Elderly California Couple Allege $485,000 "Home Theft"

An elderly Tracy, California couple have allegedly been victimized by a "home equity theft" involving a "reverse mortgage" scam, according to this report in the Tracy Press.

Police have arrested and jailed the alleged scammer, who has been susbsequently released on $63,000 bail. The criminal charges involved are suspicion of:

1. forgery,
2. grand theft,
3. financial elder abuse, and
4. conspiracy.

Reportedly, the homeowners believed they were obtaining a reverse mortgage loan when, in fact, they were unwittingly signing over ownership of their home to the suspect. They found out that they were no longer the record owners of their home only after a neighbor made a comment to them about the couple "moving".

After recovering documents from the suspect's office pursuant to a search warrant, Tracy police believe that (1) there could be several more victims, (2) other individuals and businesses appear to have collaborated with the suspect, and (3) there may be more arrests made and charges filed.

The San Joaquin County District Attorney’s office has joined the investigation.

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