by Miles Morley, Legal Assistant This is part five of a recurring series on the most common types of fraud reported in the Consumer Sentinel Network’s 2014 Data Book for the State of Michigan. Banks and Lender Scams accounted for five percent of all complaints from Michigan Residents and a total of 3,566 complaints in the Consumer Sentinel Network’s 2014 Data Book. These types of scams … Continue reading Banks and Lender Scams and Complaints
by Katie Burns, J.D., Attorney, Housing Counselor, & HUD Certified Reverse Mortgage Counselor Homeowners age 62 and older qualify for a reverse mortgage. A reverse mortgage is a loan that converts existing home equity into tax-free cash. Unlike a regular or ‘forward’ mortgage, however, there are no monthly payments required. In fact, depending on the type of payment plan selected, a reverse mortgage may actually … Continue reading Home Equity Conversion Mortgage Pros and Cons
by Christine Steinmetz, J.D., Hotline Attorney This post is the second in a series regarding wills and trusts, part one can be found here. In our previous post, we defined a will as a document that contains your instructions about how you want your assets (also known as your estate) distributed upon your passing. A will allows you to determine who receives what share of your … Continue reading Wills vs. Trusts – Part 2
Attorneys serving Clients who call the Legal Hotline for Michigan Seniors listen to many accounts of seniors dealing with a variety of financial issues. It is disheartening to hear of seniors who have worked hard all their lives and are now living on a fixed income trying to budget all their financial liabilities. Here are some simple financial “No-No’s” which may minimize your financial burdens: … Continue reading Financial Literacy and Saying “No”
by Christine Steinmetz, J.D., Hotline Attorney The Legal Hotline for Michigan Seniors receives many calls each week regarding estate planning documents. Clients often call with questions regarding wills and trusts and what are the differences between the two. Many clients have heard of these documents, yet they are confused as to what each document can do for them. Wills and trusts are estate planning documents … Continue reading Wills vs. Trusts – Part 1
by Katie Burns, J.D., Attorney, Housing Counselor, & HUD Certified Reverse Mortgage Counselor To protect client confidentiality, all names have been changed in this post. Anne is a 79-year-old Southfield resident, retired registered nurse and homemaker. She is also the full-time caregiver for her mentally challenged adult children, and the legal guardian of her three-year-old grandson. After she retired, she was struggling to pay her … Continue reading A Step Forward Michigan Success Story: Anne
by Miles Morley, Legal Assistant I recently wrote about the Consumer Sentinel Network’s 2014 data book for reported instances of fraud. As a follow up, I am taking a closer look at each of the top ten types of fraud complaints in Michigan. The top instance of fraud reported in Michigan was titled “debt collection.” This category represented 14,284 complaints, or nineteen percent of complaints … Continue reading Protecting Yourself from Debt Collection Fraud
by Miles Morley Phishing, pronounced “fishing”, is defined as the act of attempting to acquire sensitive information by masquerading as a trustworthy entity in an electronic communication. It is so named because of its similarity to bait fishing, and often described as the act of fishing for financial information from the sea of online consumers using the bait of fraudulent email. In this attack, the … Continue reading What is “Phishing”?
