Everything You Need To Know About Mortgages

Reverse Mortgages: Examples of Predatory Lending as Well?

Not Personally, dick p, but Apparently you don’t Wish to Inform Anyone.
Thanks K, What I Suspected. The Money Must Be Coming From Somewhere.

There are many reverse mortgage scams abound. Pretty sick to prey on senior citizens, but, hey, this is the world we’re living in…apparently.

If lenders are plugging in inaccurate interest rates in their online calculators, this will caue inflated cash-out figures.

Some Reverse Mortgage lenders are not approved by the Department of Housing and Urban Development (HUD) to offer HECM reverse mortgages. Some companies claim to have HUD approvals originating Reverse Mortgages and are attempting to charge rates and fees in excess of those mandated by HUD. This is illegal. Probably a good idea to check the HUD website to verify that your Reverse Mortgage lender is truly authorized to originate HECM Reverse Mortgages.

A good idea to stay away from anyone offering the senior the “opportunity” to obtain more money in exchange for giving up a percentage of the future value of the home since the federally insured Home Equity Conversion Mortgage (HECM) does not have an equity sharing or shared-appreciation feature.

A good idea to not choose a Reverse Mortgage lender by simply looking at websites on the Internet. The Internet is full of reverse mortgage scams, ranging from phony calculators to false offers of hard cash.

One example of a reverse mortage scam:

http://www.chipleypaper.com/news/reverse_1365___article.html/hud_mortgage.html

There are many others. Type in “reverse mortage” and “scam” into Yahoo and just see how many hits you get.

CM Lecture 11 5a2 Mortgage Examples

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