A reverse mortgage is one of the very few financial tools that allows senior homeowners to access a portion of their home equity to pay off their existing mortgage and eliminate their monthly mortgage
payment for as long as they live in the home and
continue to
meet the loan
obligations.1
It is critical... that borrowers who pursue rehabilitation understand that it can only be successfully completed once and, as such, may not be the most suitable option for borrowers who may not be able to
continue to
meet their monthly
payment obligations once they return to current status.
As a brief overview, the Management and Board have embarked upon a failed merger that garnered virtually no support from its shareholders, and was opposed by ISS, and
continued on that path until the date of the special shareholders
meeting and scheduled vote, spending lavishly in a failed effort to close it; attempted to implement substantial new options to itself, a plan opposed by ISS and the shareholders, which was withdrawn; continually paid itself outrageous sums of the shareholders money over the past three years; rejected highly qualified outside board members with deep, broad healthcare company experience supported by its shareholders; held many Board and Committee
meetings with nothing to show for it; formed a new Strategic Transactions Committee that is highly paid but that has produced no deals for the shareholders to consider or for any outside valuation experts to formally review; spent lavishly on accountants, auditors and counsel; failed to successfully hire any outside professional negotiators and finally extinguish or remove the outstanding lease
obligations; distributed no cash to the shareholders despite holding excess amounts; formed no special purpose entity to hold any royalty and milestone rights and
payments for the benefit of its shareholders; and thus generally failed in its fiduciary duties to shareholders.
A reverse mortgage is one of the very few financial tools that allows senior homeowners to access a portion of their home equity to pay off their existing mortgage and eliminate their monthly mortgage
payment for as long as they live in the home and
continue to
meet the loan
obligations.1