Educate yourself about these reverse mortgage scams that could cost you money and even your home.
Interested in a reverse mortgage? Make sure to avoid these common reverse mortgage scams targeted at senior homeowners.
A reverse mortgage is a mortgage loan, usually secured by a residential property, that... other scams". [1] Moreover, the Bureau claims that many consumers do not use reverse mortgages for...
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(HELOCs) Reverse mortgage scams, financial elder abuse, and how to spot both Reverse mortgage counselors are allowed to charge fees for their services, and those fees must be “reasonable...
deter reverse mortgage fraud and scams. Public benefits eligibility: Proceeds from reverse... make reverse mortgages more appealing to seniors who would like to bolster their retirement...
June 2015 A closer look at reverse mortgage advertisements and consumer risks Office for Older Americans 2 CONSUMER FINANCIAL PROTECTION BUREAU Table of contents Table of contents. 2 1....
The Consumer Financial Protection Bureau (CFPB) warns homeowners against reverse mortgage scams, which the bureau says "often target older adults through community organizations; investment...
Witnessing several lovely but clueless seniors in the predicament of losing their homes to... a reverse mortgage is, in general: NOT financially sophisticated. They are taking their last...
Criminals will gain their targets’ trust and may communicate with them directly online, over the phone, and/or through the mail; or indirectly through the TV and radio. Once successful, scammers often keep a scheme going because of the prospect of significant financial gain. Seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers. Additionally, seniors may be less inclined to report fraud because they don ...