Due to the economic fallout from COVID-19, more people may be considering reverse mortgages but as a consequence become targets of fraud schemes related to them, according to a fraud bulletin published by the Office of the Inspector General within the Department of Housing and Urban Development.
The bulletin provides useful guidance on the types of schemes that borrowers should be on the lookout for and a list of do’s and don’ts to consider before getting a reverse mortgage.
For example, the bulletin advises borrowers not to rush into getting a reverse mortgage,
especially at someone else’s insistence, or to give out their Social Security number and other personal information unless they are sure of the identity and reputation of the person
asking for it. View a copy of the bulletin by clicking here.