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Stop Reverse Mortgage Scams Dead in Their Tracks by Asking Questions

Keep Your Money Safe by Asking QuestionsNo doubt that scammers love to prey on the older generation. And one of the most popular scams running currently is the reverse mortgage, or “home equity conversion mortgage” (HECM) scam. It has gotten so bad that these scams have the attention of the FBI, and Ilyce Glink of the Equifax Finance Blog has an important article about how you can protect yourself and your loved ones from it, “

How to Avoid a Reverse Mortgage Scam.”

HECM scams target older people, and offer everything from free homes to refinancing help. They get the victims signed up for reverse mortgages offered from questionable or shady institutions and then pocket the proceeds. Similar scams use the elderly as pawns to get reverse mortgages on homes they do not legally own, then similarly enjoy the profits while the victims suffer

foreclosure and eviction. Even if the victims can prove they were not complicit in this form of fraud, they still end up suffering rock-bottom credit scores and in

debt. (Continued…)

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Thinking About Your Mortgage After You Retire? Consider This

revers mortgagesHaving a mortgage can be stressful in the best of times, but amidst the fallout of a financial crisis and your approaching retirement, the stress can be greatly amplified.

Financial advisor Roger Wohlner, one of the

Equifax Personal Finance Blog experts, offers guidance. His recent article, “6 Questions to Ask Yourself Before Taking Out a Mortgage for Retirement,” suggest questions to ask yourself that might help you work through the decision process.

In summary, you’ll need to consider the amount of cash you’ll have during your retirement and how a mortgage payment will affect your budget. Wohlner also suggests that you think about the lifestyle you hope to have during your retirement. You’ll need to think beyond the cash or investments required to support that lifestyle and also consider where you want to live. Is the home you’re buying in the location you hope to call home for many years? If you hope to travel extensively, who will care for it? Should you consider a low-maintenance community? (Continued…)

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