Reverse mortgages, which enable seniors to borrow money against their homes that won’t get repaid until after they move out or die, can be useful tools. But they aren’t foolproof. These increasingly popular loans are also the subject of many consumer complaints.

The economy has changed in ways that could drive an increase in reverse mortgage fraud. The loans have been growing more popular as Baby Boomers look for ways to retire comfortably; 107,367 Home Equity Conversion Mortgage cases were endorsed for insurance from October to September 2007, compared to 76,282 in the comparable period of 2006 and only 157 in 1990, according to the U.S. Department of Housing and Urban Development.

click here for article

search for : Reverse mortgage