Michigan Man Charged with Bilking Senior's Home Equity

In an article appearing in The Detroit News, a Michigan loan officer was charged with scamming an 84 year old woman out of $42,000 in a mortgage scheme. The victim reportedly believed she was obtaining a reverse mortgage (which is paid back only when the homeowner dies or moves out of her home) against her home for $61,000. The loan officer allegedly obtained a $103,000 loan and secretly kept $42,000 for himself. She only learned about it when she began receiving bills which, including interest, totaled $131,000.

The loan officer is also suspected of scamming dozens of other elderly homeowners at a loss of more than $1 million in Wayne and Oakland counties, according to authorities.

The complete article is available from The Detroit News online archives for $2.95.

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