Reverse Mortgage Lenders in Georgia

The mortgages are part of the

United States Department of Housing and Urban Development otherwise known as HUD has what is called Home Equity Conversion Mortgages Program. The program was designed to help senior citizens obtain financial security through a Federal Housing Administration insured reverse mortgage loan. The program like all mortgage programs is not immune to those who would defraud for personal gain.

The Housing and Urban Development Office of Inspector General has stated that it will aggressively investigate and pursue those individuals and conspirators what prey on senior citizens using the reverse mortgage programs as a backdrop.

Acting United States Attorney, Sally Quillian Yates is working on putting away three of these individuals. February 25th of this year Jonathan Alfred Kimpson, age 27, Gia Harris, age 26 and Kelsey Torrey Hull, age 38, where indicted on charges of financial institution fraud and conspiracy in Atlanta, Georgia.

According the Acting United States Attorney, Kimpson, Harris and Hull altered real estate records and used fraudulent documents as well as posed as realtors in order to abuse the system and take money away from qualified senior citizens that truly needed the funds.

The indictment states that Kimpson, Harris and Hull provided fraudulent down payment information on senior citizens in order to establish the equity requirement needed to qualify for the reverse mortgage program. The trio arranged gift letters in amounts of fifty thousand dollars and as high as one hundred thousand dollars to satisfy the Housing and Urban Development requirements. The trio also used fraudulent HUD-1 Settlements that reflected sales of homes and where closed by closing attorney and or title firms that did not exist in order to source the fraudulent down payments.

Kimpson has been charged with an additional count of aggravated identity theft and wire fraud. The indictment states that Kimpson stole the identities of realtors in order to produce fraudulent Georgia MLS records to produce the fraudulent HUD-1 Settlements with inflated figures which supported the fraudulent appraisals.

Kimpson, Harris and Hull have all been charged with conspiracy which carries a maximum sentence of thirty years and a fine of one million dollars.


Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table): An article from: Best's Review
Book (A.M. Best Company, Inc.)

3 to 5 year minimum

2009-01-31 11:30:30 by RM_Guy

If you are considering a reverse mortgage, plan on staying in the home for at least 3 to 5 years. I do not advise a shorter time period. The longer you have a reverse mortgage the less expensive the closing costs become. This is because you spread the costs over a greater number of years, thus lowering the annual costs.
In this respect they are similar to a "forward" mortgage. You would not get a 30 year forward mortgage if you knew you were leaving the home in 2 years, too expensive.
There are no "points" in a reverse mortgage. HUD does not allow such deception in reverse mortgages

You might also like:

Vince Dooley on Reverse Mortgages
Vince Dooley on Reverse Mortgages

Fed Trims QE Pace to $75 Billion on Labor Market Outlook  — San Francisco Chronicle
The Fed's low interest rates have prompted consumers to buy homes or refinance existing mortgages, sparking a recovery in the housing market that was at the center of the financial crisis. Home Prices.

Related posts:

  • Avatar Scott B IndyMac owns Financial Freedom. Is it still safe to get a reverse mortgage with Financial Freedom?
    Jul 19, 2008 by Scott B | Posted in Personal Finance

    We are in the process of signing papers with Financial Freedom but I worry about them since the government seized their parent company IndyMac Bank. They say they can still make loans, but I worry if they will be able to continue the monthly payments. If I went with them, could I transfer to another lender at a later time?

    • I am told Financial Freedom is OK. If you did want to switch at a later date, you would have fees to pay. I have used Financial Freedom, but prefer Bank of America. We have wholesale account with both of them, as well as with JB Nutter.