Attorney general shows seniors what to watch for in scams
Thu, 03/18/2010 - 22:40
Attorney General Terry Goddard gestures Thursday as he talks during a visit to Sierra Vista.
(ED HONDA • HERALD/REVIEW)
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Herald/Review
SIERRA VISTA — As scam artists become more sophisticated in their fraudulent schemes, some are making seniors their prime targets.
Arizona Attorney General Terry Goddard was in Sierra Vista on Thursday as part of a statewide effort to reach seniors, arming them with the information they need to detect scams and avoid being victims.
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As a Reverse Mortgage professional with a reputable, well regarded company, I
was appalled to read the article published in the Sierra Vista Herald which
quoted Mr. Goddard on his speech in Sierra Vista, Arizona March 18, 2010. It
is absolutely astonishing to imagine that Mr. Goddard would make such poorly
informed judgement statements. He is undoubtedly clueless as to how a reverse
mortgage really works, its purpose and application. Does he even know who the
players are? To broadly defame an industry and the people of integrity who
work within it to help our Seniors in need in the way that Mr. Goddard
reportedly did is Slanderous. To give uninformed layman’s advice on which
Reverse Mortgage programs to choose or reject is reprehensible. I am
continually amazed at how politicians and our elected leaders of Mr.
Goddard’s stature make erroneous, inflammatory and ill-informed statements
(and actions) against our industry in such broad, unqualified strokes. It is
irresponsible.
At the age of 84 years I am already a victim. It happened to me when someone
was able to get my credit card information. Fortunately for me Bank of
America compensated me for my loss. I no longer use credit cards and I check
my bank balances on line hoping I can prevent this from happening to me
again. Arizona has become the leading state for this type of crime.
The attorney genral has very good intentions no doubt, but unfortunately his
advice above could cause more harm than good! He stated- “When considering a
reverse mortgage, always avoid adjustable rates”. If we were talking about a
conventional “forward” mortgage I would agree, however if the senior does not
need to take all the funds available then using the fixed rate option would
be potentially the worse thing to do! The fixed rate option requires the
senior to take all the available funds at closing and the interst start
accummulating on the entire amount at that time. It has been my companies
experience (since 2001 & a top reverse mortgage originator), that most
seniors only need a portion of the funds available and that the line of
credit option available with the adjustable rate is a much better choice! I
encourage anyone interested to learn more from experinced reverse mortgage
profeesionals. …