Vision Credit Education, Inc.

Florida Attorney General Bill McCollum has warned seniors to be wary of reverse mortgage scams that threaten to rob them of their hard-earned equity. Just as predatory lenders are largely responsible for the subprime mortgage collapse of 2007, these unscrupulous lenders are venturing into reverse mortgage scams.

One of the biggest schemes involves steering consumers into inappropriate loans. In some cases, mortgage brokers have even worked with insurance sales agents without full disclosure. Homeowners may be agreeing to bad loans and even annuities that they are unaware of.

Homeowners seeking to reclaim equity through a reverse mortgage are encouraged to meet with a reverse mortgage counselor. The U.S. Department of Housing and Urban Development (HUD) approves community nonprofit agencies for housing counseling.

HUD-approved housing counseling agencies can help you evaluate your needs to see if you even need a reverse mortgage. Then they can help you evaluate certain loan products to make sure that you are getting the best possible plan.

Don’t let yourself fall victim to scam artists that seek to steal your most valuable possession. Instead, insist on learning about reverse mortgages through your HUD-approved reverse mortgage counselor.

Reverse mortgage counselors can give you the certificate you need to pursue a reverse mortgage. They can also give you the knowledge to make the best choice.

HUD-approved reverse mortgage counseling is available for free or minimal cost. You may find a HUD-approved housing counselor by calling (800) 569-4287.