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A reverse mortgage is a special type of home equity loan sold to homeowners aged 62 and older. It takes part of the equity in your home and converts it into cash payments.
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.
Reverse Mortgages are NOT a scam anyone throwing the scam word around loosely should really educate themselves on how reverse mortgages work. Here are the facts. The Reverse Mortgage Itself is NOT a Scam.
By knowing how their scams work, the FTC says you’ll be better able to defend against fraud. Phony Counseling or Phantom Help. The scam artists tell you that if you pay them a fee, they’ll negotiate a deal with your lender to reduce your mortgage payments or to save your home. They may claim to be attorneys or represent a law firm.
· 1. It might be a reverse mortgage scam if. The reverse mortgage originator is encouraging you to purchase or use another financial product in with the proceeds from a reverse mortgage. reverse mortgage lenders are prohibited from offering any other products to borrowers. 2. It might be a reverse mortgage scam if. The reverse mortgage originator says he or she is a government.
how much can i borrow on a home equity loan What Is A Home Equity Loan And How Does It Work? – · Often, home equity loans and home equity lines of credit get confused for each other. They’re similar in that they both let you borrow against the value of your home, but they work much.
Reverse mortgage fraud scams can also involve defrauding not homeowners, but lenders. A charge of bank fraud can be brought by the federal government when a financial institution is defrauded. Under 18 US Code Section 1344 , conviction for bank fraud could result in up to three decades of imprisonment and a $1,000,000 fine.
· With reverse mortgages, there are some unscrupulous lenders who trick elderly individuals into purchasing ill-fitting or exploitive loans. They run scams and provide false information to lock individuals into expensive, complex, and convoluted mortgage terms that greatly profit the lender.
Reverse mortgage solutions fraud victims Want Protections In ditech bankruptcy chicago area mortgage broker scammed 125 Chicago area seniors in a reverse mortgage fraud scheme involving RMS. Victims of a Reverse Mortgage Solutions fraud scheme want their money and they want their voices heard.
getting a pre approved mortgage Don't Let Mortgage Pre-Approvals Sink Your Credit Score. – Pre-approval: This process is much more involved and is the key step in getting a mortgage. You’ll complete a mortgage application (and usually pay an application fee), and you’ll give the lender.