After years of mortgage payments, you finally own your home. What a great feeling! Scammers want to capitalize on this good feeling by allowing you to convert part of your equity to cash without having to sell. Reverse mortgages sound very appealing, however there are some unscrupulous people out there charging excessive up-front fees for their services. If you are considering a reverse mortgage, BBB encourages you to take the time to understand the requirements, consider all aspects involved, and factor in all the costs associated with a reverse mortgage. BBB recommends you learn about free resources provided by the Department of Housing and Urban Development so that you can make an informed decision. For more information on reverse mortgages contact your BBB.
Reverse Mortgage Scams
– January 30, 2012Posted in: Alerts/Scams, National
good to see that BBB is writing these reports to help consumers – there has been alot of scams lately – and seniors need to be protected – always compare offers
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This is certainly a major problem…but with the introduction of mandatory counseling sessions the possibility of scams is diminished, although not completely eliminated.
The one thing to be aware of is that this counselor will bring an unbiased view to your financial situation and will be able to offer alternatives to a reverse mortgage should other options be more attractive for you.
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