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Casual Articles - Five Reverse Home Mortgage Scams to Watch Out For
It is best to plan for an emergency before it happens. You should start an emergency fund that contains at least three months’ living expenses. Note that this is not just three months’ rent, but three months’ worth of money to cover all of your expenses: rent, utilities, car payments, daycare, groceries…everything.Emergency money has to be something that you can access in an emergency. This means that you can’t have it in an investment that you won’t be able to get at. You might choose to keep it in a separate account than your normal account. The challenge is that if your money is easy to access, you might be tempted to use it for purchasing things on a day-to-day basis. Your emergency account is not for daily expenses or impulse purchases. It should be used for medical expenses, unexpected car repairs, and in case you lose your job.Be wise with your emergency account. If there are layoffs happening at work, you might need to consider adding more money to your account. If your car repair bill is something you can cover without using your emergency money, don’t use your emergency money.You need to choose an account that you will be able to access. You might choose to go with a savings account. You might also choose a money market account which will earn you more mon
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HEC
You’re buying coffee. One label says this roasted mountain-fresh Colombian coffee is ideal for all coffee makers. But is it ideal for the coffee bean’s maker, the farmer? Your choice is empowering. When you choose fair trade, you get more than coffee; you get the opportunity to enrich someone’s life.What Is Fair Trade?Fair trade is an international alternative trading system designed to empower disadvantaged farmers, artisans, and labourers. The movement began 50 years ago when international aid organizations worked to help farmers and labourers in Africa break free from oppressive trading practices. These inequitable trading practices still exist today.Farmers and artisans in developing countries rely on intermediaries for market information and trade. These middlemen usually pay less than market price and keep the producers trapped in a cycle of poverty. Small-scale farmers can’t afford to produce the crop. They can’t afford the overhead or their financing’s interest rates. They abandon their farms, or, in the case of some cocoa producers, they “employ” unpaid workers, often children.Through fair trade, farmers and artisans deal directly with members of fair trade organizations, bypassing the middleman and receiving a fair and sustainable wage for their work. A
But along with reverse home mortgage growth come increased opportunities for fraud and scams. Reverse mortgages are different from traditional mortgages in ways that make them attractive vehicles for scam artists:
- reverse mortgages are products specifically designed for and targeted to senior citizens, the population group most vulnerable to fraud;
- scam artists know that a reverse mortgages provide the senior homeowner with relatively easy access to a sizeable pool of cash; and,
- reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist to confuse and take advantage of victims.
In this article we look at some of the tactics scam artists are using and the precautions reverse mortgage borrowers can take to protect themselves.
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HEC
In the last phase of a foreclosure process, one should learn how you can stop a foreclosure sale quickly. It's the truth that by the time you arrive at this point in foreclosure, one might have looked at all the viable options. It isn't over until it's over. One can stop foreclosure quickly, one has three options: sell your house, prepare a short sale or file for bankruptcy.Selling one's house can cease a foreclosure quickly and could result in you receiving some equity you might still have in your house. Certain sellers will allow the homeowners in foreclosure to unload their house and if your bank is one, take the benefits of this choice. Many investors are on the prowl for properties in foreclosure hoping to acquire them at a large price reduction.An alternative method to end foreclosure quickly is to form a short sale. There are two methods for doing a short sale. The first way can be accomplished by you. Although many mortgage banks will settle for a short sale offer from the borrowers, some choose a third person. You can plan for a third person to tender a short sale to the bank and then purchase the hose back from the third person. Sometimes the third individual will even finance your home if one can't acquire a loan from a mortgage bank.The property in a short sale is
But along with reverse home mortgage growth come increased opportunities for fraud and scams. Reverse mortgages are different from traditional mortgages in ways that make them attractive vehicles for scam artists:
- reverse mortgages are products specifically designed for and targeted to senior citizens, the population group most vulnerable to fraud;
- scam artists know that a reverse mortgages provide the senior homeowner with relatively easy access to a sizeable pool of cash; and,
- reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist to confuse and take advantage of victims.
In this article we look at some of the tactics scam artists are using and the precautions reverse mortgage borrowers can take to protect themselves.
