national average – creating a large potential market for reverse mortgages. In some parts of the island, including communities ringing San Juan, loan brokers wrote new loans at four times the rate of the entire U.S. Nearly 70% of homes in Puerto Rico are occupied by their owners – far above the U.S. Totals from 2019 compiled by the island's office for financial institutions suggests an even greater share: 80% of the last year's reverse mortgage foreclosures in 2019 were the result of tax defaults, insurance issues or occupancy problems.Īcross the U.S., about one in seven loans met the same fate during those years, the USA TODAY analysis found. The work was done in partnership with Grand Valley State University in Michigan with support from the McGraw Center for Business Journalism and the Economic Hardship Reporting Project.Įach of the 1,617 foreclosures last year, and hundreds before them, represents a reverse mortgage loan that did not deliver on its original promise of stable housing as seniors age. Almost one in four reverse mortgage loans failed from 2014 to 2018 over technical snags, according to the Government Accountability Office. national average in Puerto Rico, a problem magnified on the island by sliding property values, lenders’ responses after natural disasters and unique challenges ranging from spotty mail service to the lack of some loan materials in Spanish.Īcross the United States, the loans – which allow seniors to draw down equity in their homes – are falling into default at unprecedented rates a decade after the onset of the Great Recession, when brokers wrote the most loans in the program’s history.Īn analysis by USA TODAY and the Centro de Periodismo Investigativo found waves of reverse mortgages headed to foreclosure in Puerto Rico for reasons other than death, the natural way the loans are supposed to end. SAN JUAN – Reverse mortgages are failing at nearly double the U.S. Lee una historia en español: Por el Centro de Periodismo Investigativo
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You will line manage The Money House training assistant, who will support you in delivering courses.Almost one in four reverse mortgage loans in Puerto Rico failed from 2014 to 2018 over technical snags. You will be responsible for accreditations being completed by young people attending courses. As a broad expectation you will deliver three 4-5 day courses a month and one or two 1 day courses. You will book courses with groups of young people and support individuals joining courses. The courses will run out of a central location in Glasgow, online and potentially travelling to locations around the Glasgow area. You will deliver The Money House courses to groups of vulnerable young adults aged 16 – 25. We have secured funding to open our award winning The Money House youth homelessness programme in Glasgow in 2022, which will a lead trainer to run courses.
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Half of them being vulnerable young adults aged 16-25, the other half are in primary and secondary schools. We have two regional education officers who support c.1000 young people a year.
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MyBnk have had a full-time presence in Scotland since 2019, based in the central belt.