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With market uncertainty and many individuals facing dire financial situations, the opportunity for fraud and abuse has seen a surge. But seniors are at particular risk, says a new study from the.
For many originators in the reverse mortgage business. “I got a booth at a senior legal fair put on by a county district attorney, designed for older people to show them how to watch out for fraud,
Other scam artists charge money to seniors, sometimes thousands of dollars, for information about a reverse mortgage that is available free from the Department of Housing and Urban Development (HUD).
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Those considering reverse mortgages should be cognizant of people in their lives pressuring them to obtain a reverse mortgage, or those that stand to benefit from the borrower accessing equity, such as home repair companies who approach the older adult directly. 9. Sweepstakes & lottery scams
If you, or someone you know, is a victim of fraud, abuse or exploitation report it. If the situation is threatening or dangerous call 911 or the local police for immediate help. If you suspect that an individual or company may be involved in a reverse mortgage scam, false advertising, or other fraudulent behavior, let your HECM counselor, lender, or loan servicer know.
Reverse mortgage fraud. A reverse mortgage is a legitimate financial tool available to people 62 and older. Also known as a home equity conversion mortgage, it allows you to convert the equity in your home into cash-useful to seniors who may be house-rich but cash poor, living on a fixed income but facing decidedly unfixed expenses like health care.
Hi, I sell reverse Mortgages. I also want to educate seniors of potential scams. Any ideas on how I can do both? Hi, I sell reverse Mortgages. I also want to educate seniors as to the potential.
While not exactly a scam, homeowners should beware taking out a reverse mortgage to delay taking Social Security benefits. Some reverse mortgage brokers and lenders advise elderly homeowners that they should get a reverse mortgage to make up the gap in income while delaying Social Security benefits until they’re older.