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HEC
As a farmer you are like a small business professional. You need to sell your agricultural products - crops, soil, livestock, cattle, cows, pigs, dairy, farm machinery and equipment. You need agriculture leads so that you can sell and make a living.The good news is that it is quite easy to generate agriculture leads via the internet. The number of farms that have their own website is still relatively quite low. If you create a website for your farm you would be a technological leader in the industry. You could get the majority of web searchers that are looking for your products.Not only could you receive organic search visitors to your site but to receive more sales leads, you could advertise in the sponsored results of search engines. The way it works is that you purchase whatever keywords you want (for example, beef, pork, wheat, cattle, crops, soil, farm equipment, farm machinery) and whenever someone searches those keywords and clicks on your link they are taken to your website and you receive the agriculture leads.You can hire a website designer to create a professional looking website these days for under $100. To purchase ads on internet search engines is so easy that you can do it yourself (DIY). All the main search engines allow you to purchase ads, including Google,
- reverse mortgages are products specifically designed for and targeted to senior citizens, the population group most vulnerable to fraud;
- scam artists know that a reverse mortgages provide the senior homeowner with relatively easy access to a sizeable pool of cash; and,
- reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist to confuse and take advantage of victims.
In this article we look at some of the tactics scam artists are using and the precautions reverse mortgage borrowers can take to protect themselves.
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HEC
The notion of fashion in world exists from the Roman era. The difference is that the priority of the type of jewelry has been changing. Some years ago gold was popular while right now variety is the name of the game. Every person is capable of creating his or her own fashion statement. Nothing but attitude matters in the world of fashion. If you can carry yourself with ease whatever you are wearing, that way you are a fashionable person. It doesn’t matter if you are wearing a sparkling diamond or as simple as beaded jewelry, attitude is all that matters.Change is the essence of the fashion world. Unlike the traditional ones like diamonds and pearls, beads are gaining popularity. It gives a different look and style to the person who endures them. Beads are colorful, elegant and mesmerizing. They are small and dainty ones which are entwined with threads giving rise to a colorful extravaganza.In Beaded Jewellery, beads varies in different sizes from millimeter to over a centimeter or several centimeters in diameter. The materials used for making these beads typically can be of glass, plastic and stone while beads made up of bone, horn, ivory, metal, shell, pearl, coral, gemstones, polymer clay, metal clay, resin, synthetic minerals, wood, ceramic, fiber, paper, and seeds are also
In this article we look at some of the tactics scam artists are using and the precautions reverse mortgage borrowers can take to protect themselves.
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HEC
Board Games and Management Skills Imagine you are screening candidates for a senior executive position. The job demands strategic thinking abilities and complex decision-making skills. You've narrowed the search down to 3 candidates, all of whom have impressive educational background, relevant experience and the right personality for the job. You take another look at their resumes and notice an interesting fact about one of the prospective managers - apparently her hobby is playing various board games including Chess, Bridge, and Go (an ancient and complex Japanese game). Will this fact affect who you ultimately choose for the position of manager?Apparently, characteristics and skills that are required for playing board games are especially relevant for managers of all levels. Quite a few senior managers say that the skills and habits they acquired in playing games give them an extra edge in business and in management. This includes handling fast changes, taking calculated risks, self-discipline, improved memory, “coolness” under pressure, and determination to carry-through the right strategy - even if it leads to short-term loss.According to different managers, each game has a distinct focus on skills that stem from the
Scam Tactic One – Downplay Pre-Loan Counseling
An educated borrower is the scam artist’s worst enemy – but it’s up to the borrower to educate themselves and take advantage of counseling and other opportunities to learn about reverse mortgages.
All three major reverse mortgage programs – HUD HECM, Fannie Mae’s Home Keeper and Financial Freedom – require potential borrowers to have counseling with an independent counselor specially trained in reverse mortgages before taking out a loan.
In a recent Detroit-area fraud case, a corrupt lender was able to keep the borrower in the dark about the amount she was eligible to borrow. She thought her loan would be for $61,000 when in fact she was borrowing $103,000. Guess who pocketed the $42,000 difference? A thorough counseling session would have given the homeowner an accurate idea of the true amount she was eligible for. Unfortunately for the victim, the prosecutor in the case says this never happened:
“A counseling meeting explaining the reverse mortgage process was required by Financial Freedom before the loan could be processed. Mr. James allegedly informed Ms. Schultz that he would be able to waive the counseling meeting by just asking a few questions over the phone.”
Precaution: Although counseling by telephone is allowed, it is always best to meet face-to-face with the counselor. If you find that anyone you’re working with in the process suggests that counseling can be done quickly over the phone or otherwise downplays the importance of pre-loan counseling, be highly suspicious.
Scam Tactic Two – Forgery
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