Below are some of the more recent scams aimed at seniors, although anyone is a potential target. In many cases, the frauds masquerade as perfectly legal, though unconventional, financial transactions.
Reverse Mortgages Are SCAMS!!! – Dave Ramsey Rant Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirm.
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Fourth, the reverse mortgage suggested by the supposed contractor may be a disreputable lender with their own scams to target people. Misrepresentation as a Government Program Scams Much like repair payment scams, these scams target seniors with strong-arm sales tactics for services the homeowner does not initially want or need.
process of getting pre approved for a mortgage 6 Steps of the Mortgage Loan Process: From Pre-Approval to. – 1. mortgage pre-approval mortgage pre-approval. A loan pre-approval sets you up for a smooth home buying experience. A few things have changed since the real estate meltdown a few years ago. For purchase transactions, real estate agents will first want to know if you can get a loan.
In this reverse mortgage scam, smooth-talking realtors seek out seniors and get them to take out a reverse mortgage to buy a lower-cost house, without having to put any money down.
The idea behind reverse mortgages is to allow homeowners over the age of 62 the use of the equity in their home as an extra income stream. Reverse mortgages are complicated and expensive. senior citizens have always been a target for scammers and reverse mortgages have become one of the scammers’ tools.
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.
But as South Florida’s first reverse mortgage fraud case shows, seniors need to be very careful who they buy these complex products from and make sure they understand the risks. Three local mortgage.
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The New York Times published a compelling – but depressing – piece Monday on the continued rise of scams related to reverse mortgages, as lenders locked out of the subprime business look for a new way.
“You now need to send it to a new bank." Lynn Calles, with Louisiana Mortgage, said the company does have experience with.