Reverse Mortgages: The latest financial scam | Economy | NewJerseyNewsroom.com -- Your State. Your News.

That's nothing to the number of seniors who will be denied reverses starting 2010:
Thousands of disadvantaged or fixed income seniors nationwide who would benefit from the HUD program will be denied access because borrowers will soon be required to pay for an appraisal up front to the tune of $600.00 plus and they simply won't be able to afford it and that is discriminatory. In the past, appraisal costs were simply rolled into the reverse mortgage and paid at closing. No senior was excluded under that scenario. While this action primarily affects seniors it also has a huge impact on those agencies brokering the loans and of course working appraisers, both of whom will lose income opportunity in the worst of all possible times.


Reverse Mortgages: The latest financial scam | Economy | NewJerseyNewsroom.com -- Your State. Your News.: "BY CAROL ABAYA
NEWJERSEYNEWSROOM.COM
THE SANDWICH GENERATION
New Jersey has a high concentration of baby boomers who are also seniors and one of the highest concentration of seniors (especially those over 85) in the country. Everyone needs to be wary of the latest financial scam — that of reverse mortgages.

Various consumer watchdog groups are now warning seniors to stay away from reverse mortgages (RM). RM brokers, now targeting baby boomers and seniors, are the same 'players' as those who touted sub-prime mortgages."