Mortgage scams

Two mortgage scams are specifically aimed at senior citizens.  

First, reverse mortgage scams target those aged 62 and up, with schemes that offer a poor financial return or trick victims into signing over the deeds to their homes.

Second, the Deed of Reconveyance scam involves a publicly-available document, drawn up when a mortgage is paid off.

Scammers access these online and write victims, offering to supply the document, usually with an implied threat of legal problems if they don’t get a copy and pay a fee.  

The Cadiz Police Department says you should never take out a reverse mortgage without first getting advice from a trusted financial professional.  As for the Deed of Reconveyance, you should have received it when you paid off the mortgage. If you haven’t, get a copy yourself, for free or for a small processing charge, from the county clerk’s office.

 

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