Reverse Mortgage Fraud: How to Protect Yourself
Reverse mortgage scams that target the elderly continue to be a high priority for federal fraud fighters. At a recent Mortgage Bankers Association conference in Hollywood, Fla., one HUD special agent told conference attendees:
“…elderly people who don’t have their full faculties who are being preyed upon by these guys talking them into reverse mortgages. It’s going to be a real battle in the future because it’s hard to detect.”
Florida is a hotbed of reverse mortgage fraud, but this kind of elderly financial exploitation is growing nationwide. Watch for these red flags to protect yourself or your aging parents from reverse mortgage fraud.