7 Reverse Mortgage SCAMS You Need To Avoid | Aura скачать в хорошем качестве

7 Reverse Mortgage SCAMS You Need To Avoid | Aura

Learn how to avoid reverse mortgage scams: https://www.aura.com/learn/reverse-mo... Is a reverse mortgage a scam? The truth is more complex than you think. Criminals target elderly homeowners to try and trick them into signing over their home title, paying for pointless renovations, or taking out large reverse mortgages they don’t need. So, how do reverse mortgage scams work? THE WORST REVERSE MORTGAGE SCAMS TO WATCH OUT FOR: 1. A trusted family member applies for a reverse mortgage in your name. It’s hard to imagine, but 60–90% of senior citizen scams are committed by close friends, family, or caregivers. 2. Complex contracts that give away your power of attorney. Scammers want the money you take out of a reverse mortgage. By tricking you into signing over your power of attorney rights, they can access that money without your permission. 3. Identity thieves taking out reverse mortgages in your name. If a scammer gets enough of your personal information, they can fake your identity and take out a reverse mortgage in your name — leaving you to foot the bill or sort out the mess. 4. High-pressure investment scams. Fraudsters will try to convince you to take out a reverse mortgage in order to invest in a “no risk” investment. But these “investments” come with sky-high management fees or won’t give you the returns they promise. 5. Home repair or renovation scams. Shady contractors will convince you to take out a reverse mortgage to renovate or repair your home. But these scammers either disappear with your money or overcharge for their services. 6. Misleading advertising from risky lenders. Don’t fall for flashy radio or TV ads for reverse mortgages. Always talk to your bank or a trusted advisor first. 7. Mortgage payment relief scams. Scammers prey on low-income victims by claiming that you can avoid a foreclosure by taking out a reverse mortgage. But they charge an upfront non-refundable fee in order to help you. WARNING SIGNS THAT YOU’RE THE VICTIM OF A REVERSE MORTGAGE SCAM: You get mortgage or financing documents in the mail that you didn’t ask for. Your sensitive documents go missing — especially anything that includes your Social Security number (SSN). A family member or someone else is trying to pressure you into giving up your power of attorney rights. A lender is rushing you to sign a contract your don’t fully understand. The lender asks for your personal information but doesn’t give you a contract in the end. HOW TO PROTECT YOURSELF AGAINST REVERSE MORTGAGE SCAMS: Never sign a contract you fully understand or give out your SSN to someone you don’t know. Always get independent legal advice before signing a contract. If an investment or opportunity seems too goo to be true, it probably is. Question any family member who tries to get you to sign over your power of attorney rights. Inform the lender that you want to cancel the loan ASAP. Protect yourself from scammers and identity thieves with Aura. With Aura, you get industry-leading identity theft protection, home title monitoring, constant credit monitoring, phishing and malware protection, 24/7 support from fraud resolution specialists, and $1,000,000 in insurance for eligible losses due to identity theft. Protect yourself from scammers and fraudsters! Try Aura free for 14 days: https://buy.aura.com/free-trial Timestamps: 0:00 Introduction 0:33 What is a reverse mortgage scam? 1:02 How it works? 2:05 Warning signs 4:42 What to do if you're a victim Get expert advice and help recovering from scams by joining our Facebook group: https://bit.ly/466Bxy5 #scam #scams #reversemortgages