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88-year-old man to lose home to reverse mortgage

7:30 PM, Aug 12, 2013   |    comments
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JACKSONVILLE,Fla. -- Noah Kight, 88, is in danger of losing his home.

Five years after purchasing his home in 1993, Knight decided to sign a reverse mortgage. 

"It was going good until they came up with this tax thing," Knight said.

The lender, James B. Nutter & Co., said Kight was in default of his agreement and filed a foreclosure lawsuit. The lender said he failed to keep his property taxes and insurance current.

"I paid up all of my back taxes, and then I came down with prostate cancer," he said. 

His cancer is in remission, but not his reverse mortgage problems.

"Every time I pay my insurance they say I haven't paid," said Kight.

A few weeks ago the issue came to a Duval County courtroom, but Kight missed the court hearing and the judge granted the lender a judgment.

Stanley Kight, one of his sons, said his father missed the court date because he overlooked the date. Last week his children gathered the proof they say will show he has paid his taxes and insurance and then filed a motion with the courts to stop the sale of his home.

"I don't think he knew what was going on," said Stanley.

The house is scheduled for sale on August 27.

Attorney Paul Medson said if they can get the proof to his lender they will stop the sale.

Foreclosure specialist Chip Parker looked at the case and reached this conclusion.

"The Kight case really highlights one of the biggest pitfalls of a reverse mortgage. Extreme care should be used when considering a reverse mortgage."

To learn more about reverse mortgages click the links you can go HERE or HERE.

First Coast News

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