Due to the baby boomers reaching an age of retirement and soon to become latest scam reviews senior there will be a huge boom in the Reverse Mortgage industry. This is also due to the majority of their nest egg being their home equity. This will cause there to be some scams out there that you need to be aware of. Here are some Reverse Home Mortgage Scams that you need to know about.
Since these mortgages are designed to be targeted directly at senior citizens there will be scams. This group of individuals are very vulnerable to fraud and there is always someone looking for a quick buck. If anybody tries to charge you for information do not pay a dime for it. There is plenty of free reverse mortgage information available from good sources that are not trying to scam you. You do not need to pay for any information about this type of loan.
These are just 3 of many Reverse Home Mortgage Scams that you need to watch out for an know about. There are many more and to make sure you do not get caught up and lose your savings you should only work with professionals that you have checked and cleared with the better business bureau, your attorney general, and your own attorney.
When you educate yourself about the mortgage you are considering you become the enemy of the scam artist because it is harder for them to fool you and take advantage of you. You should learn as much as you can about reverse mortgages and anything financial that you plan to undertake. Also, if you are working with a broker that does not recommend pre loan counseling, then you need to run.
This scam is a part of many different types of scams and Forgery is all over the place. Be care of this because there are lenders out there that will request the title company to send one check to you and one to them that they will forge your signature to and deposit into their own account.
To avoid this scam check your credit regularly, never sign documents that have blanks on them or can be corrected later, and check your bank statements for accuracy every month. If you find something that is not right or seems fishy you need to report it right away. Also, watch out for push handymen and only work with professionals with plenty of good references.