Reverse Mortgage’s are NOT a scam although some unscrupulous persons have been known to take advantage of or scamming elderly persons. This is but one warning listed in a article on ‘Protecting Mom and Dad from Scams’ posted by Business2Community.com.
Reverse Mortgage Scams
Homeowners faced with tough financial times or a potential foreclosure may be interested in a reverse mortgage — a favored front for criminals. In a reverse mortgage scam, the con artist will convince their victim to obtain a reverse mortgage in order to save an at-risk property. This ploy tricks them into signing over the deed to their home or partaking in a bad deal that boasts abysmal returns.
Read more at http://www.business2community.com/cybersecurity/protecting-mom-dad-scams-01422437#dmOwSl1H2FMjF04y.99
Those interested in a reverse mortgage should only use legitimate counselors and lenders. Information can be found on the HUD Website –
Lenders and Counselors