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NEW YORK (Reuters) – The U.S. government on Thursday charged the founder of reverse mortgage provider Live Well Financial Inc with engineering a $140 million fraud by inflating the value of its bonds,
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a home equity conversion mortgage (hecm), and is only available through an FHA-approved lender.
Reverse mortgages can be a valuable financial tool, but the mortgage market is fraught with scams and schemes.
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.
Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related companies to steal the equity from the property of unsuspecting senior citizens or to use these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property.
Reverse mortgage fraud is a type of equity scam when a perpetrator convinces a senior to take out a reverse mortgage against their best interests for some kind of personal financial gain.
A reverse mortgage loan is not free money. It is a loan where borrowed money + interest + fees each month = rising loan balance. The homeowners or their heirs will eventually have to pay back the loan, usually by selling the home. Watch out for scams related to reverse mortgages Contractor scams
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Find reverse mortgage financial information, tools, reverse mortgage calculator, and tips.. reverse mortgages are there for homeowners who worry about outliving their savings.. Get tips and resources to protect yourself from fraud and see the latest scam alerts in your state.
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. However, there are some serious risks associated with reverse mortgages, including reverse mortgage scams.