Reverse Mortgage Fraud

Available to homeowners age 62 years and older, reverse mortgages offer a homeowner the opportunity to convert his or her home equity into cash. With relative easy access to cash equity and difficulty in understanding reverse mortgage technicalities, many senior-citizen homeowners have become a prime targets of reverse mortgage fraud.

Perpetrators looking to unload distressed property have also targeted senior citizens and the reverse mortgage market. In return for securing a reverse mortgage and directing some if not all of the mortgage proceeds to the fraudster, seniors are being promised homes for no money down.