The FBI and the U.S. Department of Housing and Urban Development Office of Inspector General have urged senior consumers to be wary of scams involving reverse mortgage products.
Between 1999 and 2008, use of reverse or Home Equity Conversion Mortgages, increased by more than 1,300 percent — a trend that has also increased opportunities for fraud, an issue to which seniors are especially vulnerable.
In many of the reported scams, seniors — often targeted through local churches, investment seminars, and television, radio, billboard, and mailer advertisements — have been offered free homes, investment opportunities, and foreclosure or refinance assistance.
Finally, with this issue increasing, the FBI & HUD have teamed up to inform producers and their senior clientele of a legitimate Home Equity Conversion Mortgage — insured by the Federal Housing Authority — that enables eligible homeowners to access the equity in their homes by providing funds without incurring a monthly payment.
For more information, read the FBI Intelligence Bulletin, entitled: "Home Equity Conversion (Reverse) Mortgages Exploited to Defraud Senior Citizens."
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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