Avoid Reverse Mortgage Scams

How to Avoid Falling Victim

How can you keep from becoming a victim of a reverse mortgage scam?

1. Don’t respond to unsolicited advertisements or letters.
2. Steer clear of anyone who claims you can own a new home with no down payment.
3. Shop around for the right lender and seek out your own HUD-approved housing counselor.

ALL of these strategies will help you prevent reverse mortgage fraud. Nonprofit HUD-certified housing agencies like Guidewell Financial Solutions are happy to share their credentials and information about how their counseling sessions work. Also ask questions and carefully read all documents at closing. Don’t sign anything you don’t understand.