Seniors And Reverse Mortgage Scams
Florida’s Attorney General recently unveiled legislation to combat mortgage “foreclosure rescue” scams. At the same time, he cautioned senior citizens about scams associated with reverse mortgages. This type of home equity loan is frequently abused by con artists and scammers.
Reverse mortgage loans are popular options for senior citizens because they offer a cash source which can help meet unexpected medical expenses, supplement social security and provide a better standard of living. Reverse mortgages are a special form of home loan that allow homeowners who are 62 and older to borrow against their home equity without having to repay the money until the home is sold or the borrower passes away or moves out permanently. When the home is sold, lenders recover their principal plus interest.
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