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Beware of Reverse Mortgage Scams

The above titled article featured in the last edition of our Reverse Mortgage Weekly Newspaper. The article follows.

Reverse mortgage packages are designed to help senior citizens who are above 62 years to reverse and enjoy equity on their homes via reverse mortgage loans. However recent happenings show that a lot of dubious people now perpetuate scams putting a lot of older citizens at risk. It should be noted that free information on reverse mortgages can be obtained from the Department of Housing and Urban Development at no cost. The scammers offer propositions that may seem good at first but leaves the victim robbed off their money.

Senior reverse mortgage scams include a number of fake sites and traps set online for the unsuspecting victim. These websites pose as brokers and charge huge fees for reverse mortgage information or services. Most of them are known to use telemarketing methods to reach and seek victims. They contact senior citizens via telephone and try to coerce them to release sensitive information or to part with payment to cover fraudulent reverse mortgage fees.

Among the fraudulent reasons used to dupe victims as scrupulous fees include payment for providing information on reverse mortgage companies and to help them apply with a reverse mortgage application. They sometimes pose as reverse mortgage companies and ask for as much as six to ten percent upfront payment. It is thus important that one confirms the authenticity of all reverse mortgage websites and companies before transacting any business with them.

It is also a wise idea not to finalize reverse mortgage contracts via telephone or on the internet. It is advised to have your children or witnesses present when signing any reverse mortgage contract. Reports of reverse mortgage scams are increasing and you can only protect yourself by taking precautions and only dealing with accredited brokers and companies.

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