The estimations differ on the extent of fraud in the reverse mortgage business, although there seems to be a consensus that it is small by comparison to forward mortgages but with the recession and overall economy appear to keep the flames of reverse mortgage fraud bright.
Read the whole article @ http://tinyurl.com/yldbk9g
Seniors should always consider the follow:
•· Do not respond to unsolicited advertisements.
•· Be suspicious of anyone claiming that you can own a home with no down payment.
•· Do not sign anything that you do not fully understand.
•· Do not accept payment from individuals for a home you did not purchase.
•· Seek out your own reverse mortgage counselor.
We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
It starts with me.
It starts with you.
It starts with us...
If you are a victim or know of a fraud happening of this type and want to file a complaint, please submit information to your local FBI office.
You may also file a complaint with HUD-OIG at www.hud.gov/complaints/fraud_waste.cfm or by calling HUD's Hotline at 1-800-347-3735.
Michael S. Richardson
Director/Mortgage Fraud Services
www.mortgagefraudsolutions.com
Author of "An American Epidemic, Mortgage Fraud a Serious Business"
Follow me on Twitter "FocusonFraud"
Free Homes for Seniors and False Equity - Beware of Mortgage Fraud -
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