More than two years after the Consumer Financial Protection Bureau found that reverse mortgage ads create a false impression of the financial product, the agency is once again warning older consumers about the dangers of using reverse mortgages. This time, the CFPB is warning against using reverse mortgages to provide income that would allow the individual to delay Social Security benefits, which can increase their future monthly benefits, but decrease their overall, long-term financial outlook. [More]
social security benefits
Nefarious Scam Targeting Seniors Funnels Their Social Security Payments Elsewhere
By 9.26.12
Seniors are often targeted by scammers who prey on their limited incomes, and a new threat has the villains going after Social Security benefits. The shocking part is how easily the scheme is apparently pulled off: Thieves get personal information like names and bank account numbers, call the Social Security Administration and say “Hey, reroute that money to this other account.” [More]
