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FAQ #4854

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What frauds do I need to be aware of with reverse mortgages?

Related resource areas: Family Caregiving, Personal Finance

Beware of firms that want to give you the name of a lender for a "small percentage" of a reverse mortgage loan. HUD (U.S. Department of Housing and Urban Development) does NOT recommend using an estate planning service or any service that charges a fee just for referring a borrower to a lender! HUD provides this information without cost, and HUD-approved housing counseling agencies are available for free, or at minimal cost, to provide information, counseling, and free referral to a list of HUD-approved lenders. Call 1-800-569-4287, toll-free, for the name and location of a HUD-approved housing counseling agency near you.

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