Reverse mortgages are important financial instruments. They are also perfect targets for scams, since they involve both older homeowners and large sums of money. If you are considering a reverse loan, you need to be wise to reverse mortgage scams that you may come across.
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Reverse Mortgage Fraud is Often Committed by Someone You Know! According to this article by the wall street journal, the victims of reverse mortgage scams often know the perpetrator. The perpetrator could be a financial advisor or even a family member.
Reverse mortgages | ASIC’s MoneySmart – Reverse mortgages. Borrowing against your home. A reverse mortgage can help older Australians unlock the wealth in their homes after retirement. However, there can be long-term financial risks.
Is a Reverse Mortgage a Fraud? | Pocketsense – In reverse mortgage scams, individuals take advantage of the elderly, either by giving them worthless property to take out a reverse mortgage on or using a reverse mortgage to drain the equity from the victims’ homes.
Living On a Budget and Tips to Save Money – AARP – Living on a budget tips and how to save money advice to help consumers keep more money in their pocket with better money management.
Financial Educators | Consumer Information – Money Matters! Do you teach people about everyday financial issues? Consumer information from the FTC is free and in the public domain. That means you can print it, copy it, post it, or link to it freely – and for free. Share our resources with students, friends, family, coworkers, and neighbors.
refinance rules of thumb The traditional rule of thumb (which you should use with sparingly) for figuring out when to refinance is a basic breakeven analysis. This process allows you to figure out how long it will take to recuperate the closing costs you’ll have to pay to refinance.
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.
Reverse Mortgage Scams | Know Your Options – Because the FHA guarantees most reverse mortgages, taxpayers end up paying out the difference to the lender when the home eventually gets sold for less than the balance of the reverse mortgage. Take Precautions. The FBI offers five steps seniors (and their caregivers) can take to protect themselves from reverse mortgage scams.