Four Charged In Alleged $2.5 Million Reverse Mortgage Racket

Four Charged In Alleged $2.5 Million Reverse Mortgage Racket

For their victims, the phone call sounded like salvation. Seniors, living on a fixed income and having trouble with the bills, they were glad to hear someone offering them a reverse mortgage that would allow them to turn the equity in their house into cash. But the four mortgage professionals charged with perpetrating a $2.5 million reverse mortgage fraud scheme are anything but angels. Their aftermath has left those who signed up with them impoverished and close to foreclosure. [More]