November 22, 2024 9:05 am
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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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