Salt Lake Homes For Sale For Seniors-Watch Out!
I just got a call asking about a number of Salt Lake Homes For Sale For Seniors that we have listed on our web site.
All of the homes were in West Jordan, and Murray Utah. They had been listed on the Salt Lake MLS for a very long time. I mention this only because I get a lot of calls about that kind of listing in Salt Lake City and translate that to be the result of investors looking for homes, and home-owners that are more desperate than others.
But this was different.
The caller said that the company she worked for was looking at Homes and Condominiums in Salt Lake with enough equity that after they were purchased for cash could be sold to senior citizens who would finance them using a reverse mortgage.
The caller claimed that it was a non profit endeavor and designed only to assist the elderly during these tough times. She claimed that she had 128 folks signed up, most had already gone through counseling, and all that was needed were a few Salt Lake Homes to buy with enough equity to provide these folks with a nice retirement.
My scam detector went off, and while I didn't have more time to spend on the phone, I copied the phone number and will pass it on to the proper people.
I'm also passing it on to you.
I have also copied an article put out by the FBI and HUD on Reverse Mortgage Scams that you might find informative.
The FBI and the U.S. Department of Housing and Urban Development Office of Inspector General (HUD-OIG) urge consumers, especially senior citizens, to be vigilant when seeking reverse mortgage products. Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), have increased more than 1,300 percent between 1999 and 2008, creating significant opportunities for fraud perpetrators.
Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related entities to steal the equity from the property of unsuspecting senior citizens aged 62 or older or to use these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property.
In many of the reported scams, victim seniors are offered free homes, investment opportunities, and foreclosure or refinance assistance; they are also used as straw buyers in property flipping scams.
Seniors are frequently targeted for this fraud through local churches, investment seminars, and television, radio, billboard, and mailer advertisements.
A legitimate HECM loan product is insured by the Federal Housing Authority (FHA). It enables eligible homeowners to access the equity in their homes by providing funds without incurring a monthly payment. Eligible borrowers must be 62 years or older who occupy their property as their primary residence and who own their property or have a small mortgage balance. See the FBI/HUD Intelligence Bulletin for specific details on HECMs as well as other foreclosure rescue and investment schemes.
Seniors should consider the following:
- Do not respond to unsolicited advertisements.
- Be suspicious of anyone claiming that you can own a home with no down payment.
- Do not sign anything that you do not fully understand.
- Do not accept payment from individuals for a home you did not purchase.
- Seek out your own reverse mortgage counselor.
If you are a victim of this type of fraud and want to file a complaint, please submit information through our electronic tip line or through your local FBI office. You may also file a complaint with HUD-OIG at www.hud.gov/complaints/fraud_waste.cfm or by calling HUD’s Hotline at 1-800-347-3735.
Resources :
- FBI/HUD Intelligence Bulletin I guess this could be a legitimate deal. I don't pretend that I have seen everything or know it all in my 30 years in this business.
But I doubt it. It smells like fraud in the making to me.
I would even bet that the lady that called was unaware of what she was doing and had answered an ad that said she could make a lot of money helping people about to lose their homes as a property locator.
The possibility of Real Estate fraud is another reason to use a Utah Realtor when searching for Homes For Sale In Salt Lake.
If you don't have a Realtor, give us a shot.
You can see what we are about by visiting our web-site @ Salt Lake Real Estate.
Or give us a call @ 801-567-0946 we know about Salt Lake Homes For Sale for Seniors.