So you’ve been thinking about getting a reverse mortgage and open up your mail or email one day to find an offer from a reverse mortgage lender. The offer says you can get a lot of money if you sign the card and send your name, phone number, and age. Likewise, phone solicitations may pressure you to give out personal information on the spot. Should you pursue these offers?

Reverse Mortgage Scams

Unless you specifically requested information from a reverse mortgage lender, you are better off ignoring these offers if you aren’t sure who is sending them to you. Also, never reveal any personal information such as your Social Security number to companies that you know nothing about because it could be a scam.

Some reverse loan offers may come from companies with names that sound similar to legitimate companies, according to AARP. Other mailings may be set up to confuse you into thinking they come from a government agency. There also are mailings designed to collect your personal information so it can be sold to various vendors of reverse mortgages.

Be skeptical of companies that claim you can get “free government money” or offer deals that sound too good to be true. Even if you want to apply for a reverse home mortgage, don’t rush into anything without first investigating any company you plan to do business with.

Compare Reverse Mortgage Lenders

Shopping for a reverse loan doesn’t have to be stressful. Get free reverse mortgage quotes from our trusted network of lenders. Take time to talk with a reverse mortgage counselor to learn more about how a one of these loans might help your situation. Put together a list of any reverse mortgage questions you have before your counseling session.

This entry was posted on Wednesday, November 11th, 2009 at 1:06 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.