In this reverse mortgage scam, smooth-talking realtors seek out seniors and get them to take out a reverse mortgage to buy a lower-cost house, without having to put any money down.
In reverse mortgage scams, individuals take advantage of the elderly, either by giving them worthless property to take out a reverse mortgage on or using a reverse mortgage to drain the equity from the victims’ homes.
All About aag reverse mortgage. american Advisors Group, also known as AAG, is the leading reverse mortgage lender in the nation. Founded in 2004 and headquartered in Orange County, CA, AAG works with homeowners age 62 and older to convert a portion of their home equity into retirement income using a reverse mortgage.
Because the FHA guarantees most reverse mortgages, taxpayers end up paying out the difference to the lender when the home eventually gets sold for less than the balance of the reverse mortgage. Take Precautions. The FBI offers five steps seniors (and their caregivers) can take to protect themselves from reverse mortgage scams.
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Unfortunately, homeowners who use reverse mortgages are still very much at risk. Despite the ads, folks can lose their home and are responsible for taxes. class action opportunity for Reverse Mortgage Holders. People who lost money in reverse mortgages may find it difficult to find a lawyer to take their case.
this "reverse mortgage is a total scam to put your home into the hands of the these companies. ANY WAY YOU LOOK AT IT, THE EQUITY THESE COMPANIES TAKE FROM YOUR HOME IS NOT TAX FREE, THAY TAKE YOUR HOME IN THE END AND THERE IS MUCH MORE.
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I find it amazing that every time I applied for a mortgage to buy or refinance I got an appraisal at or above my purchase price. That is until I applied for a reverse mortgage. I hope there is a special place in hell for the appraiser puppets and their puppet masters – courtesy of our ever intrusive incompetent government in Washington D.C.
Reverse Mortgages Are SCAMS!!! – Dave Ramsey Rant Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirm.