Scammers often pose as lenders, pushing older adults into reverse mortgage agreements without adequate explanation or time to consider their understanding of the terms.
The bulletin emphasizes the importance of consulting trusted sources and doing research before making decisions about reverse mortgages to avoid exploitation.
Legitimate reverse mortgage professionals encourage open discussions with friends, family, and financial advisers, contrasting with scam tactics that discourage seeking multiple opinions.
Mandatory counseling by HUD for FHA-backed loans underlines the importance of informed consent and awareness about the risks associated with reverse mortgages.
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