From National Center on Law and Elder Rights: For Complete Post, Click Here…
|Wed, May 26, 2021 2:00 PM – 3:00 PM EDT|
The problem of home equity theft is rampant now that home values in many areas of the country have increased. Older homeowners who have built up equity over time are a frequent target of these scams.
Equity thieves are coming out of the woodwork and pursuing many of the schemes that were prevalent before the foreclosure crisis and the related housing crash, as well as some new ones. For many older adults, these scams rob them of their ability to pass their family homes down to their children & other heirs after death.
For the average American family, the equity in their home makes up two-thirds of everything they own. Older adults of color may be particularly at risk of these scams because many may be house rich but cash poor. Additionally, addressing these scams is important for building intergenerational wealth and closing the racial wealth gap—African American families own just one-tenth of the wealth of white families.