Beware the reverse-mortgage ripoff | Money – Even as home values are falling (leaving seniors with less equity to tap), more than 112,000 reverse mortgage loans were made in 2008, up from about 22,000 in 2003, according to the National reverse mortgage lenders association. Monthly reverse mortgage loan volume is setting records too, with nearly 9,000 reverse mortgages made in May.
Beware the reverse-mortgage ripoff | Money – A year and a half ago, sen. mccaskill began investigating problems associated with reverse mortgages, including predatory lending, aggressive marketing and the potential risks to the federal government – which insures 90% of reverse mortgage loans.
Would a reverse mortgage by any other name smell. sweeter? – Some avoid it by using the official term HECM, or Home Equity Conversion Mortgage. Obviously, reverse mortgages have been marred by reputation issues, and some uninformed consumers associate the.
Top 10 Best Reverse Mortgage Lenders | ConsumerAffairs – Reverse mortgage fraud is a type of equity scam when a perpetrator convinces a senior to take out a reverse mortgage against their best interests for some kind of personal financial gain.
Reverse Mortgage Scams | Is a Reverse Mortgage a Ripoff. – A reverse mortgage is actually called a Home Equity Conversion Mortgage or HECM. This is the first piece of evidence you can use to determine whether something is a scam or not. This is the first piece of evidence you can use to determine whether something is a scam or not.
A reverse mortgage is attractive to senior citizens who want to access equity in their home, getting regular payments as nontaxable income. Reverse mortgages are for homeowners ages 62 and older.
A Reverse Mortgage Mess? – Complaints include misleading marketing tactics and. Peter Bell, president of the National Reverse Mortgage Lenders Association, said the bad actors are fringe players, not the industry’s.
10 financial scams targeting seniors and how to avoid them – Con artists are particularly fond of elderly widows. The scam is to find those who may be lonely or infirm, and slowly shower them with attention and small gifts in order to gain their confidence.
Reverse Mortgages | Consumer Information – Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.