If you want a reverse mortgage, don't do business with someone who solicits you, get referrals and and choose the company yourself
Beginning in March 2009, Incandela, 24, and Echevarria, 29, called senior citizens to pitch a reverse mortgage, which is a type of loan where a bank purchases a homeowner’s equity and makes installment payments to the borrower.
After the seniors filled out the applications, Incandela and Echevarria had the homes appraised and then inflated the property’s worth in order to create the appearance of substantial equity in the home.
After receiving the inflated loan proceeds from Genworth, closing agent Mackey would divert a substantial portion of the money into a personal account managed by Incandela, rather than paying off the existing mortgages.
Read more: http://www.miamiherald.com/2011/07/06/2302886/reverse-mortgage-scam-targeted.html#ixzz1RPt1KFq4
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