My Solution: Avoid Home Equity Scams
As a result of the value of the equity in their homes, older homeowners have accumulated wealth that they can use in their retirement years.
If this describes you, this wealth also can increase your risk of becoming the victim of home equity scams and other financial abuse. Homeowners who do not qualify financially for a regular mortgage are especially vulnerable. They may end up with loans that carry high interest rates and the risk of financial exploitation.
Other dangers are home repair contractors or professional caregivers who offer to exchange their services for some of the equity in your home. A healthy dose of skepticism is a good first step—read on for more ideas.