By all accounts, reverse mortgage growth is set to explode. Baby boomers are reaching retirement and, for most, home equity makes up the largest part of their nest egg. Reverse mortgages will be the tools that many of these retirees will use to tap into this nest egg for retirement living expenses. The number of new HUD Home Equity Conversion Mortgages (HECM) already has increased more than percent in the first nine months of 2006 over the same period one year ago.

But along with reverse home mortgage growth come increased opportunities for fraud and scams. Reverse mortgages are different from traditional mortgages in ways that make them attractive vehicles for scam artists:

reverse mortgages are products specifically designed for and targeted to senior citizens, the population group most vulnerable to fraud;
scam artists know that a reverse mortgages provide the senior homeowner with relatively easy access to a sizeable pool of cash; and,
reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist to confuse and take advantage of victims.
In this article we look at some of the tactics scam artists are using and the precautions reverse mortgage borrowers can take to protect themselves.

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