November 5, 2024 6:51 pm
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Sun City a hotbed of foreclosures from reverse mortgages

By Russ Wiles | Arizona Republic

Arizona has had a relatively high rate of foreclosures in recent years on reverse mortgages — loans designed for cash-strapped retirees and backed by the equity in their homes.

More than 3,000 reverse-mortgage foreclosures took place in Arizona from 2013 to 2017, according to a new USA TODAY investigation into the practice that found significant disparities in where foreclosures happened.

Such foreclosures occurred six times more often in predominantly black neighborhoods than in neighborhoods that are 80% white, USA TODAY found.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.