Avoid Reverse Mortgage Scams
Why Scammers Target Seniors
Senior citizens are the fastest-growing segment of the U.S. population. As a result older adults face a greater risk of falling victim to scams, including reverse mortgage fraud. According to the FBI, what other factors lead scammers to target seniors?
- Scammers often assume seniors have extra money set aside for retirement.
- Scams on seniors are likely to go unreported, because victims are embarrassed or ashamed they’ve been scammed.
- Elderly consumers may have grown up in an era where manners and politeness were emphasized; they therefore have a harder time saying “no.”
These are ALL factors. Other reasons: Many seniors don’t work or tend to be at home, so they’re more available and may feel more isolated. Disabled adults may be too exhausted or confused to withstand persistent, high-pressure tactics.