Word: mortgagees
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Dates: during 1980-1989
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- In June of 1980, Lessie McMiller took a $44,000 second mortgage on his Oakland, Calif., home to buy the La Rue restaurant in Emeryville, Calif., and go into business for himself. Yet no sooner did he open his doors than the Bay Area restaurant business began to dry up...
Last month the Crocker National Bank solved Boe's cash problem. The mechanism: a reverse mortgage, meaning in essence a loan against the value of her house. For the next six years, she will receive a monthly payment of $746.50. Then at the end of that period, she can...
The loan was arranged by the San Francisco-area Reverse Annuity Mortgage Program, a pilot project sponsored by the Ford and San Francisco Foundations and the Federal Home Loan Bank Board to help elderly homeowners who are property rich but cash poor. Nearly 60% of Americans 65 or older own...
Michael Shail, 36, of Rhinebeck, N.Y., faces a stunning financial shock next month. On Nov. 1, the interest rate on his $35,000 home mortgage will jump from 8.5% to 15%, and the monthly payment will go from $270 to $437. A computer-programming manager with IBM, Shail says that...
Shail is one of 50 homeowners in upstate New York whose mortgages are now being called in for renegotiation by the Ulster Savings Bank of Kingston. All of the people obtained their loans in 1976 at the then prevailing interest rate of 8.5%. The agreements contained an unusual clause saying...