’s mother receive from her reverse mortgage over the last 15 years of her life, including likely the ability – and her son’s – to remain in the home.

    • I agree with you Jim. I’m surprised Chris Clow only presented the MSM side and did not ask for any feedback from the lender or quote anyone from NRMLA . this perpetuates the negativity of our industry without reason. did the borrower not carry insurance or fail to pay taxes? Did they attempt to resolve the issue with the client?

      • Stephen, RMD’s audience is primarily made up of reverse mortgage professionals. Since we cover all aspects of the reverse mortgage industry, we feel it’s important for reverse mortgage professionals to be made aware of anything happening in the news that might affect the perspectives of potential clients. We don’t present the story to “perpetuate negativity” about the product category, but to inform professionals about the real events taking place so they can be best informed about the things that may shape public perception of the industry and the product.

        Given the prominence of the athlete who has drawn attention to the product category, we feel it’s important that those within the industry are made aware of the story as it is presented by a prominent person.

    • Jim – That SOMEONE could be you. Care to go on Twitter / Instagram and present the other side of the story? Nearly a quarter mil has been raised by not clouding the issue with facts…

      • Chris –

        Thanks much for your clarification of RMD’s editorial mission, which is spot on. I think we in the industry sometimes forget that this is an industry trade pub and not read by the general public.

  • I wonder if Lloyd Canamore is able to qualify for a forward mortgage to cover any part of the payoff amount on the reverse? It’s nice that people are willing to donate to payoff the loan balance but at the end of the day I’m willing to bet a lot of the people donating probably have to pay mortgages on their own house each month.

    Would be nice to know how much cash Lloyd’s mom received from the reverse also, since that principal balance is part of the resulting $350,000 reverse balance quoted.

    Might bring some clarity to how much is a donation to an individual to payoff borrowed money vs. interest accrued on the money borrowed which some people have a different opinion about.

  • This kind of advocacy journalism is why I long ago cancelled my newspaper subscriptions and gave up on the evening news. From the Mercury News story:

    “Before Canamore’s mother, Clemmie, died last year, she took out a reverse mortgage …”

    The mortgage recorded on 12/1/2005. So yeah, I guess that was before she died last year.

    “The bank in charge of the loan is now demanding Canamore turn over the house if he can’t pay the sum.

    The bank does not “demand” deed-in-lieu. It is merely one of the options in the borrower package.

    “Canamore said in a Thursday interview that he’s down to the final days of being able to pay.”

    Absolute BS. Property has not even received a notice of default and is many, many months away from even potential foreclosure.

    “Canamore and his mother lived in the home since she bought it 50 years ago, adding he now lives alone there on a fixed disability income.”

    1 – AVM for the home is $695,000 and is currently on the market for $699,999.
    2 – RM loan balance is $350,000
    3 – Go Fund Me is at $236,832

    Canamore has a combined equity position of $581,832 and only needs to get a loan for $113,168 (and perhaps a side job or paying roommate). Or just wait for a few more contributions – he’s got at least another rent-free year in the property.

    Property taxes are phenomenally low – only $1,528 a year which he can keep with a Prop 58 parent-to-child transfer. With mom’s passing the IRS tax basis is also reset. Not to be insensitive to his loss, but this is very favorable position very few RM heirs find themselves in.

    ““They tried to out-slick me like they out-slicked my mama,” he said Thursday.””

    Still plenty of opportunity be outslicked, Slick. Home is in mom’s name so we’re looking at probate. With the extra money and attention things are guaranteed to go sideways fast. Prepare for the Hunger Games if you plan to keep that house.

    “Alliance of Californians for Community Empowerment, a tenants’ rights organization taking aim at gentrification in Oakland, is working with Canamore…”

    Yes, a pressure group is what’s needed in these situations.

    Want a story idea for RMD? Pull the probate docs in 6 months and see what a circus this has turned into. You know, because of the reverse mortgage.

    Source:
    https://www.mercurynews.com/2020/07/10/warrior-man-thanks-steph-curry-for-spreading-word-to-save-iconic-west-oakland-house/

    • Well done, Lawrence.

      I am glad that you took the initiative to respond. I was looking for SOMEONE who was more familiar with the market and circumstances in CA than I am here in VA to make exactly the points that you did so well.

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