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Popular Scams Targeting Seniors

By , 11:01 pm on

Aging adults are among the most vulnerable demographics out there, largely due to their inherent trust of others and the increased likelihood of loneliness and isolation at this stage of life. Following are some of the top scams targeting elderly, presented by Home Care Assistance in Lincoln, NE.

Grandchildren in Trouble

There are a number of people who call seniors pretending to be grandchildren or even great-grandchildren who are in need of financial help. Some seniors can have a hard time keeping up with the whereabouts and wellbeing of their grandkids and most hate the idea of these youngsters going without. Thus, they often send large sums of cash to the strangers who are calling, whether by wire transfer or other means, not knowing these individuals aren’t their relatives at all.

Free Medical Equipment and Supplies

Many aging adults eagerly sign up for offers of free medical equipment and supplies thinking they’re getting a great deal, even though these “free” offers have a number of considerable fees written into their fine print. Aging adults should be encouraged to read through new agreements with their financial advisers or their children before making any binding commitments.

Deed of Reconveyance

A Deed of Reconveyance is a legal document that is remitted to homeowners once their mortgages have been paid off. These documents are part of public records and are therefore easy for anyone to access. Some scammers obtain copies of these documents and offer to furnish physical copies to seniors for a considerable fee. They also threaten legal action if seniors do not pay the fee and order their copies. Make sure your loved one knows these documents can be accessed online and that physical copies can be ordered from local recording offices at a much more nominal cost.

Reverse Mortgages

Reverse mortgages allow homeowners to borrow against the equity that they have built once their properties are paid off. They provide additional monies for seniors who are struggling with their costs of living, but they often mean the family home will be lost. If your senior family member is considering a reverse mortgage, make sure that he or she consults with a financial adviser and gains a clear understanding of this process and the long-term financial consequences that it will entail.

If you’re concerned about your senior loved one’s safety, it might be time to consider home care. In addition to monitoring spending habits and screening phone calls, an experienced caregiver can also help around the home, run errands, and offer companionship. Reach out to Home Care Assistance today at (402) 261-5158. We are a leading provider of live-in, dementia, and Alzheimer’s care in Lincoln, and can help you find the support your loved one needs to remain safe in the comfort of home.