If Justice Department concurs, it files suit against promoter requesting that court order promoter to refrain from fraudulent activity. Depending on facts and circumstances of case, court may issue a temporary restraining order, a temporary injunction or a permanent injunction.

At present, courts have issued injunctions against 99 abusive scheme promoters –– 81 permanent injunctions and 18 preliminary injunctions. They have issued permanent injunctions against 17 abusive return preparers. The Justice Department has filed an additional 49 suits seeking injunction action –– 28 against scheme promoters and 21 against return preparers.

The IRS is currently investigating more than 1,000 additional promoters for possible referral to Justice Department and conducting individual examinations on thousands of tax scheme participants.

1.Loan amounts, interest rates, and loan terms are set by HUD and Fannie Mae and can never vary from one lender to another. 2.HUD and Fannie Mae have established what fees can be charged and has set caps on them all. 3.All programs have lifetime interest rate caps 4.The term of loan is 150 years beyond birth date of youngest homeowner (i.e. date of birth April 1940, loan expiration April 2090) 5.If a spouse passes, none of terms of loan change, and remaining spouse may stay in home for as long as they wish 6.If you are receiving monthly draws from your reverse mortgage, and your check is late for any reason, lender is required by federal statute to pay homeowner a 10% late fee. 7.Funds from a reverse mortgage are not considered income and therefore are not taxable and have no affect on ones Social Security or Medicare 8.If a homeowner’s health required extended hospitalization or assisted living care outside home, as long as homeowner returns to their home within 12 months there is no interruption in loan 9.Lenders are not permitted to take any steps in processing a reverse mortgage for any homeowner until senior has received independent counseling from a certified reverse mortgage counselor. 10.Following closing of reverse mortgage homeowner has a three-day period to reconsider loan and cancel transaction without any cost or obligation.

Reverse mortgages provide a safe secure solution for seniors to live out their life in comfort of their own home with dignity they deserve.