Reply by Linda_in_MI on 3/10/06 10:47am
Msg #103874
Here it is - Article on reverse mortgage scam
For those who don't want to take advantage of free registration, for "demographic purposes" here is a copy of the article in question.
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Pair arrested in reverse mortgage scam
By Elizabeth Hume -- Bee Staff Writer
Published 2:25 pm PST Thursday, March 9, 2006
Sacramento County Sheriff's detectives are asking elderly people beware of scams involving reverse mortgages. Two men were arrested earlier this month on suspicion of scamming a 75-year-old woman out of more than $40,000 from her reverse mortgage, Sgt. R.L. Davis said.
William Patrick, 62, was presented to the woman as a financial advisor when she was looking at a reverse mortgage to help her escape financial problems. Patrick allegedly told her she needed to do some house repairs in order to qualify, Detective Rick Emerson said. Patrick helped her make decisions," Emerson said.
He introduced her to Michael Morales, 47, who proceeded with the repairs, charging her three times the amount, Emerson said. He is not a licensed with the state, Emerson said.
At one point in 2003, the woman changed her mind about the reverse mortgage but was unable to pay for the repairs and had to move forward on it. Since then Patrick allegedly forged the woman's name to an account and was able to gain access to the money from the reverse mortgage, taking more than $40,000, Davis said. The woman told detectives Patrick convinced her to purchase a $1,400 coffin. She has yet to see her casket or any money back, Emerson said.
Patrick has been arrested on suspicion of embezzlement, grand theft, theft from an elder, forgery and obtaining money under false pretenses. Morales was arrested on suspicion of theft from an elder and grand theft.
Emerson said his unit, the sheriff's Real Estate Fraud Detail, frequently see the elderly being scammed out of money from reverse mortgages. The elderly also are often victimized by home health care workers or people who present themselves romantically. "They're often lonely, trusting. They'll do just about anything to please. Next thing you know the money is gone," Emerson said.
Anyone with information about any dealings with Patrick or Morales is asked to call the Sheriff's department at (916) 874-3000.
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Reply by Cheri Armentrout on 3/10/06 11:01am
Msg #103877
Re: Here it is - Article on reverse mortgage scam
There are always going to be crooks out there looking to scam seniors, this is just the latest avenue. Seniors need to be made aware of how to protect themselves and their money, however, this is not a slam against R.M's.
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