Types of Scams
Reverse Mortgages: While reverse mortgages are a legal and legitimate option for some, scammers have found a couple of ways to trick unwitting seniors. In the first scam, current and potential reverse mortgage borrowers are duped into paying fees (which are normally free) for information and submission of documents related to the mortgage. In the second scam, fraudsters work with an extensive team of con artists to artificially inflate the value of a home, assist a senior in acquiring a reverse mortgage and dupe them into transferring away the title of the property.
Door-to-Door/Telemarketing: Aggressive sales people selling everything from alarm systems to vacuums and air purifiers, as well as roofing, paving, window washing, painting, plumbing, heating, repair and landscaping services use high-pressure sales tactics to intimidate seniors into buying things they don’t need.
Fly-by-Night Contractors: The scammer approaches the homeowner saying they noticed their roof (or some other feature) needs repair and that, since they’re in the area, they can give the homeowner a great deal if they give a deposit today. After taking the deposit, the scammer disappears along with the homeowner’s money