Find out what constitutes unscrupulous business practices and how to avoid them.
Despite reverse mortgages being arguably the safest mortgage product on the market, there are still ways for people to take advantage of homeowners who are considering applying for one. The federal Department of Housing and Urban Development (HUD) has worked hard to protect homeowners from the potential scams associated with reverse mortgage lending and continues to improve this protection.
Education is the Key
It is more likely than not that you will have a positive experience with your loan originator. As with so many fields, there are only a few 'bad apples' who are the problem and not the entire profession. By being aware of the types of fraud that can occur and by taking advantage of the many valuable resources available, you can successfully protect yourself from unscrupulous practices. Our reverse mortgage specialists can educate you about how to avoid mortgage fraud, call a reverse mortgage specialist at (877) 221-0493 to find out more information!
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Protect Yourself
The first step in protecting yourself from fraud is to be a knowledgeable consumer. Knowing who you are working with, what to expect and what constitutes a 'red flag' are invaluable to being a discretionary consumer. Learn more reverse mortgage information about how you can protect yourself.
The following are some potential red flags you may encounter as you pursue your reverse mortgage:
- Paying for free information
- Down playing the Importance of Pre-Loan Counseling
- Incomplete and/or Inaccurate Documentation
- Misrepresentation
- Forgery
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- Learn helpful strategies for choosing a reverse mortgage lender for you.
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