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FBI Reverse Mortgage Warning
The FBI recently released a Fraud Warning that reverse mortgages are being used to target scams involving seniors. This is the real thing, most news stories talk about how the senior is being taken advantage by the lender or loan officer when in fact most of those cases turn out to be that the borrower was talked into putting the funds into an annuity or some other investment. In these cases the borrower never loses money they just limit their access.
In this case the FBI warning points out the real problem is that Builders, Realtors and others talk the senior into buying a house with nothing down and it is really a property flipping scam that enriches the person flipping the property. It is totally illegal and I have had one case where I had to turn a senior and their builder friend into the FBI and the HUD Inspector General. My company has had several other inquires but we can tell very quickly now when it is a scam.
The key strategy is to recruit the senior to become a party to the scam and cheat the lender out of money that goes to the person doing the flipping, the benefit to the senior is that they are told they will end up with the home for free. The scam artist are even running ads and putting on seminars saying that you can get a home for free.
The unfortunate part to this whole thing is that it will give a product that does so much good for so many honest senior citizens another black eye. The reverse mortgage is helping many older American’s to keep their homes and to live more comfortable lives; these types of scams are run by a few and end up creating problems for the majority of people that really need it.
If you know someone that is 62 or older and they are either thinking about getting a Home Equity Conversion Mortgage or you think they could live a more fulfilling life if they got one, help them do some research and find a reputable lender to work with. My firm is in 22 States and of course we would love to help but there are many good quality lenders you can work with. Call a few and see if they will give you specific details over the phone, if they won’t you should keep looking, we give complete quotes and detailed information to folks even if they are in a State we cannot lend in.
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Fast Homeowner Loans Loans Approved Fast!
Every borrower prefers a loan which can be approved fast. However, it is not easy to get a loan at a short notice. Most of the lenders take a long time to approve loan as they take into consideration many things before approving a loan.
You can opt for a fast homeowner loan if you own a house. A fast homeowner loan, as the name suggests is a loan which can be availed by a borrower by pledging some asset as collateral. A homeowner can pledge his home as asset against the loan amount. This type of loan being secured in nature is approved very fast by the lender. The loan is approved within a day.
These loans are most suitable for borrowers who are looking for a large amount of loan. The borrower can pay back the loan in easy installments. Moreover, the rate of interest on the loans too are very low compared to other lenders. They carry low interest rate and hence can be easily repaid. The loan amount depends upon various factors like value of collateral, repayment ability, credit status etc. A borrower can avail loan amount ranging from £5000 to £75000. One can even get a higher amount of loan with a higher equity. The repayment duration for this type of loan can be anything from 5 to 25 years.
Dont worry, if you are suffering from bad credit. You can improve your credit score by availing a bad credit home loan. This type of loan is specifically meant for those who dont have a good credit history. It helps a borrower improve his financial situation. One can use this type of loan for any purpose like home renovation, wedding purpose, educational needs, going on vacation, debt consolidation and so on. Bad credit home loans can be availed at a lower rate of interest.
If you are looking for a mortgage loan and are a resident of UK, you can opt for a home loan mortgage UK. These loans are specifically meant for the residents of UK. You can easily avail a mortgage loan by securing your property against the loan amount.
A home loan mortgage company can help you avail the best mortgage loan that suits your particular needs. The mortgage company offers expert advice to the borrower after carefully analyzing his particular situation. They take into account the particular needs of the borrower and his repaying capacity too. The mortgage company suggests the best mortgage loan that can help a borrower meet all his needs. One can also avail a loan at a lower rate of interest.