Reverse Mortgage Scams

Trying to convince the reverse mortgage borrower to sign a power of attorney that gives the scammer sole access to the reverse mortgage loan money.

Reverse mortgage scams. Contact your state attorney generals office. Get all the highlights you m. I am a banker and I see every day deceived elderly customers who get fooled by these reverse mortgages they end up losing everything and put their heirs in jeopardy.

Avoiding Reverse Mortgage Scams Homeowners should be cautious when seeking mortgage products. Scammers try to take advantage of this complexity to entice older homeowners into fraudulent deals. Reverse Mortgages Are SCAMS.

Sometimes the schemes are complex and involve several different people or companies. Law enforcement sometimes fails to catch or adequately punish reverse mortgage scammers. This means if youre getting flyers in the mail and calls from pushy salespeople its likely that it is a scam.

The abiding by reverse mortgage fraud information will definitely aid you avoid happening a patient of a reverse house mortgage fraudulence. AARPs recent article entitled Reverse Mortgage Scams explains that reverse mortgages are available to homeowners age 62 and over. Reverse mortgage lenders tend to use celebrities like Tom Selleck Robert Wagner James Garner Henry Winkler and Fred Thompson in their advertisements.

Report it to the FBI via its electronic tip line or call your local FBI office. However the interest rate increase over time and can leave heirs with a complicated inheritance. The scammers keep the reverse mortgage proceeds and the older.

Scammers and con artists use advertising to recruit older people to live in a home to obtain a reverse mortgage on the property. Usually no fees are due until the borrower vacates the home. According to the FBI reverse mortgage scams are conducted by fraudulent professionals across real estate financial services and other sectors who are out to steal the equity from property owned by an unsuspecting senior homeowner.