Reverse Mortgage Scam Alert! Novad Management And FHA Defraud Florida Army Veteran
SENIORS BEWARE! There is another reverse mortgage scam going on. Again, it’s the mortgage servicers trying to steal from seniors. What makes it worse is this time it’s the federal government doing it. That’s right. FHA and it’s mortgage serving company, Novad Management Consulting are ripping off seniors. So be diligent because they are trying to scam you out of hundreds of thousands of dollars.
So here’s an example of their latest scam that apparently has the backing of the US Department of Housing and Urban Development aka HUD. But first, let me give you a primer on how Reverse Mortgages work.
Reverse mortgages are home equity loans that allow you to convert part of the equity into cash. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor.”
NEW YORK REVERSE MORTGAGE SCAM ALERT! Servicers Are Targeting Seniors For Foreclosure! Don’t Be A Victim!
MFI-Miami has issued a New York Reverse Mortgage Scam Alert!
It seems like Reverse Mortgage servicing companies are pulling a reverse mortgage scam on unsuspecting seniors with a New York Reverse Mortgage. They are showing no shame in doing it either.
Reverse mortgages are great because they give seniors who are house rich and cash poor needed cash. Local taxes and any HOA fees are still the responsibility of the homeowner.
Servicers can and will foreclosure if the taxes are not paid.
Reverse mortgages are great for most seniors. Unfortunately, reverse mortgage servicing companies have figured out how to cash in by screwing equity-rich seniors with Nassau County Reverse Mortgages. Champion Mortgage and Reverse Mortgage Solutionsappear to be the biggest culprits in this scam.