South Florida Reverse Mortgage Fraud

Three South Florida mortgage professionals conspired with a Pittsburgh title agent to defraud senior citizens through a reverse mortgage scam, according to allegations unveiled Wednesday by U.S. Attorney Wifredo Ferrer.

Through 1st Continental Mortgage Company, which has offices in Fort Lauderdale and Boca Raton, the group processed 14 reverse mortgages across the country and did not use the mortgage money to pay off the existing loans, the U.S. attorney charges.

Make sure you are aware of all potential reverse mortgage cons.

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.

They are charged with pocketing nearly $1 million in illegal loan proceeds, and each faces one count of conspiracy to commit wire fraud. The reverse mortgage loans are insured by the Federal Housing Administration.

Source: Miami Herald

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