The AARP recently reported a surge in scams targeting seniors in New York City. The actual increase in fraud may be even higher than the AARP suggests, as it is estimated that one third of elderly scam victims do not report the crime.
Scammers often target elders because they are more likely to be home during the day and to have good credit or home equity. Moreover, they are perceived as more trusting and less willing to hang up on a telemarketer. Scams targeting the elderly range from telephone calls attempting to obtain personal information (requesting Social Security numbers on a Medicare-related pretext, for example) to more elaborate scams involving phone reverse mortgages.
Officials say that a legitimate home equity conversion mortgage is insured by the Federal Housing Authority. Seniors may be used as straw buyers in property-flipping scams or drawn into phony reverse mortgages.
Due to the increase in fraud activity, seniors should be vigilant against any unknown person trying to obtain their personal information.
Learn more by contacting New York Guardianship Lawyer, Bernard A. Krooks.
