MortgageReverse

New Jersey Woman Charged in Reverse Mortgage Scam

A woman from Phillipsburg, New Jersey, was recently charged for taking out a reverse mortgage on her an elderly individual’s home without the homeowner’s permission, reports Lehigh Valley Live.

Frances Wise, 56, who was given the power of attorney by 86-year-old Josephine Backsai, allegedly used this authority to execute a reverse mortgage on the property in 2009, according to court documents cited in the article.

Documents also alleged that Wise withdrew money from Backsai’s bank account and used the estimated $75,000 profit from the reverse mortgage for her own benefit. 

Wise was charged with two counts of theft and “misapplication of entrusted property” in connection with the reverse mortgage scam.

Read the article.

Written by Jason Oliva

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