Reverse Mortgage Warnings and shady characters

In Sunrise, an elderly condo owner on Aragon Boulevard applied for a reverse mortgage on a property appraised at $31,000. Gendason, 42, changed the appraisal report to say that the condo was worth $275,000 in order to obtain an inflated reverse mortgage loan, the attorney general’s office alleges. When Genworth paid out the loan, closing agent Mackey, 46, allegedly wired $123,000 to the fraud ring rather than paying off the existing mortgage.

Louis Gendason, John Incadela, Marcos Echevarria of 1st Continental, and Kimberly Mackey, a title agent in Pittsburgh, obtained $2.5 million in reverse mortgage loans from Genworth Financial between 2009 and 2010.

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