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3. There Are Scammers Out There

While you can find many reputable reverse mortgage lenders across the country, scams also exist, with crooked people offering too-good-to-be-true deals designed to bilk seniors out of their reverse mortgage cash. Watch out for contractors who insist that you take out a reverse mortgage to pay for remodelling work or anyone offering you a "free" renovated house, then asking you to take out a reverse mortgage on it. In addition, if your house is in danger of foreclosure, some scammers pretending to be attorneys may offer a way to (supposedly) put it right via a reverse mortgage. Deal only with reputable lenders, and seek advice from knowledgeable consultants to avoid being caught up in a fraudulent situation.

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