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Reverse-mortgage lenders aren't all squeaky-clean. In November, for example, the government pulled the plug on a Honolulu company that allegedly duped senior citizens into using the proceeds of their reverse mortgages to buy annuities from an affiliated insurance firm. In one instance, the company supposedly "steered an 88-year-old borrower into purchasing an annuity which did not mature until she reached her 104th birthday."

Nerenberg, though, said most lenders are legitimate. And as such, they are "in an excellent position to spot" and report crimes against seniors.

But family members and friends also share in the obligation to protect their elders. Toward that end, here are four questions that Lori Delagrammatikas, who oversees the master's program in adult protective services at the San Diego State University Research Foundation, says should be asked of any senior who is thinking of taking a reverse mortgage:

* Do they understand what it is? This subject will be covered in a session with an independent housing counselor that is mandatory under the Federal Housing Administration's Home Equity Conversion Mortgage program. But you should make sure that your mother, father, grandparent, aunt or uncle knows what he or she is getting into before getting that far into the process.

* Who is going to benefit? Find out who the real beneficiary will be and why. "If it's not the senior, look at it twice," Delagrammatikas warns.

* Is the senior citizen being coerced? Determine if your older relative is being pushed into the loan, and if so, by whom.

* Can the senior's needs be resolved in another way? There are several alternatives to reverse mortgages.

Delagrammatikas said he once counseled a 73-year-old woman who wanted to obtain a reverse mortgage to pay for a new roof but was concerned that the proceeds would result in the loss of state insurance coverage for her husband.

"I suggested that she forgo the pricey reverse mortgage and instead apply for a zero-percent deferred payment rehab loan though the city," the adult-services professional said.

If you suspect your senior is being taken advantage of, contact the adult protective services agency in your state. APS programs are typically housed within local or state departments of social services or aging. Further information can be found on the National Center on Elder Abuse's website at www.ncea.aoa.gov.

Read Entire Article Here: http://www.latimes.com/business/la-fi-lew20-2009dec20,0,2016408.story

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