The AARP Foundation publication Reverse Mortgage Loans: Borrowing Against Your Home is an an easy-to-understand guide for older adults who are considering such a mortgage refinance for their home (PDF).
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.
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6 Ways to Avoid a Reverse Mortgage Scam. Advertiser Disclosure. Suggested Identity Theft Articles.. “HUD, which insures well over 95% of the reverse mortgages out there, only requires that a.
Reverse mortgages are home equity loans available to homeowners over 62 – and the downsides to taking one out might not just affect you,
She bases her conclusion on thousands of complaints that her organization has received from mortgage scam victims.. Reverse mortgages allow homeowners who are 62 or older to borrow against the.
Reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist and legitimate lenders to confuse and take advantage. Even in a “legal” or legitimate loan fees are in the thousands of dollars and essentially unregulated.
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Common reverse mortgage scams. Because reverse mortgages can be a ready source of cash, dishonest mortgage brokers or other swindlers may encourage seniors to apply by making misleading claims or.
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5 Reverse Mortgage Scams. for a reverse mortgage has risen and so has the prevalence of reverse mortgage. attorney for the reverse mortgage is also in on the scam, so all of these.
Regardless of what the salesperson says to you verbally, have a lawyer review the contract and explain it to you in plain English before signing. Pressure Like the sale of any product where the.
Because reverse mortgages have unique requirements, and are very different than traditional mortgages in that they provide money and do not require monthly mortgage payments, they can be difficult to understand, making it easier for the scam artist to confuse and take advantage of victims. Promises, Promises
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