The reverse mortgage home loan is something which can be a really positive financial move for those seniors who are working with reputable lenders and who fully understand what they are getting in to when taking out the loan. Unfortunately, the market includes some shady lenders that are out to make a buck at the expense of seniors who don't know how to protect themselves from reverse mortgage scams. Luckily, we're a country that cares more about its elderly citizens that we often show and people are banding together to reduce the problem of reverse mortgage scams in order to improve the loan for those seniors who really need it.
There are many different people who have been working together to reduce this problem. The federal government and FBI are increasing their regulations and cracking down on predatory lenders in order to make sure that reverse mortgage scams are less possible in this country. Senior advisors from groups like AARP and mortgage lenders from reputable companies are coming together to make sure that borrowers are truly educated about the reverse mortgage loan before obtaining it. And even lawyers are helping out by advocating for those seniors who have been taken in by a scam.
One such case of a lawyer helping out someone who was swindled can be read here. In summary, the borrower faced home foreclosure due to confusion about a bad reverse mortgage loan. A concerned lawyer immediately wrote up a stay of foreclosure and helped the problem get sorted out. We need to protect each other in this way.
Question of the Day: What can you do to reduce reverse mortgage scams in America?
