## Reverse Mortgage Fraud: An Overview
A reverse mortgage is a loan that allows senior homeowners to access the equity in their homes without having to make monthly mortgage payments. Reverse mortgages can be a helpful way for seniors to supplement their income and pay for expenses such as medical care or home repairs. However, reverse mortgages can also be a target for fraud.
Reverse mortgage fraud occurs when someone騙取s a senior homeowner into taking out a reverse mortgage loan by making false promises or misrepresenting the terms of the loan. Reverse mortgage fraud can result in the senior homeowner losing their home, as well as their equity.
**Who Investigates Reverse Mortgage Fraud?**
There are a number of agencies that investigate reverse mortgage fraud, including:
* **The Federal Bureau of Investigation (FBI)**: The FBI investigates financial crimes, including reverse mortgage fraud. The FBI can investigate reverse mortgage fraud cases that involve interstate commerce or that cross state lines.
* **The Department of Justice (DOJ)**: The DOJ is responsible for enforcing federal laws, including laws that prohibit reverse mortgage fraud. The DOJ can investigate reverse mortgage fraud cases that involve federal programs or that cross state lines.
* **The Federal Trade Commission (FTC)**: The FTC is responsible for protecting consumers from unfair and deceptive practices, including fraud. The FTC can investigate reverse mortgage fraud cases that involve deceptive marketing or sales practices.
* **The Consumer Financial Protection Bureau (CFPB)**: The CFPB is responsible for protecting consumers from unfair and deceptive financial practices. The CFPB can investigate reverse mortgage fraud cases that involve violations of federal consumer protection laws.
* **State and local law enforcement agencies**: State and local law enforcement agencies can also investigate reverse mortgage fraud cases. State and local laws may vary, so it is important to contact your local law enforcement agency to inquire about the laws in your state.
**How to Report Reverse Mortgage Fraud**
If you believe that you have been the victim of reverse mortgage fraud, you should report it to the appropriate authorities. You can report reverse mortgage fraud to the following agencies:
* **The FBI**: You can report reverse mortgage fraud to the FBI online at https://www.fbi.gov/tips or by calling 1-800-CALL-FBI.
* **The DOJ**: You can report reverse mortgage fraud to the DOJ online at https://www.justice.gov/atr/report-fraud or by calling 1-855-633-2255.
* **The FTC**: You can report reverse mortgage fraud to the FTC online at https://www.ftc.gov/complaint or by calling 1-877-382-4357.
* **The CFPB**: You can report reverse mortgage fraud to the CFPB online at https://www.consumerfinance.gov/complaint or by calling 1-855-411-2372.
* **State and local law enforcement agencies**: You can report reverse mortgage fraud to your local police department or sheriff’s office.
**How to Protect Yourself from Reverse Mortgage Fraud**
There are a number of things you can do to protect yourself from reverse mortgage fraud, including:
* **Educate yourself about reverse mortgages**. Learn about the different types of reverse mortgages and how they work. This will help you make informed decisions about whether or not a reverse mortgage is right for you.
* **Only work with reputable lenders**. When choosing a reverse mortgage lender, it is important to do your research and make sure that the lender is reputable and experienced. You can check with the Better Business Bureau or the National Reverse Mortgage Lenders Association to see if there have been any complaints against the lender.
* **Be wary of high-pressure sales tactics**. If a lender is pressuring you to sign a reverse mortgage loan, it is important to be cautious. Legitimate lenders will give you time to consider your options and make a decision that is right for you.
* **Get a written copy of the loan agreement**. Before you sign a reverse mortgage loan agreement, make sure that you understand the terms of the loan. Get a written copy of the loan agreement and review it carefully before you sign.
* **Talk to an attorney**. If you are considering taking out a reverse mortgage loan, it is important to talk to an attorney. An attorney can help you understand the terms of the loan and make sure that the loan is right for you.
**Conclusion**
Reverse mortgage fraud is a serious problem that can have devastating consequences for senior homeowners. If you believe that you have been the victim of reverse mortgage fraud, you should report it to the appropriate authorities. You can also take steps to protect yourself from reverse mortgage fraud by educating yourself about reverse mortgages, working with reputable lenders, and being wary of high-pressure sales tactics.