Saturday, April 17, 2010

Reverse Mortgage Scam

Jackson County Prosecutors say Marilyn James, 55, transferred a home she owned to an older neighbor with Alzheimer's Disease.

After James put the home in the victim's name and had power of attorney, authorities say she took out a reverse mortgage for more than $64,000 on the home.

Prosecutors say she also stole $9,000 from the elderly man's life insurance policy.

James is only the second person in the nation to be prosecuted for a reverse mortgage scam.

"It's a new type of fraud, one that we haven't seen before because this is a new program," explains Jim Kanatzer, Jackson County Prosecuting Attorney. "So, I hope I'm wrong and I hope we don't see many more of these cases but I suspect we will."

Full Article, Video, and Source:
Woman Charged With Elder Fraud


Kelly said...

HOW, tell me HOW do people come up with this kind of a scam?

It just amazes me that people can be that conniving.

Anonymous said...


THERE ARE TWO TYPES OF PEOPLE: PREDATORS AND THEIR PREY from the mouth of a convicted serial killer.
Chilling to watch him make his statement but it's the truth.

Charlie said...

There is no low they won't go.

Anonymous said...

Crooks should use their huge amount of creativity to get a job.