Let us make this short and sweet. Everything I have read about reverse mortgages is not very encouraging or complimentary.
It is not bad enough that hustlers like Ton Selleck are on the con trying to bamboozle the common citizen with the reverse mortgage scam. Now they have their sights on the veterans that put their lives on the line for our country. It looks like the conscience of opinions by the experts, reverse mortgages are not worth a soiled piece of toilet paper.
Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related companies to steal the equity from the property of unsuspecting senior citizens or to use these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property.
The celebs that hustle these products on the Tele know that they are all a con to get financially strapped elderly, desperate people, to sign over their home.
Warning from the FBI:
Tips for Avoiding Reverse Mortgage Scams:
- Do not respond to unsolicited advertisements.
- Be suspicious of anyone claiming that you can own a home with no down payment.
- Do not sign anything that you do not fully understand.
- Do not accept payment from individuals for a home you did not purchase.
- Seek out your own reverse mortgage counselor.
If you are a victim of this type of fraud and want to file a complaint, please submit information through the FBI’s electronic tip line or through your local FBI office. You may also file an online complaint with HUD-OIG or call HUD’s hotline at 1-800-347-3735.
As the old cliche goes; if it sounds too good to be true, it usually is.
I am really disappointed in some of the famous hustlers that are pushing these products, knowing they are not in the best interest of the buyer. People like Tom Selleck – Henry Winkler – Robert Wagner to mention a few.
It is shameful how low these high paid hustlers will go, using their celebrity trying to scam the elderly veterans and others like them. Would they recommend their own parents dive into some scam like this?? They may just be that devious.