reverse mortgage scams seniors

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).

Reverse Mortgage Scam | How To Avoid reverse mortgage scams – 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. Sometimes the schemes are complex and involve several different people or companies.

refinancing rule of thumb Should You Bother Refinancing Your current mortgage rate. – If you’re considering refinancing your mortgage, you may have looked to the “refinance rule of thumb” to help make your decision. Of course, there isn’t a single refinance rule of thumb. A popular one is that you should only refinance if your new interest rate will be two percentage points lower than your current mortgage rate.

The reverse mortgage is not buying your home, but rather is intended to give you some income if your plan and desire is to stay there for the rest of your life. If you are talking about the most amount of money in your hands because you can’t decide if you want to stay or go, the reverse mortgage is not the right choice.

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Reverse Mortgage Scams | Nolo – Reverse mortgages are designed to allow older homeowners to convert the equity in their homes into income to supplement their Social Security and other sources of income. But there are some serious risks associated with reverse mortgages, including reverse mortgage scams.

Financial Planners Report Fraud, Unveil Senior Protection Campaign – . of Standards has released an anti-fraud guide designed to protect older Americans from financial fraud and abuse. The guide is designed to help seniors and their families pinpoint warning signs of.

Financial Fraud Up 62%, Seniors Increasingly Targeted by “Specialists” – 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.

Planning for retirement | Consumer Financial Protection Bureau – Additional comment (optional) Please do not share any personally identifiable information (PII), including, but not limited to: your name, address, phone number, email address, Social Security number, account information, or any other information of a sensitive nature.

Reverse mortgage fraud and other new scams target seniors – 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.

Recognize and Report Elder Financial Abuse – Reverse Mortgage – Elder financial abuse, also known as financial exploitation, is the illegal or unauthorized use of an older adult’s funds or resources for the benefit of someone other than the older adult. This includes fraud, theft, and acts of deception to gain control over a senior’s money or property. Common Types of Senior Financial Abuse