reverse mortgage scams seniors

However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.

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Homeowner/reverse mortgage scams Scammers like to take advantage of the fact that many people above a certain age own their homes, a valuable asset that increases the potential dollar value of a certain scam.

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In 2012, the New York Times published an investigation into one of the largest and most frequent scams directed at seniors and the elderly: reverse mortgages. These are loans, not free money. The.

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 then use all or part of the.

Reverse Mortgage Scams . Seniors are an often-targeted group when it comes to financial scams and mortgage fraud is no different. A study from Investor found that 20% of Americans aged 65 or older have already been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud.

Seniors do not understand the problems with a reverse mortgage.. Mortgage Fraud and Foreclosure Scams · Reverse Mortgage – good or bad idea? Reverse .

A Washington, D.C. organization is making strides toward helping reverse mortgage borrowers facing foreclosure risk. This led to a noticeable spike in reporting from seniors with delinquent.

Senior citizens who apply for a reverse mortgage because they are having difficulty. As always, if it's too good to be true, it is probably a scam.

quicklist: title: Steer clear of reverse mortgage scams text: Elderly. in the home or use the senior citizens as straw buyers and borrowers.

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In 2009, Illinois Attorney General Lisa Madigan filed a lawsuit against Diamond, accusing him of bilking senior homeowners living in Chicago’s south and west side neighborhoods out of more than $1.3.