Home Equity Conversion Mortgages (Reverse Mortgages)
The difficult economic environment and associated financial uncertainty has resulted in an increasing number of senior citizen homeowners accessing equity in their homes through reverse mortgage programs as a way to ease their financial situation. As a result, senior citizen homeowners who use equity conversion programs to meet their financial needs are increasingly becoming a target for scammers. FinCEN, law enforcement, and other government agencies are actively working with financial institutions to help reduce the incidence fraud and victimization through reverse mortgage programs.
News Releases
- FinCEN Assists in FFETF's Investigation of Reverse Mortgage Scheme(02/23/2012) HTML Only
- FinCEN Warns Lenders to Guard Against Home Equity Conversion Mortgage Fraud Schemes (04/27/2010) HTML | PDF
Advisories