Dreams Foreclosed
(Separate Website)
Be aware of a growing scam targeting older Americans that can, and often does, literally cost them the homes they have lived in for years and worked hard to obtain. It is called a FORECLOSURE "RESCUE" SCAM .
By: National Consumer Law Center, Inc.
Helping Elderly Homeowners Victimized by Predatory Mortage Loans
(Separate Website)
Equity-rich, cash poor elderly homeowners are an attractive target for unscrupulous mortgage lenders. Many elderly homeowners are on fixed or limited incomes, yet need access to credit to pay for home repairs, medical care, property or municipal taxes, and other expenses. The equity they have amassed in their home may be their primary or only financial asset. Predatory lenders seek to capitalize on elders' need for cash by offering "easy" credit and loans packed with high interest rates, excessive fees and costs, credit insurance, balloon payments and other outrageous terms.
By: National Consumer Law Center
How To Help Older Americans Avoid Loss Of Utility Services
(Separate Website)
Maintaining utility service is a crucial issue for older Americans. While these consumers may not be able to afford to pay their utility bills, they cannot afford to go without service either. For older consumers it may be particularly difficult to cut back on their use of basic utilities, especially during the winter or summer months, because of the serious threat that extreme temperatures can pose to their health. For retired or disabled seniors, reducing their basic electric, gas, or water bills will be even harder because they may spend more time at home. This issue of Consumer Concerns for Older Americans offers practical advice on how to prevent a utility termination before it is threatened and how to challenge a pending utility termination.
By: National Consumer Law Center
Helping People Avoid Predatory Lending Practices
(Separate Website)
By: Freddie Mac
Tips for Consumers on Reverse Mortgages: What is a Reverse Mortgage?
(Separate Website)
A reverse mortgage is a complex home loan for senior homeowners who have built up substantial equity in their property.[1] In a reverse mortgage the lender loans you money based on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The lender pays you the money either in a lump sum, in monthly installments, or as a line-of-credit. Unlike a traditional home equity loan or second mortgage, repayment is not required until you sell your home, move out permanently, or die. The amount of money you owe increases over time because you do not make payments. If you sell your home, you can keep any proceeds from the sale of your home in excess of what you owe the lender.
By: National Consumer Law Center
High-Cost Home Loans: Don't Be a Target
(Separate Website)
Learn how to protect yourself from abusive lenders trying to sell you a loan you cannot afford. This brochure describes several common scams to avoid and offers helpful tips.
By: National Consumer Law Center
Read this in:
Spanish / Español
How Identity Theft Happens
(Separate Website)
There are many ways that criminals can obtain your personal information. This resource provides information and details on how identity theft may occur and how to prevent identity theft from happening.
By: U.S. Dept of Education, Office of the Inspector General
Reduce Your Risk
(Separate Website)
Identity theft is becoming big business and a very real threat to all of us. Personal information in the wrong hands quickly can cost us. Here are some things you can do to help reduce the chances of being a victim of these scams and thefts.
By: U.S. Dept. of Education, Office of the Inspector General
What To Do If you are a Victim of Identity Theft
(Separate Website)
If you suspect that your personal information has been misused to commit fraud or theft, act immediately, and keep a detailed record of your conversations and correspondence. Your first three steps that should be taken immediately are listed here, as well as other follow-up procedures. Helpful forms can be found in the forms folder.
By: U.S. Dept. of Education, Office of Inspector General
Adobe Acrobat Reader required. (If you are using a screen reader that does not support PDF format, copy the PDF link, and use the Access Adobe online form to convert this file to HMTL text.)
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