Reverse mortgage company says woman failed to pay insurance, taxes

Kelly Holleran Apr. 9, 2012, 7:54am

A reverse mortgage company has filed suit against the Beaumont woman it claims failed to pay taxes and insurance on her home.

Reverse Mortgage Solutions alleges it entered into a contract with Gloria D. Bostic and her husband, Irving Bostic Jr. In a reverse mortgage, a company pays the mortgagors for the equity acquired in their home. The payments can either be made in one lump sum or over a number of months.

Reverse Mortgage Solutions says that when it lends mortgagors money, the loan is not expected to be repaid until either the property is abandoned for at least 12 months, the mortgagors die or the mortgagors fail to pay property taxes and insurance on the property.

Gloria D. Bostic has failed to pay taxes and to provide insurance for her property on Magnolia Street in Beaumont, according to the complaint filed March 26 in Jefferson County District Court.

Therefore, Reverse Mortgage Solutions is seeking the money it says it lent to Gloria Bostic and her now deceased husband, Irving Bostic Jr. It aims to retrieve its money by foreclosing on the property and has requested the right to do so from the court.

Reverse Mortgage Solutions will be represented by Joseph M. Vacek of Barrett, Daffin, Frappier, Turner and Engel in Addison.

The case has been assigned to Judge Bob Wortham, 58th District Court.

Case No. A192-216

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