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How to spot a mortgage scam

If you don't qualify for any HUD programs, you can work directly with your lender or consult with third-party mortgage counseling services. However, you must be careful to distinguish legitimate mortgage services from scammers . Scammers are adept at taking advantage of desperate homeowners for their own gain without providing any assistance in return.

As an example, the Federal Trade Commission (FTC) recently sued a group of firms for making false promises to distressed homeowners. The firms claimed a 98% or higher success rate, suggesting that they could secure mortgage payment reductions of hundreds of dollars per month and slice mortgage interest rates by 50%. By using modified logos, the firms falsely left the impression of endorsement by HUD's Making Home Affordable (MHA) programs.

Customers were charged upfront fees for services, with many customers receiving no loan modifications at all. In some cases, lenders were not even contacted. Meanwhile, some consumers were advised not to contact their lender or make mortgage payments.

Finance Professor Urges Retirees Not to Ignore Reverse Mortgages

Hopkins, an associate professor of taxation at the American College of Financial Services in Bryn Mawr, Pa., is no stranger to advocating for use of the reverse mortgages, writing at length in publications such as Forbes and conducting research about usage of the products. He’s also emerged as a frequent presence on the conference circuit, including at the recent Housing Wealth in Retirement Symposium co-hosted by the American College and the Bipartisan Policy Center.

The breadth of the speakers at that event, held in Washington, D.C. last month, shows just how far the Home Equity Conversion Mortgage has come in the public imagination, Hopkins told RMD.

“Almost unilaterally, across the board, everyone said it was being underutilized,” Hopkins said, pointing to the attendance of representatives from AARP, the Urban Institute, the Brookings Institution.

Three to four years ago, the idea of those groups being completely open to reverse mortgages and attending a conference on the subject would have been close to unthinkable, in Hopkins’s estimation.

How to find a best mortgage lenders, in terms of rate, fee and service?

I am a first time home buyer. I am seeing lot of adv of mortgage lenders in How do I know those companys are good in terms of rate, fee and service? Is there any review sites?

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