Reverse Mortgages Bayport, NY | Beware of Reverse Mortgage Scams
How to become better aware of Reverse mortgage scams
Reverse mortgages where created to better enhance the life style of our aging population. As with any great product it as become a vehicle for a number of scams geared at today's seniors in Bayport, NY. Even with increased regulation in the field the opportunity for deception has decreased over the years, there is still a large risk of fraud, even if the senior is not actively looking for one of these types of loans.
These reverse mortgage scams in Bayport, NY generally take a few basic forms. The most common types of fraud involves someone misleading the senior who is going to take out the loan in an attempt to steal from him or her directly.
Sometimes, reverse mortgage fraud in Bayport, NY involves a more subtle deception where the lender or advisor does not lie to the senior who is considering the reveres mortgage but pushes the loan knowing that it is either not the best option or that it is unsuitable program for the senior. Typically in these instances the reverse mortgage advisor uses high pressure sales techniques to push the use of the reverse mortgage, urging the senior to act fast before they carefully consider all there options. These individuals have also been know to send direct mail or direct marketing on the Television in attempts to sell the reverse mortgage as an program closely tied to the Federal Government by using confusing language and/or different governmental seals.
IF you are dealing with a lender the biggest risk you face when going for a Revere mortgage in Bayport, NY is that the mortgage is not suited to meet your needs. Some time this program is simply not right for you. Other time a reverse mortgage in Bayport, NY may fit your needs but is may not be the most affordable or appropriate type of financing available. It is the responsibility of the Licensed Loan officers to perform due diligence and disclose all information to the senior so that they can make an educated decision. Start the process by clicking here
Some of the Reverse Mortgage scams in Bayport, NY come from outside the reverse mortgage industry in the form of home improvements. After the sales person concludes the presentation they will insist that a reverse mortgage is the best option to pay for these improvements. Companies in Bayport, NY that sell financial products such as annuities and/or insurance will sometimes encourage people to use the proceeds of a reverse mortgage to pay for these products.
Many times according to this article by the Wall Street Journals, the victims in Bayport, NY of reverse mortgage scams often know the perpetrator. They could be a financial planner or even a family member. The article focused on a son of a senior who once took out the reverse mortgage stole of $ 100,000 from the proceeds and stopped paying for his mother's nursing home care. Greed is a terrible thing that can devastate family forever, if you have a questions ask it here.
The Federal Bureau of Investigation has put together a list of tips to help today's seniors avoid reverse mortgage fraud in Bayport NY. To often seniors in Bayport,NY who have experienced reverse mortgage fraud do not report the crime to the authorities. Whether you are ashamed, fearful, or have any other reason for hesitation, it is important that you come forward and report the Crime. The authorities may be able to help you recover your personal losses, and you may save other seniors in Bayport,NY from suffering the same fate. It all starts here with this helpful link.
We at The Mortgage Outlet prides ourselves on providing honest information so that all borrowers can make a decision as to what is best for they unique situation. See what our past clients have said about the service we provide through their testimonials. We are ready to answer all of you questions so do not hesitate to cal us at 631 589 3600 or you can find a Hud Counsoler who will ansewer your questions here.