Philadelphia Seniors Avoid Reverse Mortgage Fraud

Reverse mortgages Philadelphia: These special loans for senior citizens are becoming popular not just in Philadelphia but all over the great USA. Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more. However seniors need to be aware that there are lenders in the market that are well...let's say less than honest.

If you are interested in a reverse mortgage here are 5 things that will help you avoid looking like a all day sucker.

1. Beware of scam artists that charge thousands of dollars for information that you can get for free. While I advise caution you don't have to be afraid. Of the 4 million general complaints to the FTC between 2005 and 2008 only 50 have to do with reverse mortgages.

You can find all the information you need to know about reverse mortgages free on HUD's website and on my Wells Fargo Reverse Mortgage page, or by viewing this reverse mortgage video.

2. If you suspect fraud report it quickly to your local homeownership center.

3. Beware of shady marketing techniques that use copy cat names, try to look governmental, and suggest that reverse mortgages NEVER require a payment. The terms of your loan require that you maintain homeowners insurance and pay your taxes. If you do not your loan can become due immediately.

4. Immediately throw anything in the trash that says "Government Benefit" or "Guaranteed to Qualify". The reverse mortgage is not a government benefit nor does every senior home owner qualify. In fact, over the last two years many seniors who start the process find that they no longer have enough home equity to qualify due to declining property values.

5. Read these free online articles I list next and you'll be well equipped to handle a conversation with any lender.

Reverse Mortgage Basics

How Reverse Mortgages Work

Important Considerations

Managing Equity

Wondering "How Do Reverse Mortgages Work" or if you just want to avoid reverse mortgage pitfalls call me today. Local 610-717-289 or toll-free 1-877-311-7383.