Seniors face predatory Reverse Mortgage Lenders
Predatory lending practices that produced the subprime mortgage meltdown have cropped up in the reverse mortgage market.
Jane McClellan Reverse Mortgage Fraud
An arrest warrant has been issued for an in-home caregiver on allegations she stole nearly $100,000 from a Fairfax couple in their 90s, police said Wednesday.
Jane Macam McClellan, 48, is wanted on suspicion of financial abuse, embezzlement and forgery and is apparently on the lam, according to Fairfax police Sgt. Stuart Baker.
The Fairfax couple, a 98-year-old woman and her 92-year-old husband, employed McClellan for about six months ending in August, when the couple’s family found financial irregularities and fired
Reverse Mortgage used in Time Share Fraud
It is never good to see Reveres Mortgages mixed with Schemes and Fraud. Here is some info from the Oregon Business News. The Oregon Department of Consumer and Business Services said today it fined four firms and 11 marketing and salespeople in Oregon, Illinois and Indiana involved in the operation. Oregon residents plunged $5.3 million [...]
Abuses found in Reverse Mortgage Marketing
Reverse mortgages, which let seniors cash out home equity, have the potential to spawn another subprime-style financial crisis, according to a report released Tuesday. “We’re seeing some of the same types of abuses that happened in the subprime market – perverse incentives to sellers, deep-pocket players, taking a product designed to fill a particular need [...]
Fraudulent Reverse Mortgage Counseling
Channel 8 in Las Vegas is reporting that scammers are targeting seniors through reverse mortgages using a tactic called fraud counseling.
