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Reverse mortgage red flags to watch for

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CBS MoneyWatch says these are reverse mortgage red flags to watch for but are they?

Welcome back to the Industry Leader Update. Despite incidents of predatory lending practices and inappropriate loan placement in traditional mortgage lending which generally are ignored by the national media, the reverse mortgage remains a consistent target of criticism and unfounded allegations.

Are we surprised? No, but it is important to know what narrative is presented to American homeowners. Case in point a recent column in CBS News’ MoneyWatch. Columnist Kelly Ernst writes, “Reverse mortgages can be a great way for seniors to access the equity in their homes to generate retirement income or cover expenses like medical bills. Unfortunately, they’ve also become a prime target for scammers, who are eager to take advantage of this product’s popularity to exploit older homeowners.” To guard against potential fraud Ernst suggests that homeowners look for the following red flags.

First are unsolicited offers.

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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