Reverse Mortgage Scams Seniors

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Mortgage/reverse mortgage scams PROBLEM: According to the NCOA, scammers are preying on senior homeowners by offering a property assessment on the value of their home. They find the public information on the home, and then send the homeowner an official looking letter that offers to assess the value of the home for a fee.

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Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related companies to steal the equity from the property of unsuspecting senior citizens or to use these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property.

Reverse mortgages allow seniors to borrow against the value of their. the fear of scams erodes the overall reputation of reverse mortgages,

Reverse Mortgage Foreclosures On The Rise, Seniors Targeted For Scams By Ben Hallman Reverse mortgages, a lifeline for seniors struggling to pay bills in allowing them to turn home equity into cash, are entering into foreclosure at an "alarming" rate, Consumer Financial protection bureau director richard cordray said Wednesday.

Fraud by Relatives and Others – One of the most worrisome types of fraud using reverse mortgages for senior citizens is caused by relatives, caregivers, or financial advisors. Sometimes called inheritance jumping when perpetrated by relatives, this type of fraud occurs when relatives convince senior citizens to take out a reverse mortgage and.

Seniors who take out reverse mortgages are usually concerned for their financial well being, coping with high medical bills, or need to.

Seniors made complaints this week to the Department of Revenue and. The callers then move into selling reverse mortgages. Some of the property tax relief information the callers provide is.

Of the 26.8 million households headed by seniors in 2013, the. Be aware of reverse mortgage scams, especially telemarketing schemes.

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,

HUD and FHA established the HECM proprietary reverse mortgage program in 1989. The HECM program, which allows seniors age 62 and older to withdraw.. Third, financial institutions may become aware of such scams.

How Does The Reverse Mortgage Work Fha Loan Income Requirements Calculator FHA Mortgage Calculator – FHA MIP Calculator – This Federal Housing Administration (FHA) mortgage insurance premium (mip) calculator accurately displays the cost of mortgage insurance for an FHA-backed loan.

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