This document discusses aging populations, reverse mortgages, and related legal issues. It provides background on reverse mortgages, which allow homeowners over age 62 to convert their home equity into a tax-free line of credit. The document then discusses a specific legal case involving a deceased individual who had taken out a reverse mortgage from Financial Freedom. It examines whether the subsequent mortgage assignments after the individual's death were valid or void according to Rhode Island property law.

1. AgingInhabitantsAndReverseMortgages
Learn a scripturallybalancedperspective of managingyourGod-givenassets,avoidingoreliminating
debt,savingforthe future,andsettingprioritiesthatwill assistyoutotake the teachingsrealizedonthis
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We notice,though,thatthe reverse mortgage thatthe decedentobtainedfromFinancial Freedomwas
solidinthe conventional mould.Inthe firstinstance,then,we mustdecide whetherornotthe
challengedmortgage assignmentsare voidorvoidable.InRhode Island,alegitimatemortgage oranyof
itsassignmentsshouldbe signed,acknowledgedbynotarization,delivered,andrecorded.Itisnot
necessarythatthe mortgage and the be aware that itsecuresbe heldbythe same entity.
Legal guidelines§33-11-5, bars FreedomMonetaryfromlaterforeclosingtowardsthe Propertyto
satisfythe underlyingdebt.Cf.Higginsv.Mycroft,80 R.I. 118, 92 A.second727, 729 (R.I.1952)
(indicatingthatmortgage enforcementproceedingsare separate andaside fromprobate proceedings).
Afterthe decedenthandedawayandthe mortgage steadinessremainedunpaid,itwastothe scaffoldof
propertylawthat MonetaryFreedomturned.
Foreclosure proceedingswentforward,MERSreassignedthe mortgage toFinancial Freedom,and
Financial Freedomrecordedthe foreclosure deedgrantingthe PropertytoitinNovemberof 2011. Their
swimsuitsoughttocontesteachthe validityof the serial mortgage assignmentsandthe foreclosure
change itself.Earlierthanturningtothe problemssubjudice,we predictthatanevidence of the
idiosyncraticnature of reverse mortgagesmayassistthe reader.
A reverse mortgage isamortgage or line of creditaccessible toanindividual overthe age of sixtytwo
whohas fairnessinactual estate,usuallythe particularperson'sdwelling.The usual reverse mortgage
has a furtherfeature:the underlyingloanistypicallyonanon-recourse basis(that's,the borrowerhas
no private liabilityforcompensationof the fundsadvanced).
We observe,although,thatthe reverse mortgage thatthe decedentobtainedfromFinancial Freedom
was solidinthe standardmold.Withinthe firstoccasion,then,we shoulddecide whetherornotthe
challengedmortgage assignmentsare voidorvoidable.InRhode Island,alegitimatemortgage oranyof
itsassignmentsmustbe signed,acknowledgedbynotarization,delivered,andrecorded.It isn't
necessarythatthe mortgage and the observe thatit securesbe heldbythe same entity.