Is A Reverse Mortgage A Ripoff?

Fraud by Relatives, Caregivers or Financial Advisors. Similar to vendor and contractor fraud, fraud by a financial planner or other investment advisor involves someone trying to sell you a financial product you may not need and suggesting you take out a reverse mortgage to pay for it.

Don’t be Suckered into Buying a Reverse Mortgage. – Advertisements make them sound tempting but reverse mortgages can put your retirement at risk. However, the ads don’t always tell the whole story. 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.

The Reverse Mortgage Sham – movingadvocateteam.com – I first heard about Reverse Mortgage loans from a friend who attended a reverse mortgage seminar. The seminar hyped on all the so called benefits of reverse mortgages without telling you that it is just a sham to rip off the only asset that you have left.

5 Ways to Avoid Mortgage Scams – Refi Guide – Scammers will set up a number of different reverse mortgage loan scams. A reverse mortgage allows the homeowner who is over 62 to borrow equity from the.

Reverse Mortgage Facts | NCOA – A reverse mortgage does not work the same as other home loans. But unlike a traditional home equity loan or second mortgage, you don’t have to repay the loan until you either no longer live in the home as your principal residence or you fail to meet the obligations of the mortgage.

Snapshot of reverse mortgage complaints December 2011 – 2014. – Snapshot of reverse mortgage complaints December 2011 – 2014 reverse mortgages are a special type of loan that allows homeowners, 62 and older, to borrow against the accrued equity in their homes. Reverse mortgages can help some older homeowners meet financial needs, but they can jeopardize retirement security if not used carefully.

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How Banks Fleece Heirs on Reverse Mortgages | naked capitalism – The complaints are echoed by borrowers across the country, according to a review of federal and state court lawsuits against reverse mortgage.

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If you came here looking to report a real scam involving a reverse mortgage please contact the FBI. About the Author Michael G. Branson Michael G. Branson (CEO All Reverse Mortgage Inc. and moderator of ARLO) has 40 years of experience in the mortgage banking industry and has devoted the past 14 years to reverse mortgages exclusively.

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