is reverse mortgage a ripoff

Other scam artists charge money to seniors, sometimes thousands of dollars, for information about a reverse mortgage that is available free from the Department of Housing and Urban Development (HUD).

Common reverse mortgage scams Because reverse mortgages can be a ready source of cash, dishonest mortgage brokers or other swindlers may encourage seniors to apply by making misleading claims or.

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Reverse mortgages allow homeowners, 62, and older, to borrow against the accrued equity in their homes, but according to the Consumer Financial Protection Bureau’s latest report, they’ve received many.

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“[The adult daughter] will say something like, I understand these loans are a ripoff. They cost too much,'” says John Luddy, VP of reverse mortgage lending for Norcom Mortgage, based in Avon, Conn.

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The study also found that some ads didn’t make it clear that a reverse mortgage is a loan; that ads made it seem like it’s impossible for a borrower to lose his home (not true); and that reverse.

Reverse mortgages are technically called home equity conversion mortgages (hecms) and, in spite of the benefits, leave many homeowners or beneficiaries feeling sour about the transaction. A.

Scam Types. There are several ways that reverse mortgages are used as scams. Lenders sometimes charge for reverse mortgage information despite the fact that the information is available for free from the Department of Housing and Urban Development. Required pre-mortgage counseling may be downplayed or may not be provided at all,

It issued a report last June saying that many reverse mortgage ads are inaccurate or omit important information. The CFPB also studied complaints made about reverse mortgages from 2011 to 2014. It.

The public servant couple, who lived in the swanky part of town, used money bilked from her grandmother’s reverse mortgage on items such as. prosecutors New York men busted in $2.3M call center.

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.

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