Protect Your Biggest Retirement Asset – Your Home

Like many Americans, your home is probably your largest financial asset. As such, it can be a tempting target for scam artists. Here are some tips to help you protect your biggest retirement asset — your home.

Protect your biggest retirement asset – your home

Be suspicious of ads with:

  • Official-looking seals or logos that imply some kind of government status, for example making you think they come from the VA or HUD. Although government agencies do guarantee some loans, they are not involved in the actual lending or advertising of loans.
  • Promises of amazingly low rates – which may turn out in the fine print only be in effect for a short period and then will readjust to a higher amount.
  • Promises that a reverse mortgage will let you stay in your home payment-free. Typically borrowers with reverse mortgages still have to keep up with tax and insurance payments – and will most likely lose their homes if they don’t.
  • Announcements of “pre-approval” and large amounts of cash or credit available to you. Typically there’s no guarantee that you will be approved for a loan, or the size of the loan, until you go through a standard qualification process.

Be wary of any offer that “sounds too good to be true” — it probably is. Be wise, be cautious and protect your biggest retirement asset – your home.

For more information, or if you need help assessing an offer, click here to go to “Ask the CFPB (Consumer Financial Protection Bureau).

Click here for more information on mortgage deception.

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