Five Reverse Home Mortgage Scams to Watch Out For
By all accounts, reverse home mortgage growth is set to explode. Baby boomers are reaching retirement and, for most, home equity makes up the largest part of their nest egg. Reverse mortgages will be the tools that many of these retirees will use to tap into this nest egg for retirement living expenses. The number of new HUD Home Equity Conversion Mortgages (HECM) already has increased more than percent in the first nine months of 2006 over the same period one year ago.
But along with reverse home mortgage growth come increased opportunities for fraud and scams. Reverse mortgages are different from traditional mortgages in ways that make them attractive vehicles for scam artists
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The Unprepared Beware
Several client hospitals have now brought to the table a new and ominous implication of the NIMS Integration Center Implementation Plan for Hospitals and Healthcare. While I and High Alert had raised the specter of NIMSNRP compliance being linked to CMS (Medicare, Medicaid, tricare) billing, the discussion had been strictly theoretical. The client hospitals have reported that being informed that disaster preparedness will be linked to CMS reimbursement (Medicare, Medicaid, tricare payments).
This is the first step in a progression that if followed by CMS, DHHS, DHS and DoJ will put the full weight and power of the federal government behind an unfunded mandate for hospital preparedness. An appreciation how CMS and DoJ have handled dealt with healthcare providers who have run afoul of these agencies in the past 18 months may portend the future.
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