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How can I avoid a reverse mortgage scam?

I am interested in a reverse mortgage, but I have heard that there are many scams out there. What can I do to decrease the risk of getting scammed? I might avoid a reverse mortgage alltogether by johnpalm1342442 from Huntsville, Tennessee. Mar 12th 2015 Reply


Nancy J Releford (nancyreleford)
#1 ranked lender in Tennessee - 214 contributions

John,I think with every industry there are good apples & bad. You just have to deal with a reputable company. I personally have been in the banking/mortgage industry going on 27 yrs. I do reverse mortgages. I had a gentlemen in my office yesterday who wanted to do a reverse mortgage & honestly it was something he didn't need to do & I told him that. He got bombarded with companies calling him to solicit his business day in & day out. They don't care whether he needs to do it or not they're just looking to make a dollar. If you want to discuss your options give my office a call 615-867-3060

Mar 12th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Things have gotten much better than they have been in the past when it comes to corruption in the mortgage industry.. this being said, there's always a bad apple here or there.. 2 things you can do.. one is to check with the Better Business Bureau when inquiring into a company you think you might use.. if a company has many outstanding complaints, then you might want to avoid them.. the other resource is a way to look up the company and the loan officers "Personal" background, and whether or not any complaints have been filed against the company or the individual. You would go to http://www.nmlsconsumeraccess.org/ this website is a government website and it's mandatory that all lenders in the USA must register, and all individual loan officers must also register. if you don't find them in this data base, then they are not legitimate.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 12th 2015
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