are reverse mortgages scams

I find it amazing that every time I applied for a mortgage to buy or refinance I got an appraisal at or above my purchase price. That is until I applied for a reverse mortgage. I hope there is a special place in hell for the appraiser puppets and their puppet masters – courtesy of our ever intrusive incompetent government in Washington D.C.

The three florida men charged with reverse-mortgage fraud on Wednesday were Palm Beach County residents who worked for 1st Continental Mortgage, with offices in Boca Raton and Fort Lauderdale. A.

Reverse Mortgages Are SCAMS! The Dave Ramsey Show.. A reverse mortgage is a federally owned mortgage that allows cash-strapped seniors to borrow against the equity their house has built up over.

Find reverse mortgage financial information, tools, reverse mortgage calculator, and tips. Skip to content.. Get tips and resources to protect yourself from fraud and see the latest scam alerts in your state. sweetFrog. Members save 15% on in-store purchases of frozen yogurt, treats and apparel.

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A reverse mortgage scam takes advantage of the complexity of reverse mortgages to steal a borrower’s money, equity in their property, or both. Sometimes a senior citizen will be offered access to.

The phrase "reverse mortgage" sparks joy in the hearts of some people who see the loans as a worthwhile financial tool, especially in retirement. For others, the term is terrifying because they fear falling victim to a scam. In reality, neither answer is truly correct as reverse mortgage loans are specialized financial tools that need to be properly understood.

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.

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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.

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.