The Justice Department announced the unsealing of a criminal information last week, charging four defendants – Louis Gendason, 42, of Delray Beach, Fla.; Kimberly Mackey, 46, of Pittsburgh; John Incandela, 24, and Marcos Echevarria, 29, both of Palm Beach, Fla. – with conspiracy to commit wire fraud involving a nation-wide reverse mortgage scam that [...]
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I have been hearing a lot of talk about Reverse Mortgages (aka Lifetime Mortgages) lately so I decided I wanted to find out a little bit more about them. Upon first hearing about them, I thought that they were a terrible idea, but after finding out a little bit more, I can now at least [...] Ah, the reverse mortgage battle continues…Consumers Union says their risky and dangerous; RetireSafe, a grassroots organization that advocates on behalf of seniors says they provide financial independence to Seniors…so who’s right? First off, I have to say that I personally feel reverse mortgages offer an excellent opportunity for seniors to live a better life, [...]
Dennis Norman Reverse mortgages have become increasingly popular over the past few years with seniors that find themselves with a large amount of equity in their home, but short on cash, or struggling to pay for the upkeep of the home, property taxes, insurance or other living expenses. A reverse mortgage allows people in [...]
Dennis Norman The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity. A HECM is a [...] By: Dennis Norman Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since, in many cases, they have been in their homes [...] |
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