Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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Combating Elder Financial Abuse: The Top 6 Red Flags to Look For
Retirement Tips

Combating Elder Financial Abuse: The Top 6 Red Flags to Look For

According to the American Bankers Association, elder financial abuse cost victims an estimated $2.9 billion last year alone. Financial frauds, scams and theft continue to affect one in five older Americans, cheating them out of savings they’ve worked a lifetime to build and eroding their confidence and trust.

Studies show that these criminal acts can gravely impact an individual’s income, health and living options, relationships and self-worth. Fortunately, being aware of the warning signs can help you or a loved one safeguard your assets.

Watching for red flags

The following warning signs could be an indication that financial abuse is on the horizon — or already taking place.

  1. Unusual bank account activity. Unexplained check withdrawals, closing accounts without regard to penalties or attempting to wire large sums of money can all be signs that something is amiss. Don’t hesitate to step in and investigate if you feel a loved one may be victimized.
  2. Lack of knowledge about major financial issues. When an individual can’t remember making a withdrawal or signing a check, it may be more than just a minor lapse in recall. Even one-off issues should be looked into to make sure nobody’s being taken advantage of.  
  3. Questionable home repairs or renovations. Physical limitations tend to come with age, and as a result, contractors and service providers are more likely to be invited into the home. But they don’t always have the best intentions. Unnecessary work or add-ons can result in massive home repair bills. To guard against contractor fraud, make sure a trusted friend or relative is present when a contract is on the table.
  4. New, unusually close companions. It’s easy to feel isolated without regular family visits — and easy for strangers to step in and forge a friendship for their own financial gain. Pay attention to new friends and relationships and trust your instincts when it comes to their character.
  5. Peculiar behavior of relatives. People who financially exploit retirees come from all backgrounds, and they may even be related. According a report in the New England Journal of Medicine, adult children or spouses are most likely to be perpetrators of elder fraud. They’re also more likely to be male, have a history of substance abuse, are afflicted with mental or physical health problems, and are socially isolated or unemployed. Don’t assume that just because someone is family member, they have everyone’s best interests at heart.
  6. Suspicious sweepstakes winning. If you or a loved one find yourself on the receiving end of a congratulatory phone call for a contest you never entered, don’t hesitate to hang up. Telemarketing scams are widely practiced, and retirees are their targets. To claim a prize, you may be asked to make a small payment or disclose banking information. Be wary, and never give out personal banking information over the phone or via email.

Smart financial moves for retirement security

When you have a solid financial plan in place, you can focus on what really matters: a happy and fulfilling retirement. A reverse mortgage from Reverse Mortgage Funding, LLC (RMF) is a tool that help can provide immediate cash flow from the equity you’ve built up in your home, keeping your retirement savings intact. It doesn’t require monthly mortgage payments, but just like with any other loan borrowers are obligated to pay their homeowners insurance and taxes, as well as home maintenance and upkeep.

To learn more about the benefits and limitations of a reverse mortgage — and whether one might be right for you — call RMF today at 888-277-1567. We’ll set up a convenient, in-person appointment with an experienced reverse mortgage specialist who’ll answer your questions and provide detailed information so you can evaluate your options.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 5-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.


If you have equity in your home and believe you meet the eligibility requirements, a reverse mortgage may be the option that could help you retire smart.

Check Eligibility

Source: RMF customer survey 2018



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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.

Equity Elite Reverse Mortgage

Put Your Home Equity to Work for You

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By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.

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