The Oxford Club newsletter has warned the reverse mortgage scam. This is a scam that targets seniors in the society. The scam is a lethal one as it is being orchestrated by professionals who are expected to be the ones offering services to these senior members of the society. These professional have been taking advantage of the seniors who are in need of funds. In the history of elderly people scamming, the key architects of such plans are the close family members, personal lawyers, caregivers, and doctors. However, there is another group of people who have joined this league. These are the financial experts. Financial planners, contractors, and realtors are the new entrants to this list of shame.
What is reverse mortgage? This is a scheme where a homeowner sells their homes and in return, they are to be given a certain amount of money at a certain age (retirement). This is a move that is undertaken as a way or securing the retirement age financial needs. The scammers have been using an approach where they take advantage of the old people by promising that they would make repairs to their homes of which they do not. They then wait until these elderly people die when they resurface claiming that they would like their repairs dues paid. The money that is meant for the reverse mortgage is passed to the contractor once the homeowner applies for the reverse mortgage. Elderly homeowners need to be protected from these contractors who have been deceiving them so that they could end up with their home equity.
About the Oxford Club
This is a network of private investors whose aim is to help each other grow and protect their wealth. Oxford Club wishes to help its members establish a long-lasting wealth. Oxford Club offers financial advice to people as they head into the retirement age to avoid such misfortunes such as the reverse mortgage scam from happening to them.