The Telltale Signs of Reverse Mortgage Scams

Reverse mortgage scams are very common in the mortgage industry today and come in many varieties. If you are considering a reverse mortgage, you need to protect yourself from potential scams. Here are some of the telltale signs of a reverse mortgage scam.

Offering Suggestions for the Money

One of the most common signs of a scam is when the individual that is trying to convince you to get a reverse mortgage is also trying to sell you other products that you can buy with the money from the reverse mortgage. Often, the scam artist will try to get you to buy annuities or life insurance with this money. In many cases, the products will be faked, or they will carry high fees that limit their benefits.

Pressure to Sign

Sometimes, these scam artists will try to get you to quickly sign the paperwork that they have with them. They will want you to quickly sign the reverse mortgage without asking many questions. They might even have documents that are not completely filled out and will ask you to sign them. If anything about this process does not seem right to you, you should avoid signing the documents.

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