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.”