Despite Concerns, Reverse Mortgage Impact in Puerto Rico Minimal
Some advocates and lenders have warned of a coming foreclosure crisis in Puerto Rico, but one top lender on the island says reverse mortgage borrowers rode out the recent storm much more easily than their forward counterparts. Puerto Ricans are still cleaning up in the wake of Hurricane Maria, which made landfall on the U.S. territory as a Category 4 storm last fall. In response to the devastation, the Department of Housing and Urban Development instituted a moratorium on foreclosures through March 19 for all forward and reverse loans — and as the deadline approaches, some have sounded the alarm about the potential impact on homeowners. “When I speak with my family in Puerto Rico, I hear the desperation in their voices,” New Jersey resident Maribel Soto told NJ.com last week. ”They don’t know when they will find employment again and when they will have stability in their lives. It’s unjust that companies are taking advantage of people at such a moment.” While forward mortgage borrow...