HOME BY SUMMER JACKPOT!
Charity Recipient Takes Out
$817,500.00
Home Equity Reverse Mortgage!
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39 Comments
I think even Trump would be impressed, using other people’s money to enrich yourself. That is the greedy Democratic way!
A realtor friend explains:
“It’s commonly known as a Reverse Mortgage and the $800k is the maximum draw with the estimated amortized mortgage interest and fees calculated in accordance to the grantors (borrower) typical life expectancy.
Basically it is a cash-out of a persons equity with interest estimated up-front. There are no mortgage loan payments made but the grantor must continue to make tax and insurance payments.”
All the money in the world won’t fix the problems these people have ….
The details of this scam should be on television. The family who gets this bonus windfall should have been investigated more deeply. Upright citizens supported and enriched by the infallible mayor.
They still owe the money, the money they got from the loan will not last forever. There is interest on the loan. The house will never be theirs until the loan is paid off.If they don’t have the money the bank gets the house. In the meantime they get to live there as long as they pay the real estate taxes insurance and utilities. I feel bad for the good hearted people that fell for this.
It’s a reverse mortgage. The mortgage company is buying the house and making payments to her for the principle and interest, probably several thousand a month.
Matt really knows how to pic’em ! Good job I wonder if the good people at the St Vincent DePaul know about this ?
They have a set of big ba…. to do something like this. They don’t care about the house …They want the $$$ now. How ungrateful. This is like unjust enrichment.
There should have been some type of condition to the agreement in which they could not sell/rent out the house/borrow against it for a few years like 5 or 10 or 15 to prevent a scam like this from happening. My head hurts from shaking it!!!
#7 would this be a good story for the news to uncover like 7 on your side or something.
People who donate to a city run, narcissist run charity “charity” should have their heads examined. This travesty is a further extension of Post-Sandy Gift Cards. If the press wasn’t so in bed with liberals, we would have the story.
I am still calling for contributions to “Relocate-By Winter”. Come on Belmar!!! You’ve given before.
This is bad…
Correct #13. They crossed the streams.
This will be reported to the NJ State Department of Insurance and Banking. The mortgage company, title company (Delaware corporations oh what a surprise) appraisal company and attorney representing the owner. My guess it will lead right back to Belmar crooks. We are watching you. Dumb move.
What do you think was illegal about it?
Who said it was illegal? They received a free house through donations (gifts) tax free. There is a federal gift tax. Now this may or may not be different. My guess is this type of transaction may be taxable. Both Federal and NJ. But who am I but just an OLD MAN.
Can receipt of a charity based house be construed as being a tax triggering gift? It (the house) wasn’t a lottery or game show winning, was it?
It could be construed in this case. Maybe a time limit is imposed by the feds to live in a “gifted” house. But what do I know I’m just an OLD MAN.
Maybe each individual donation is under $14,000?
The elderly owner may or may not live in the residence as her primary home, reverse mortgages are heavily regulated and the borrower must sign and comprehend exactly how the mortgage works. This to protect the borrower usually an elderly person from being taken advantage of by greedy relatives. This mortgage also can be used as a line of credit again, is the borrower being used. Also the amount of money borrowed is inconsistent with the actual value of the home so the appraisal must be reviewed by the proper authorities to make sure there were no misrepresentations on the value to guarantee the loan. The attorney acted as notary so he basically determined the borrower’s competency to comprehend the entire scope of the reverse mortgage and line of credit. It’s a very complicated loan.
I have a friend who is seeking a class action suit against a certain bank where he took out a reverse mortgage. $14,000.00 is the Federal limit. However this may raise a red flag. But what do I know? I ‘m just an OLD MAN.
They can only give you a % of the appraised value minus any dollar amounts of liens against the property.
But they also pay interest. That’s why the amount is higher than the value of the house.
So how much is she getting a month from this reverse mortgage.
Who knows somebody that works for news12 or news 7
This is hysterical…….
We knew all along she was up to no good.
Give the DEVIL her due!!!!!!!!
How does one bring this to the media?
How can we have the Coast Star publish this info?
Bamboozled?
another Henry Fonzie Winkler listener.
I always thought a reverse mortgage worked just like a home equity loan. The person just takes money out as they need it. I just can’t understand why the Borough got involved with nonprofits over this in the first place. Sadly, as I understand, this family apparently had financial difficulties prior to Sandy. Then why build them such an elaborate home if they are unable to financially keep it? Any other person in their situation would have undoubtedly sold the lot and located somewhere financially feasible. They perhaps need this loan to keep up with the taxes, etc. that are mandatory to be paid. Mixed emotions about this not knowing all details. Are the owners anticipating the reval? Did they just know how to work the system or was this something for our wonderful elected officials to put a feather in their cap? Appears as it may have backfired. Wonder how the donors are feeling right now or if they even know about it?
#31 WAKE UP AND SMELL THE COFFEE………..
It is easy to work the system when the mayor is crooked and is helping you and also knows his way around the banking system. I have no doubt the the mayor was well aware of everything
We need to bring this to the news stations. I emailed news 12 but we shold email every station that did an interview with her
Good job belmar
What I dont understand is in the paper work here it says that the Keefe house is a HUD house. An urban development house. That doesn’t sound right to me. Or am I wrong. Another thing is has their ever been a. HUD house valued at 817k dollars. Who can. I contact to take this to the next level.
The 817 includes interest
I thought you could not profit from a charity.I also thought that after a charity house was built that the family had to live in the house for at least 3 to 5 years.
they should check out the other family that got Go FUNDME’s and FIMA money!!!
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