When I help a customer get a reverse mortgage, I always say, multiple time, please call me with any questions. During the closing, I explain that since the new reverse mortgager deed of trust is recorded at the county, it becomes public record. Anyone can see it.
Since it is public record, there are companies that know only people 62 years of age and over can get reverse mortgages, and they will prey upon you. They will do their best to send you confusing and threatening looking solicitations like these:
The one that says “Immediate Response Requested” and “second attempt” is a post card that comes in pink to make it look like a dunning letter for something you are late paying.
These two both deal with home warranties and they use the lender’s name to make it look like it is coming from your lender. They are most definataly NOT from your lender. They are companies that are trying to sell you a warranty for your appliances in your home. The make look like you had one once and now it is ready to be cancelled. You most likely have never had a home warranty to help if your appliances break down and you probably do not need one, especially from a company that does business like this.
If you think you might want a warranty, you should do some research on line for local companies and check the Better Business Bureau and online reviews before you pay any money.
These solictiations can me intimdateing and confusing for people. I’ve had some customers confuse this “home warranty” with their homeonwers insurance and end up paying them, and not paying their actual homeowners insurance policy. Your insuance company will never send you a letter like this.
Another common solicitation, especially for people who recently closed on their reverse mortgage is when you get a letter saying you can get a copy of your recorded deed of trust for $89.95. When we sign the final papers for your reverse mortgage, you will receive a copy of all the paperwork. You don’t really need a recorded copy of the deed of trust, but if you want one, I can get you one from my title company for free.
Like I said at the beginning of this article, if you receive anything in the mail and you are not sure if it is legitimate or not, please call me. I can tell you if it is a scam very easily.
Lastly, if you are interested in getting your name off the mailing list from the Direct Marketers Association, I wrote a blog post on this topic on November 18, 2022 that containes a number of very helpful links as well as instructions for getting off the national list that the big companies use. It does not eliminate all mail solicitation, but if you remove your name, over a few months, you will see the amount of junk mail be rediuced.