When you are deciding whether or not to get a reverse mortgage, the most important thing to remember is that you do not have to pay back one penny or be charged any monthly fee or payment until the time comes when you decide to sell your home. Do not be fooled by so-called “reputable” companies who tell you that you can get a large sum of money from your home’s equity with just a small monthly payment of X amount. Right then and there, you should know that this is a reverse mortgage scam. Senior citizens are the most often targeted group for scam artists to prey on. Senior citizens are naïve and trusting, many times to their own demise. If you are considering a reverse mortgage, bring someone with you who is knowledgeable and who will keep your best interests at heart.
Seniors, Beware of Reverse Mortgage Scam
March 1st, 2009 | Reverse Mortgage
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