Desert Hot Springs ranked number 33 on the list of 775 California cities on the chart of reverse mortgage foreclosures with almost 10 reverse mortgage foreclosures per 1000 residents.
That means that DHS’s zip code 92240 is 32 cities away from having the most reverse mortgages foreclosures per 1000 residents in the whole list of all cities in the state of California.
Lenders have been accused of targeting poorer homeowners with reverse mortgages.
Consumer advocates say the analysis reflects a pattern they’ve long observed, of lenders targeting lower-income, black neighborhoods, underemphasizing the risks of the loans and overselling their benefits.
Some noteworthy cities that were within the top 50 cities with high reverse mortgage foreclosure rates include;
Joshua Tree at #1 with 19.08 foreclosures per 1000 residents 62 and over, Twentynine Palms, Crestline, Big Bear City, Hesperia, San Bernardino, Yucca Valley, Hemet, Thousand Palms, Moreno Valley, and Banning all within the top 50 cities in California to have high rates of Reverse Mortgage Foreclosures.
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Published 9:40 a.m. PT June 12, 2019 | Updated 1:59 p.m. PT June 12, 2019
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