Educate and Empower: Protecting Our Elders From Fraud

Educate and Empower: Protecting Our Elders From Fraud

It is no secret that our elders are at an increased risk of fraud and often lose more in a fraud event than other demographics. Today June 8th, 2021, the Portland, OR FBI released an article outlining one small subset of elder fraud: Real Estate Fraud. The article detailed schemes in which a fraudster takes advantage of their victims through real estate transactions. One of the many ways real estate fraud takes place is through fake reverse mortgage scams.

As you can imagine, this information has us well-respected and reputable reverse mortgage professionals absolutely infuriated.

Elder fraud takes hold when the victim is not informed about the subject matter or does not have access to accurate information from a reputable source. They are often unconnected from local resources, do not have a support network, and in many cases, the elder has a need for increased cash flow or assistance with their home or care making them vulnerable to nefarious folk with friendly faces. It is widely believed that many elder abuse cases go unreported due to the shame of “allowing” themselves to become victims in the first place. They don’t want anyone to think they can’t handle their personal affairs or have lost control. This type of fraud is deeply despicable and often leaves the victim’s life and retirement in shambles.

Hands of teenage girl and her grandmother at home.

As a company that serves people aged 60+ with reverse mortgages exclusively, this article hits too close to home. Since our inception, our goal has been to educate and empower our neighbors in and nearing retirement with the information they need to make the optimal decision for their situation. Having accurate information and a trustworthy source to call on with questions can be the difference between becoming a victim of fraud or not. Even if you don’t want a reverse mortgage or you don’t know what a reverse mortgage is; get educated about the basics so you can empower yourself and your older friends and clients with accurate and trustworthy facts from a reputable source.

Reverse mortgages have undergone many changes over the years making them one of the safest mortgage products available today. They are made specifically for people aged 60+ to establish and protect financial security in retirement.  The reverse mortgage options have changed so much over the years that now there are even proprietary loans and lines of credit available in many areas- all with no monthly mortgage payments required. The evolution of the reverse mortgage program and products has turned this loan-of-last-resort into a viable financial tool used by many savvy retirees to establish and maintain a better quality of life.

Northwest Reverse Mortgage is approved by the National Mortgage Licensing System and the States of Oregon, Washington, and Idaho to offer every reverse mortgage loan available. We are a well-known and respected company, here to serve you and yours. Consider us your personal resource for all things reverse mortgage. We are proud to educate and empower our elders. Together, we can help more people sniff out these fraudsters and protect themselves from despair.

Read the full article from the Portland FBI on their website here: Oregon FBI Tech Tuesday: Building a Digital Defense Against Elder Fraud (Part Four – Real Estate Scams)

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© 2019 Northwest Reverse Mortgage, LLC NMLS #1834787
Idaho Branch #2123574

Licensed in Oregon, Washington, California and Idaho

Office: (800) 806-1472
Toll Free: (800) 806-1472
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Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015
Phone: (503) 427-1667

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950 W Bannock St
Suite 1100
Boise, ID 83702
Phone: (208) 635-0806

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Northwest Reverse Mortgage, LLC. ML- 5797/ CL-1834787/ DFPI# 60DBO-140333. Equal Opportunity Mortgage Broker licensed in Oregon, Washington, Idaho and California. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.