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is reverse mortgage a ripoff

A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash.

15 One Reverse Mortgage Consumer Reviews and Complaints. Plus it help you to boost your credit score if you pay it on time. The reverse mortgage is a best way to get cash and the best part of all you can still keep your own home without the burden of repayment and extra costs.

Even as home values are falling (leaving seniors with less equity to tap), more than 112,000 reverse mortgage loans were made in 2008, up from about 22,000 in 2003, according to the National Reverse Mortgage Lenders association. monthly reverse mortgage loan volume is setting records too, with nearly 9,000 reverse mortgages made in May.

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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.

Reverse mortgages are technically called Home Equity Conversion Mortgages (HECMs) and, in spite of the benefits, leave many homeowners or beneficiaries feeling sour about the transaction.

Reverse mortgage fraud is a type of equity scam when a perpetrator convinces a senior to take out a reverse mortgage against their best interests for some kind of personal financial gain.

In any business, it is important to know who to deal with, and who stay away from. In the private placement world, it’s even more critical. In fact, there are more.

Tricky Advertising. But of course reverse mortgage proceeds aren’t taxed-a reverse mortgage is a loan, not income. Also, the advertising usually fails to disclose the fees, conditions, or risks associated with loan. Often, seniors do not fully understand the terms of reverse mortgages and deceptive mailings only make this problem worse.

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. mortgages are complicated, and unscrupulous lenders sometimes target seniors with misleading claims. Before you take out this type of loan, here’s what you need to know. In addition, we’ll look at.

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