Article Summary
A special workshop is being organized for seniors with reverse mortgages impacted by the Eaton fire in Altadena, California. The event, taking place on May 10, will be led by Aimee Williams, associate vice president of justice for tenants, homeowners and unhoused individuals at Bet Tzedek Legal Services in Los Angeles. The aim is to offer clarity, guidance, and trusted advice to help seniors make informed decisions during a challenging time.
What This Means for You
- If you or someone you know is a reverse mortgage borrower in Altadena, this workshop can provide critical guidance and help you navigate the complex issues related to reverse mortgages in the context of disaster recovery.
- There will be representatives from various housing and legal services agencies, including the Federal Housing Administration (FHA), U.S. Department of Housing and Urban Development (HUD), and pro bono legal private firms, available for individualized consultations.
- The workshop is a reminder for reverse mortgage borrowers to be aware of their legal obligations and seek help when needed. Resources like the Los Angeles County Department of Aging and Disabilities, Los Angeles County Development Authority, and Department of Consumer and Business Affairs are available to assist during challenging times.
- In the event of a natural disaster, it is crucial for reverse mortgage borrowers to let their servicer know about any impact on the occupancy of their property due to the terms of FHA-backed reverse mortgages.
Original Post
“The workshop will help participants take the first steps to better understand their existing reverse mortgage agreements and the financial and legal implications tied to disaster-related property damage,” according to an announcement distributed by the Arcadia Chamber of Commerce.
The event will take place at the MonteCedro Senior Living Community in Altadena on May 10 Saturday from 10 a.m. to noon local time. It will include a group workshop led by Aimee Williams, associate vice president of justice for tenants, homeowners and unhoused individuals at Bet Tzedek Legal Services in Los Angeles.
“Ms. Williams will provide critical guidance and answer questions related to reverse mortgages in the context of disaster recovery,” the announcement explained.
Kathryn Barger, the chair of the Los Angeles County Board of Supervisors, emphasized the need for such a workshop, stating, “Seniors navigating the aftermath of the Eaton Fire shouldn’t have to face uncertainty alone — especially when it comes to complex issues like reverse mortgages.”
The overarching goal is to “offer clarity, guidance and trusted advice to help seniors make informed decisions during a challenging time
Key Terms
- Reverse Mortgage
- Disaster Recovery
- HECM Originations
- FHA
- HUD
- Los Angeles County Development Authority
- Department of Consumer and Business Affairs
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