Avoid Reverse Mortgage Scams

How Scammers Find and Hook Victims

Reverse mortgage scammers use a variety of strategies to target older adults. Which of these is the most common way they locate their victims?

1. The scammer is someone the person knows.
2. They pay health care providers for information on the seniors they serve.
3. They find victims’ names on mailing lists.

“A” is correct. Sadly seniors are most likely to be scammed by people they know and trust, such as their relatives and caregivers. Reverse mortgage scammers also recruit victims through investment seminars, local churches, radio and tv commercials, direct mail promotions, telephone calls, or door-to-door visits. Once scammers target seniors, they often seek to develop a sense of connection or rapport with them or play upon their needs or desires. They also may use strong-arm sales techniques.